The Evercare Group has announced the opening of a new hospital in Bangladesh, Evercare Hospital Chattogram, a 470-bed multi-disciplinary, super-specialty, tertiary care hospital said to be the largest of its kind in Chattogram.
Evercare Hospital Chattogram, located in the Ananna Residential Area of the Hathazari, is the second state-of-the-art hospital to be opened by Evercare in the past four months, following the opening of Evercare Hospital Lekki, a 165-bed multi-specialty, tertiary care hospital in Lagos, Nigeria.
The Evercare Group operates as an integrated healthcare delivery platform in emerging markets across Africa and South Asia, including India, Pakistan, Bangladesh, Kenya, and Nigeria. It is wholly owned by the Evercare Health Fund, a US $1bn emerging markets healthcare fund managed by TPG and backed by The Rise Fund.
The new facilities are designed to fill local, quality healthcare capacity gaps and deliver significant societal and economic benefits by helping to create healthier populations, increase employment, boost local retention of professional expertise, and reverse outbound medical tourism trends and spend.
Also read: Eye-care unit to open at Bangladesh-Korea Friendship Hospital this month
Evercare, a leading international impact-driven healthcare group investing in emerging markets, is part of The Rise Fund’s global impact investing platform. Since its investment in Evercare in 2019, The Rise Fund’s impact assessment has accounted for nearly 2 million outpatient consultations across the Evercare network. In that same period, Evercare has provided its top-quality care for over 180,000 inpatient visits. With the opening of new hospitals in Bangladesh and Nigeria, Evercare continues to strengthen and expand its commitment to developing quality healthcare ecosystems that deliver accessible healthcare, foster sustainable economic development, and reduce the number of patients leaving the country to go abroad for their healthcare needs.
Massimiliano Colella, CEO, Evercare Group, said: “By bringing Evercare into Nigeria and opening a second Evercare Hospital in Bangladesh, we are elevating local medical care standards and setting global healthcare benchmarks going forward in these countries. Bridging the gaps between local populations and accessible, quality healthcare, shows our dedication to meeting each country’s unique needs.”
The new hospitals both provide underserved populations with significantly enhanced patient experiences through greater access to advanced diagnostics, laboratory and screening equipment, speciality wings and specialised consultations for the first time. With these two recent hospital openings, the Evercare Group now operates 102 healthcare facilities, in six countries, on two continents.
Matthew Hobart, Chairman of Evercare’s Board of Directors, Co-Managing Partner of TPG Growth and leader of The Rise Fund’s healthcare investing, said: “These new facilities further our aim of disrupting, transforming, and enhancing traditional healthcare models through strategic investment. Our entry into both markets is indicative of our belief that access to quality healthcare solutions will set developing economies in a positive direction, spur job-creation, and accelerate positive impact.”
Also read: TIB: Private hospitals too expensive for Covid-19 treatment
The construction and opening of Evercare Hospital Chattogram, Bangladesh, demonstrates the ways in which Evercare benefits from the impact investing expertise of The Rise Fund and TPG’s extensive capabilities and global network in the healthcare sector. Vishal Bali, the Executive Chairman of Asia Healthcare Holdings, who also serves as a Senior Advisor to TPG Growth and a Non-Executive Director on Evercare Group’s Board of Directors, played an integral role in the completion of Evercare Chattogram’s project.
With the backing of The Rise Fund and additional financing from CDC Group, the United Kingdom’s impact investor and development finance institution, and the International Finance Corporation (IFC), a member of the World Bank Group, Evercare entered Bangladesh in early 2020 through the acquisition of a controlling interest in STS Holdings Ltd. Together they rebranded and relaunched STS’s existing hospital in Dhaka as Evercare Hospital Dhaka (formerly Apollo Hospital) and have invested extensive resources toward enhancing the quality of its services and operations. With the opening of Evercare Chattogram, they are building on that success and creating greater access to vital healthcare services in Chattogram – Bangladesh’s second largest city, where the healthcare market has been historically underpenetrated and underinvested.
“We are propelling our reach in providing globally recognised healthcare services for communities in markets where access to quality healthcare remains a challenge,” added Colella. “Investment in facilities of this size and scope demonstrates our belief that it is possible to have a meaningful social impact on millions of lives while delivering measurable and sustainable financial returns.”