8 <strong>Turkey</strong> special advertising sectionNot Just for TouristsWith an eye on gaining membershipto the EU, <strong>Turkey</strong> hasbeen working hard in recentyears to establish a credible brand for itsnumerous and varied industries.Healthcare may well turn out to be oneof its prize assets.In the past, Europeans have passedthrough <strong>Turkey</strong> on their way to India,Hungary and, lately, Greece and Cyprusto take advantage of the highly skilledspecialists and medical facilities availablein these countries at prices far belowthose at home. Today many of these“medical tourists” are coming to <strong>Turkey</strong>itself for a variety of healthcare services.Already a name to reckon with in thefields of ophthalmology and dentistry,<strong>Turkey</strong> has a competitive advantagethat’s now attracting patients for a widerange of medical procedures. For example,a heart bypass that costs about$75,000 in Britain or in the Middle Eastcosts only $15,000 in <strong>Turkey</strong>.Besides offering significantly lowercosts, healthcare in <strong>Turkey</strong> also benefitsfrom a vast pool of science and medicalgraduates and the government’s increasingwillingness to invest in both publicand private healthcare.The country’s health expenditure hasincreased significantly over the past fewyears, from 3.7% of GDP in 1999 to 5% in2005, a higher percentage than in manycountries with similar per capita incomes.The Turkish Health Ministry is introducinga new model to facilitate cooperationbetween the public and private sectorsin the construction of hospitals. Itcalls for the government to provide theland and pay rent for up to 30 years,after which the hospital will become theproperty of the state. The investors willmanage construction, according togovernment-approved plans, and will beresponsible for hospital maintenance.This model will allow the construction ofhospitals on schedule, without delaysdue to insufficient financing.While the government’s healthcaremodel will lead to a substantial increasein the opening of new hospitals acrossthe country, a number of well-regardedinstitutions, such as the AmericanHospital of Istanbul, have been operatingin the country for some time.The hospital’s original purpose was toprovide medical services to foreign militaryunits stationed in Istanbul. In 1955the Koc Group, one of the largestfamily-owned conglomerates in <strong>Turkey</strong>,acquired the American Hospital, and thegroup’s Vehbi Koc Foundation owns ittoday. “The Koc family has beenextremely supportive of this project, andthey have invested more than $100 millionin the hospital so far,” says CEOGeorge D. Rountree.Lifetime careRun as a nonprofit organization, theAmerican Hospital offers a wide range ofservices and treats more than 120,000patients a year. It employs 279 specialists,many of them trained in the U.S.,and 1,038 support personnel. The building,located in one of the busiest commercialdistricts of Istanbul, was constructedto withstand earthquakes up toa magnitude of 9 on the Richter scale,an important architectural feature in aregion prone to violent seismic activity.When the current expansion is complete,the hospital will house 200 patient beds,some of which will enjoy a spectacularview over the Bosporus. “Our CEO“In the long run, with the assistanceof our partner, the Johns HopkinsMedical Schools, the AMC will becomea healthcare teaching hospital and areference point for the region.”Dr. Murat Dayanikli, CEO of Anadulu Medical Centerwanted the hospital’s rooms to be similarto hotel rooms, and I think we’ve managedto accomplish that,” says a tophospital manager.The American Hospital has received ISO14000 and ISO 9001 certification in compliancewith international standards andit regularly holds symposiums with hospitalsin the U.S. to recruit Turkish doctorsworking there.The Anadolu Medical Center (AMC)offers another healthcare option in<strong>Turkey</strong>. The facility has a pioneeringemphasis on preventative medicine andlifetime continuum care, with a wellnesscenter and primary care facility under thesame roof as long-term care and a combinationof education and research programs.This multidisciplinary approachfacilitates diagnosis and treatment in allof the center’s specialist departments,and differentiates AMC from other medicalfacilities in theregion.Dr. MuratDayanikli, the center’sCEO, identifiesthe crucial role ofthe primary carephysician in preventativehealthcare.“That is why ourlogo says ‘in healthand in sickness,’“he says. A Yalegraduate who hasworked extensively in the U.S., Dayanikligreatly values the AMC’s 15-year partnershipwith one of America’s leadingteaching hospitals. “In the long run,with the assistance of our partner, theJohns Hopkins Medical Schools, theAMC will become a healthcare teachinghospital and a reference point for theregion.” He also emphasizes that over35% of his staff is certified by the U.S.Medical Board.The AMC’s facilities are impressive byany standard. The campus covers 45,000square meters, has 209 beds and is surroundedby forest, enabling it to offertreatment in a peaceful environment farremoved from the city.It is equipped withcutting-edgetechnologies, includingthe CyberKnifeSystem, one of themost advanced cancertreatments available,and is already attracting attention for itsoncology, cardiovascular, neurology andgynecology departments.Dayanikli’s long-term goal is to makeAMC the best hospital in Europe, offeringstate-of-the-art services combinedwith unique Turkish hospitality, andsecure in the knowledge that science in<strong>Turkey</strong> is on par with that of Europe, theMiddle East and the rest of the world. ❖
special advertising section9The Full BenefitsAfter a series of regulatory and fiscalreforms to the banking sector,financial services companies in<strong>Turkey</strong> are poised to benefit from thecountry’s buoyant economy. The insurancesector in particular may become thefastest-growing industry in the country. “IfI were to advise a foreign investor who’slooking for brand-new opportunities overhere, I wouldn’t hesitate a moment beforesuggesting the insurance sector,” says Dr.Rusclu Saracoglu, CEO of Yapi Kredi bankand a former minister of economy andgovernor of the central bank.Although the Turkish insurance marketis still small in scale, the sector’s nominalgrowth was 24% in 2006. “As thedescendants of a 600-year-old empire,Turkish people unconsciously expect toomuch from the state,” says Mustafa Su,CEO of Anadolu Sigorta, one of the oldestand largest insurance companies in<strong>Turkey</strong>. “Add religious beliefs, and thatpretty much explains why Turkish peopleare still unaware of the full benefits ofinsurance.” While the insurance industryin general can be seen as a “Western”product, this perception is changing rapidlyamong a population that is growingwealthier by the day. Many people, likeSu, see the huge potential of tappinginto the undeveloped Turkish marketwith both life insurance and non-lifeproducts such as property and casualty(P&C). The introduction of private pensionsis also expected to draw a higherpercentage of the population into usinginsurance services.“The small and medium enterprisesthat are scattered all over <strong>Turkey</strong> will beone of our main targets in the comingyears,” Su points out.The use of the distribution channels ofIsbank, <strong>Turkey</strong>’s largest publicly tradedinstitution, adds to Su’s confidence in hiscompany’s future. “Isbank now holds a12.5% share in our premium production,but we are planning to increase it to30%. If we succeed in this operation, itwill bring us another five to ten years of“The small and mediumenterprises that arescattered all over <strong>Turkey</strong> willbe one of our maintargets in the coming years.”Mustafa Su, CEO of Anadolu Sigortaleadership in the sector,” he states.Meanwhile, global insurance giants likeHolland’s ING and America’s AIG havealready turned their attention to <strong>Turkey</strong>’sinsurance market, and the interest of foreigncompanies is expected to remainstrong through 2007. The privatization ofBasak Insurance and Basak Retirement,both acquired by the French companyGroupama, has served as an industrybenchmark and has been followed bysimilar deals such as Liberty Mutual’sacquisition of Seker. Domestic companiesneed international partners to compensatefor their lack of capital, while multinationalinsurers are in search of newmarkets that can support rapid growth.International companies also want stablepolitical and economic systems, bothof which <strong>Turkey</strong> now offers. ❖
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