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For nearly two years, Parkway Pantai has delayed the opening of its 450-bed India hospital, the Singapore-based medical firm's bid to cash in on one of Asia's fastest growing private healthcare markets, as it waited for the necessary permits.
Parkway, a unit of the world's second largest healthcare group by market value IHH Healthcare Bhd, now intends to use acquisitions to quickly expand in India, where the private hospitals market is estimated to be worth $55 billion a year but where companies must obtain as many as 70 clearances from federal and local authorities to launch a new facility.
"Greenfield is off the agenda," Ramesh Krishnan, Parkway's head of Middle East and South Asia operations, told Reuters by telephone from Singapore. "It's a market you don't want to wait eternally to tap into, so we've basically decided to do it inorganically. It's just a question of a shorter runway."
In Mumbai, garbage festers around Parkway's already built Gleneagles Khubchandani hospital, which had been expected to open in 2012. Krishnan said it will now open next year.
Expanding through acquisitions has increasingly become the tactic of choice for hospital operators seeking to speedily expand in India, where the demand for private healthcare is booming thanks to an overburdened public healthcare system.
Data from BofA-ML Global Research shows the private hospital market is set to grow 16 percent a year to reach $120 billion by 2020, almost double the size of the Chinese market.
This expansion strategy, however, does nothing to address a severe shortage of hospital beds, or bring down the cost of healthcare, issues that Prime Minister Narendra Modi's government has so far failed to fix despite election promises to upgrade the entire healthcare sector.
India has 7 hospital beds per 10,000 people, lower than Southeast Asia's average of 10 beds and China's 38 beds, the World Health Organisation said last year.
"Acquisitions are good for the industry, but can have worrying long-term implications for infrastructure development in the sector," said Rana Mehta, head of healthcare at consultants PwC India.
For graphic on India's hospital beds, click link.reuters.com/gyp55w
For graphic on private hospital market, click link.reuters.com/wyw55w
BUY TRUMPS BUILD
Expanding through acquisitions is more lucrative for hospital firms than starting from scratch: the BofA-ML data shows companies pay up to $150,000 to set up a new bed in India, or more than double the $60,000 they pay to buy an existing bed.
Acquisitions in India also remain cheaper than in many other countries: in Singapore, it costs $1.5 million to buy a hospital bed, and in South Africa, the cost is $100,000, the data shows.
So far this year, IHH Healthcare has bought majority stakes in India's Global Hospitals Group and Continental Hospitals for about $240 million. The company already holds a 10.85 percent stake in India's largest hospital chain Apollo Hospitals Enterprise.
"In India, strategic acquisitions help increase our speed to market and meet the pent-up demand for quality private healthcare," IHH Chief Executive Tan See Leng said via email.
Privately owned Cygnus Hospitals said it plans to add about 35 hospitals to its network by 2018 solely through acquisitions. Manipal Hospitals has also ruled out building new facilities. "The land permits and other clearances can take years," said Manipal's Chief Operating Officer Gopal Devanahalli.
The cost of suitable real estate, especially in rapidly developing cities, is also deterring hospital operators from building new facilities. Property consultants Jones Lang LaSalle said land prices in Ahmedabad, Pune and Hyderabad, among others, have risen by more than a third since 2011.
In June, Apollo Hospitals acquired a 220-bed hospital in Guwahati after it failed to find suitable land to build a new hospital in the northeastern city.
"Cost of real estate and construction in some locations has become so prohibitive that it makes sense for us to evaluate acquisitions," said Chief Financial Officer Krishnan Akhileswaran. Apollo was also looking into possibly acquiring hospitals in Assam and Karnataka states, he added.
(Additional reporting by Zeba Siddiqui and Shailesh Andrade in MUMBAI, Tripti Kalro in BANGALORE, Yantoultra Ngui in KUALA LUMPUR and Aradhana Aravindhan in SINGAPORE; Editing by Miral Fahmy)
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Thursday, 10 September 2015
Hamstrung by red tape, hospital operators buy their way into India
Wednesday, 9 September 2015
6 Power Women in the Fashion and Cosmetics Industries
Despite the large numbers of men in the world of fashion and cosmetics,
there are many powerful women in these industries. The most famous, of
course, is Anna Wintour, but Delphine Arnault and Tori Burch are among
the other industry powerhouses. Women in positions of power tend to be
scrutinized more harshly than men. Behavior that would be considered
acceptable from men is deemed “diva-ish” when from women. Most of the
women on this list appear pretty standard for their social
position—demanding, mean, efficient, and bossy. There’s nothing wrong
with those traits, but they do make for good reading!
She has worked for a variety of designers including Gucci, Calvin Klein, Chanel, Dolce & Gabbana, Bulgari and Rimmel. In 2010 she designed a range of handbags for the French luxury leather goods company Longchamp. Today, she both models and works as a designer for companies such as TopShop.
Most recently, Moss was paired with 22-year old rising star Cara Delevigne in a sexy, seductive, black-and-white photo shoot for the tantalizing new fragrance My Burberry. The perfume is inspired by the cult trench coat of the Burberry brand and a London garden after rain.
The three words “art history degree” are almost synonymous with “no job
prospects.” But not for Burch. In 2014, Forbes ranked her the 79th most
powerful woman in the world.
According to Forbes, during Ahrendts’ time at Burberry—she recently took a job at Apple—the company’s revenue had tripled to over $3 billion and its stocks returned 300%. Ahrendts, who drinks up to six glasses of Diet Coke per day and begins checking emails before 5 am, is somewhat of a workaholic. She ranks #49 on Forbes’ 2014 list of the world’s most powerful women, right after Microsoft CFO Amy Hood and right before actress Angelina Jolie.
The Avon business model revolves around door-to-door sales made by trained representatives, dubbed “Avon ladies.” Avon has an important place in US women’s history, and today it boasts 6 million independent sales representatives around the globe.
She has worked for a variety of designers including Gucci, Calvin Klein, Chanel, Dolce & Gabbana, Bulgari and Rimmel. In 2010 she designed a range of handbags for the French luxury leather goods company Longchamp. Today, she both models and works as a designer for companies such as TopShop.
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| http://newsiswealth.blogspot.in/ |
Most recently, Moss was paired with 22-year old rising star Cara Delevigne in a sexy, seductive, black-and-white photo shoot for the tantalizing new fragrance My Burberry. The perfume is inspired by the cult trench coat of the Burberry brand and a London garden after rain.
2. Tori Burch
In January 2013, Forbes estimated fashion designer and business mogul
Tori Burch’s net worth to be about $1.0 billion. Burch’s eponymous
brand, established in 2004, is known for its easy-chic look: loose
silhouettes, beautiful floral prints, feminine designs. Her collections
include shoes, beautifully designed handbags, luxurious clothing,
tantalizing jewelry and accessories.
One of Tori Burch’s most iconic pieces is the Reva ballet flat, named
after Burch’s mother, Reva Robinson. The Reva flat has a round toe and
is embellished with the Tori Burch logo. Unlike many of the other women
in this list, Burch’s educational background is not in business. Nor has
she ever modeled. Instead, Burch studied art history at the University
of Pennsylvania.
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| http://newsiswealth.blogspot.in/ |
3. Angela Ahrendts, former Burberry CEO
When Angela Ahrendts joined Burberry in 2006, the company wasn’t doing
well. Ahrendts turned it around by bringing back manufacturing to West
Yorkshire and changing the brand’s image to make it young and fresh. The
Burberry Group plc is a British luxury fashion house, distributing
clothing, fashion accessories, fragrances, sunglasses, and cosmetics.
According to Forbes, during Ahrendts’ time at Burberry—she recently took a job at Apple—the company’s revenue had tripled to over $3 billion and its stocks returned 300%. Ahrendts, who drinks up to six glasses of Diet Coke per day and begins checking emails before 5 am, is somewhat of a workaholic. She ranks #49 on Forbes’ 2014 list of the world’s most powerful women, right after Microsoft CFO Amy Hood and right before actress Angelina Jolie.
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| http://newsiswealth.blogspot.in/ |
4. Delphine Arnault, Executive Vice-President of Louis Vuitton
Executive Vice-President of Louis Vuitton Delphine Arnault is one of the
richest women in France—and the world. The daughter of French business
mogul Bernard Arnault, Delphine was born in the lap of luxury. She is
known in the fashion world for being demanding and used to getting her
way. According to Karl Lagerfield, “When Delphine tells you to go
somewhere, you go.”
On the other hand, she is hands-on when it comes to working with her
staff and associates, knowledgeable not just about fashion (she studied
business at the London School of Economics) but also about design.
Friends and co-workers describe her as serious and driven—and yes,
demanding—but not unpleasant. If anything, she seems like a fairly
standard high-achieving businessperson.
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| http://newsiswealth.blogspot.in/ |
5. Sheri McCoy, Avon CEO
Like Tori Burch, Avon CEO Sheri McCoy’s educational background is not in
business, at least not originally. Yes, she does have an MBA, but that
came after her MS in chemical engineering from Princeton. In April 2012,
after years of working for 30 years for Johnson & Johnson, McCoy
became CEO of Avon Products. Established in 1886, Avon—whose slogan is
“the company for women”— is the fifth-largest beauty company in the
world with an annual average of $10 million in revenue.
The Avon business model revolves around door-to-door sales made by trained representatives, dubbed “Avon ladies.” Avon has an important place in US women’s history, and today it boasts 6 million independent sales representatives around the globe.
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| http://newsiswealth.blogspot.in/ |
6. Anna Wintour
No article about women in fashion would be complete without Anna
Wintour, the notoriously demanding editor-in-chief of Vogue and
inspiration for The Devil Wears Prada’s Miranda Priestly. In 2011,
Forbes named her the 69th most powerful woman in the world. In the world
of fashion, her rank would undoubtedly be much higher; The Guardian
once called her New York City’s “unofficial mayoress.”
Wintour undoubtedly works hard, but her job comes with many perks, such
as a $200,000 per year shopping allowance. Much of the criticism Anna
Wintour receives—that she’s mean, that she’s an elitist—are probably
warranted. On the other hand, she probably isn’t all that different from
powerful, rich men in similar positions authority.
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| http://newsiswealth.blogspot.in/ |