Malaysia-based healthcare firm IHH Healthcare Berhad, through its indirect wholly owned subsidiary, Parkway Healthcare Indo-China, has started construction of a new 250-bed hospital in Yangon, Myanmar.

Built with an investment of $70m, the new hospital (Parkway Yangon) is Parkway Pantai’s first hospital in the country.

The new hospital represents a continuation of Parkway Pantai’s trans-boundary expansion in providing superior clinical care and outcomes in regional markets where demand for quality healthcare is growing.

A joint venture consortium called Andaman Alliance Healthcare (AAHL) will be responsible for developing and operating the project.

AAHL is 52% owned by Parkway Healthcare Indo-China, 10.5% by Singapore-incorporated Macondray Holdings, while Myanmar-based firms AMMK Medicare Company and Global Star Company have a stake of 21.5% and 16%, respectively.

IHH managing director Dr Tan See Leng said: "This exciting joint venture will bring high-quality healthcare to the people of Myanmar when it opens in 2020.

"We believe this hospital will greatly support Myanmar’s national health policy, Health Vision 2030, which aims to deliver world-class healthcare outcomes, research and services, and improve the health of the citizens of Myanmar.

"This exciting joint venture will bring high-quality healthcare to the people of Myanmar when it opens in 2020."

"Leveraging more than 40 years’ experience in operating premium hospitals across nine countries, we are committed to working closely with the local Ministry of Health and our business partners to help achieve this noble vision and elevate national healthcare standards in Myanmar."

The new hospital is located in downtown Yangon on a 1.74ha plot of land leased for 50 years at a prevailing market rate, with the option of two ten-year extensions.

The new hospital will be used for training healthcare professionals such as nurses and allied healthcare practitioners, while it will also create more job opportunities in the community.

According to IHH, integration into the healthcare ecosystem will also stimulate the transfer of knowledge, sharing of best clinical practices and levelling of medical expertise.

AMMK Medicare director Aung Moe Kyaw said: "I am confident that this hospital project will raise the healthcare standards of Myanmar and benefit our people.

"It will also boost the Myanmar economy as it will bring about huge investments in infrastructure and technology.

"Our people will have access to a standard of care comparable to international hospitals in the region without leaving the country."