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MDMG leads the way in Russia

Russian maternal health specialist, Mother & Child Hospitals (MDMG), posted strong first quarter operational results and opened a new greenfield clinic in Kostroma. IVF cycles grew by 55% and deliveries grew by 18% y-o-y. Russia’s biggest private healthcare operator by sales is demonstrating the market’s potential with EBITDA margins of 28% on sales of 9,507 million rubles (€128m) in 2015. We spoke to CFO, Vitaly Ustimenko.
April 21, 2016

Dunyagoz to strengthen its hospital network

Turkish ophthalmology group Dunyagoz, which runs 22 centres in Turkey and Europe, is expanding to neighbouring countries and beyond. It is looking at Iran and Russia and is launching two new hospitals in the Netherlands and Azerbaijan in June 2016. We speak to CEO Koray Ozbay about the group’s strategy.
April 18, 2016

Medsi in a bad way

The Russian hospital and outpatient group, Medsi, saw a net loss of 127m rubles (€1.7m) as sales fell by 16% in 2015. A spokesman for Sistema, Medsi’s parent company, put the result down to losing a service contract with the civil service and capital expenditure on a new diagnostic centre. But OIBDA fell by 44.1% year on year, following a 27.3% fall last year.
April 12, 2016

Interview: Ekaterina Timofeeva, Principal, The Boston Consulting Group, Russia

In last month’s Russian feature, we investigated what looked to be a stunted and troubled market. Just as private healthcare was getting its act together the faltering economy has depleted disposable incomes and driven supply costs sky-high. Of course, the reality is more complex and conceals a number of opportunities. Ekaterina Timofeeva, for one, is optimistic. Margins of 40% or more are gone for now, but don’t give up on Russia just yet. She points to a new international medical cluster outside Moscow that is expected to attract 80bn roubles (€900m) of investment.
February 11, 2016

Secretive On Clinic hits Belgrade

On Clinic, a chain of nearly sixty outpatient clinics now covers Russia, Ukraine, Romania, Moldovia, Armenia, Bulgaria and the Czech Republic. Its latest opening is its first foray into Serbia. We profile the group.
February 9, 2016

Report: Russian national survey – weak go to the wall

The oil crisis is smashing up public sector healthcare in Russia and many private operators are strangling on dollar-denominated debt. A third could disappear. Many cash-strapped consumers are turning to the grey market of gifts and bribes, rather than paying private operators. The next few years should bring a wave of consolidation as the strong in the private sector, which still enjoys huge tax breaks and strong demand, take control. We name the top 20 players and look at market forces.
February 1, 2016

FREE BLOG Has Russian healthcare reached its Stalingrad?

As the Russian economy struggles to lift itself out of its oily quagmire – the rouble hit a record low of 85 to the dollar this week – private healthcare keeps plugging away. Alarming figures are never far from the press: Medsi profits fell almost 5 times year-on-year and the country’s biggest imaging provider will see them cut to a third. In 2008/09, a third of private clinics went under, but we don’t think things are so bad this time around.
January 28, 2016

Sberbank Insurance targets PMI market

The insurance arm of Russia’s largest bank is targeting the private medical insurance (PMI) market, launching its first product this year. Sberbank Insurance’s CEO, Hannes Chopra, says the troubled market is ripe for disruptive innovation. Something it hopes to do in a new partnership with the outpatient group Doktor Ryadom.
January 13, 2016
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