Competitive Analysis DEMO - Private Medical Services Operators in Romania - FRD Center

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Competitive Analysis DEMO - Main Operators of Private Medical Services in Romania - by FRD Center

Private medical services and Retail are two of the most dynamic sectors in Romania. For a selection of Competitive Analysis reports, including price analysis, in these sectors, please feel free to consult our website at http://www.frdcenter.ro/English/competitor%20analysis.htm

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Competitive Analysis DEMO - Private Medical Services Operators in Romania - FRD Center

  1. 1. COMPETITIVE ANALYSIS – DEMO REPORTMAIN PRIVATE MEDICAL SERVICES OPERATORS INROMANIAMEDLIFEMEDICOVERREGINA MARIA1. MedLife1. General dataCompany name: Med Life SAAddress (headquarters): Calea Victoriei 222, BucharestPhone: +4021 4402787Fax: +4021 4402761Web: www.medlife.roE-mail: office@medlife.roYear of establishment: 1996Ownership: Marcu family (51%), IFC (12.75%), Value4Capital - formerly known as SGAM Eastern Europe (36.25%)2. Financial dataYear/Category Net turnover Average no of Net profit (mil. EUR) employees (mil. EUR)2010 32.9 1,170 2.82009 25.8 990 2.52008 21.2 949 -0.2
  2. 2. 3. Key personsName Position Contact detailsMr. Mihail Marcu President Email: office@medlife.roMr. Nicolae Marcu Executive Director Email: office@medlife.roMs. Mirela Mistrianu Sales Manager Corporate Email: mmistrianu@medlife.ro AccountsMs. Ina Badarau PR Coordinator Email: ibadarau@medlife.ro4. Brief profileMedLife is controlled by the Marcu family, and it is co-owned by the IFC - the InternationalFinance Corporation and SGAM Eastern Europe.The first MedLife clinic was opened in 1996, the unit having four medical specialties:Pediatrics, Obstetrics - Gynecology, Ophthalmology and Internal Medicine.MedLife launched its first analysis and paraclinical investigations laboratory in 1999.In 2002, MedLife added in its offer the services of dentistry – orthodontics and opened aphysio-kinetotherapy and rehabilitation therapy unit.In 2006, the owners have attracted the first important investor: IFC, the World Bankinvestment division, with whom the Marcu family have further invested in the creation ofthe first network of private hospitals in Romania.In 2007, MedLife opened the Life Memorial Hospital in Bucharest. The hospital covers1,400 sqm and has five surgery rooms. The hospital has its own laboratory of medicalanalysis.In 2009, the Marcu family and IFC have achieved the largest transaction in the medicalservices sector in Romania, worth an estimated 20 million EUR, attracting in the ownershipof MedLife the private investment fund SGAM Eastern Europe, of Societe Generale AssetManagement, currently renamed Value4Capital.In September 2011, MedLife opened a multidisciplinary hospital in Brasov that has thesurface of 5,500 sqm and some 140 employees. The investment in the medical equipmenttotalled two million EUR.In December 2011, MedLife opened an Orthopaedic Hospital in Bucharest with the totalcapacity of 45 beds, following investments of 8.5 million EUR. The unit has 80 employees,
  3. 3. the surface of 2,000 sqm and the hospital’s representatives estimate that the monthly numberof the treated patients will be of 1,000 persons and the turnover will reach two million EURin the first year of activity.In 2011, MedLife entered the national program of the in-vitro fertilisation sustained by theMinistry of Health in Romania.At present, MedLife operates a network of nine hyper-clinics in Bucharest, Timisoara,Brasov and Arad, eight laboratories of medical analysis, six hospitals in Bucharest, Brasovand Arad, three maternity units in Bucharest, Brasov and Arad, eight centres of excellenceand six pharmacies in the PharmaLife network. The six hospitals have a total of 540 bedsand 22 surgery rooms. Also, MedLife collaborates with 135 partner medical clinics all overthe country.Some 4,000 paying patients are treated daily in MedLife’s ambulatories and hyperclinics, notadding the subscriptions, the labour medicine and the patients treated off-premises.Some 70% of the Medlife’s revenues are generated by the cash-paying patients inambulatory, some 5% of the revenue comes from the Health Insurance House and some25% from corporate subscriptions. In the first six months of 2011, 500 new companies (andrespectively 20,000 subscribers) chose the MedLife services. Source of Medlife’s revenues 25% 5% 70% Ambulatory Health Insurance House Corporate subscriptions Source: business publications
  4. 4. MedLife registered in the first semester of 2011 a turnover of 23.8 million EUR, up by 37%compared to the same period of 2010. This growth was a result of the sustained investmentson the retail segment (fee-for-service) and the recent acquisitions.For the entire year 2011, the majority shareholders estimate a turnover of some 50 millionEUR, which represents approx. 10% of the private medical services market.In the first semester of 2011, MedLife recorded over 475,000 patients.MedLife has a partnership with the software producer TotalSoft, owned by the GlobalFinance Investment Fund, for the implementation of a complete software platform, basedon the Charisma applications (Charisma Medical Software, Charisma ERP, Charisma HCM).MedLife announced an investment programme of 52.1 million EUR for the period 2011 -2015, that will be sustained through credits and own funds. MedLife contracted a syndicatedcredit of 40 million EUR from the International Finance Corporation and Erste Group.For 2012, the opening of the MedLife Hospital Floreasca in Bucharest is the MedLife’s mainproject. The investment in this hospital is estimated at over ten million EUR.For the period 2011-2015, MedLife has announced an investment program totalling 52.1 mil.EUR raised from loans and own funds.5. Recent acquisitionsIn 2006, the Marcu family sold for 5 million EUR 20% of the shares to InternationalFinance Corporation (IFC), the World Bank investment division, the shareholder structureafter the transaction being: Mihai Marcu (31.9%), Mihaela Gabriela Cristescu (24%), NicolaeMarcu (24%), IFC (20%). At present, the IFC exposure in MedLife is of 57 mil. USD, whichrepresents minority participation and long term loans.In 2009, the owners have sold 36.25% shares to SGAM Eastern Europe, since renamedValue4Capital, for a record transaction in the medical services sector in Romania at the time,estimated at 20 million EUR.In 2010, MedLife acquired 80% of the Policlinica de Diagnostic Rapid (PDR) in Brasov. Thetransaction exceeded three million EUR.
  5. 5. In 2011, MedLife acquired 55% of the Genesys Medical Clinic Group in Arad, one of thebiggest private medical operators in the Western region of the country. The value of thetransaction was of some three million EUR. The Group in Arad included a hospital withfour surgery rooms and an ambulatory, on a total surface of some 4,000 sqm.In 2011, MedLife finalised the 100% acquisition of the Eva Maternity Unit in Brasov. Set upin 2007, the Eva unit has two surgery rooms, three birth rooms and a total capacity of 26beds. Since its launching, 4,700 babies have been born in this maternity, out of which 23%have been from areas outside Brasov.For the next period, MedLife does not exclude the possibility to make new acquisitions onthe domestic market.6. Examples of prices in MedLife units:Service Price (RON)Echocardiography – in clinic 160Gynecological and senology consultation – in clinic 130Osteoporosis consultation – in clinic 100Auricular aspiration – in clinic 25Simple respiratory functional tests – in clinic 70Laparoscopic appendectomy – in hospital 3,000Rectum amputation – in hospital 4,500Surgical cure of varicose veins (unilateral) – in hospital 2,000Pilonidal abscess drainage – in hospital 1,000Glycosylated hemoglobin (HbA1c) – in laboratory 35Mycological examination – in laboratory 50
  6. 6. 2. Medicover1. General dataCompany name: Medicover SRLAddress (headquarters): Str. Monetariei 8, BucharestPhone: +4021 3101699Fax: +4021 3101699Web: www.medicover.roE-mail: office@medicover.roYear of establishment: 1997Ownership: Medicover Group2. Financial dataYear/Category Net turnover Average no of Net profit (mil. EUR) employees (mil. EUR)2010 10.9 447 -0.12009 11.6 445 0.62008 12.8 428 1.23. Key personsName Position Contact detailsMs. Catalina Balan CEO Email: catalina.balan@medicover.roMr. Bogdan Pana Executive Director - Hospital Email: bogdan.pana@medicover.ro and ClinicsMs. Claudia Oanea Development Director Email: claudia.oanea@medicover.ro4. Brief profileMedicover Romania is part of the Swedish group Medicover. The Medicover Group alsoowns the company Synevo Romania SRL that includes a network of laboratories.Medicover entered the Romanian market through the acquisition of the Rombel company in1997.Medicover has 11 clinics in Bucharest, Cluj Napoca, Constanta, Iasi, Ploiesti, Timisoara andBrasov. Also, Medicover collaborates with some 140 partner clinics all over the country.
  7. 7. At the beginning of 2012, Medicover has opened its first hospital in Romania, followinginvestments of some 20 million EUR. The hospital is located in Bucharest, has 75 beds andthree surgery rooms.In September 2011, Medicover opened a diagnostic centre in Bucharest with investments ofsome 0.5 million EUR.Medicover has over 70,000 subscribers from 1,500 companies in Romania, which isconsidered to be the largest subscription base in the private medical services market.Since 2005, Medicover uses the Charisma Medical Software solutions produced by TotalSoft,one of the main software companies in Romania.Medicover Romania intends to expand its activity on the segment of the medical clinics bothin Bucharest and other cities in the next future, including through acquisitions. For 2013,they have announced the opening of a private hospital worth 50 million EUR, the largestinvestment of its kind in Romania so far.By 2013, Medicover aims to grow its cash-paying patient base and insured clients to 60% ofits revenues.5. Examples of prices in Medicover units:Service Price (RON)Allergy consultation – in clinic 110Cryogenic cauterization – in clinic 75Lower gastrointestinal endoscopy – in clinic 300Sigmoidoscopy – in clinic 220Bilateral breast ultrasound – in clinic 120HPV vaccine – Cervarix – in clinic 400Hematology consultation – in clinic 110Exercise electrocardiogram – in clinic 245Doppler fetoplacentar ultrasound – in clinic 130Pediatric general clinical examination – in clinic 85
  8. 8. 3. Regina Maria1. General dataCompany name: Centrul Medical Unirea SRLAddress (headquarters): Str. Garlei 39A, BucharestPhone: +4021 9268Fax: +4021 2330241Web: www.reginamaria.roE-mail: office@reginamaria.roYear of establishment: 1991Ownership: Advent International (80%), Mr. Wargha Enayati (20%)2. Financial dataYear/Category Net turnover Average no of Net profit (mil. EUR) employees (mil. EUR)2010 16.9 318 -0.12009 13.6 235 3.02008 n/a n/a n/a3. Key personsName Position Contact detailsMr. Ionut Patrahau CEO Email: office@reginamaria.roMr. Fady Chreih Executive Director Email: office@reginamaria.roMr. Alexandru Popescu General Manager, Euroclinic Email: alexandru.popescu@reginamaria.ro Medical CentersMs. Cristiana Vago Marketing & PR Manager Email: cristiana.vago@reginamaria.roMs. Cristina Rusu PR Executive Email: cristina.rusu@reginamaria.roMs. Mariana Chetrari Marketing Coordinator Email: mariana.chetrari@reginamaria.ro4. Brief profileRegina Maria, controlled by the Advent International investment fund and Mr. WarghaEnayati, is one of the most dynamic operators of private medical services in Romania.After the fusion with Euroclinic in 2010, in 2011, Centrul Medical Unirea (CMU) wentthrough a rebranding process becoming Regina Maria.
  9. 9. CMU opened its first unit - a cardiology practice - in 1995, in an apartment in Bucharest.The first CMU unit with multiple medical specialties, CMU Unirea, was opened in 1999.At present, Regina Maria has some 18 policlinics in Bucharest, Cluj Napoca, Brasov,Constanta and Bacau, six hospitals (Hospital of Obstetrics and Gynecology in Bucharest,Surgery Hospital Arcul de Triumf in Bucharest, Euroclinic Hospital in Bucharest, Children’sHospital Dorobanti in Bucharest, Hospital in Brasov and also offers multidisciplinary dayhospitalisation services in its medical campus in Bacau), three maternity units in Bucharestand Brasov, three medical campuses in Bucharest, Bacau and Brasov, five imaging centres inBucharest, Brasov and Bacau, a division of clinical laboratories in Bucharest, Brasov,Constanta, Bacau and the Central Bank of Stem Cells.The Hospital of Obstetrics and Gynecology in Bucharest was launched in December 2008following a total investment of 5.5 million EUR.In 2011, Regina Maria opened the Policlinic Floreasca, located near the Euroclinic Hospitalin Bucharest, following investments of two million EUR. This is the largest policlinic of theRegina Maria network. The unit has the surface of 2,000 sqm, 43 medical practices and 115doctors. The unit includes also a pharmacy, under the Farmacia Centrala brand, and thisrepresents the first step of the Regina Maria as an operator in the drugs retail segment.In May 2009, the medical operator performed its first harvesting, processing and storageprocedure of stem cells (CD34 +) from the umbilical cord blood. In 2010, the operatorreceived the accreditation for the storage of the cord tissue in Romania.Regina Maria has over 130,000 subscribers. Its national network of laboratories performsover 7,500 medical analyses per day and has over 1,300 patients per day.For IT systems, Regina Maria collaborates with the company Relevance, the first supplier ofbusiness intelligence services on the QlikView platform in Romania. The collaborationstarted in 2010.Also, Regina Maria acquired the Charisma Medical Software produced by the softwaredevelopment company TotalSoft.For 2012, Regina Maria plans to open an Obstetrics and Gynecology Hospital, to developthe infertility treatment services and to develop its hospital services outside Bucharest.
  10. 10. For 2012, the representatives of Regina Maria have a reserved growth scenario of 10-15%but do not discard an optimistic scenario of over 20% growth.5. Recent acquisitionsIn 2010, the owner of CMU sold 80% shares to the investment fund, Advent International,for more than 40 million EUR – the larges transaction of this kind in the private medicalservices sector in Romania.In 2011, Regina Maria acquired the Promed Clinic in Bucharest and therefore developed itsactivity on the segment of the in vitro fertilisation and maternal - foetal medicine. ThePromed Clinic in Bucharest generates revenues of some two million EUR per year and thebusiness is estimated to increase after the acquisition process. The acquisition of the PromedClinic and the investments in the necessary equipment are estimated at some two millionEUR.In 2008, CMU acquired the Medical Center Motilor (owner of two medical clinics in ClujNapoca) and Avamedica (owner of three medical clinics in Constanta).In 2010, CMU acquired the Euroclinic Hospital in Bucharest, in a transaction estimated atsome 30 million EUR.6. Examples of prices in Regina Maria units:Service Price (RON)Transthoracic echocardiogram – in clinic 150Thyroid ultrasound – in clinic 100Consultation - spine special medical rehabilitation – 200in clinicPENTAXIM vaccination – in clinic 209Subtotal longitudinal gastrectomy (gastric sleeve) – 25,800in hospitalCarotid endarterectomy in hospital 21,400Pigmentary nevus excision - in hospital 400Exploratory laparotomy - in hospital 4,720Folic acid – in laboratory 40Resistance to activated protein C – in laboratory 100
  11. 11. 4. Competitive analysis Net turnover dynamics* 40 30 million EUR 20 10 0 2008 2009 2010 MedLife Medicover Centrul Medical Unirea Source: Ministry of Public Finances* Net turnover of Centrul Medical Unirea in 2008 is not available. Net profit / loss dynamics* 4.0 3.0 2.0 million EUR 1.0 0.0 2008 2009 2010 -1.0 MedLife Medicover Centrul Medical Unirea Source: Ministry of Public Finances* Net profit/ loss of Centrul Medical Unirea in 2008 is not available.
  12. 12. Average no of employees - dynamics* 1,400 1,200 1,000 800 600 400 200 0 2008 2009 2010 MedLife Medicover Centrul Medical Unirea Source: Ministry of Public Finances* Average no of employees of Centrul Medical Unirea in 2008 is not available. No of hospitals - dynamics 8 6 6 6 6 4 2 2 1 1 0 2009 2010 2011 MedLife Regina Maria / CMU Source: FRD Center
  13. 13. Price example comparison - medical procedures 500 400 300RON 200 100 0 MedLife Medicover Regina Maria Holter electrocardiogram Colonoscopy Colposcopy Source: FRD Center Price example comparison - medical consultations 160 140RON 120 100 80 MedLife Medicover Regina Maria Infertility consultation Ophthalmological consultation Endocrinology consultation Source: FRD Center
  14. 14. Price example comparison - laboratory tests 40 30 RON 20 10 0 MedLife Medicover Regina Maria Total bilirubin Ionic calcium Apolipoprotein A1 Source: FRD CenterDisclaimer:Whilst every care is taken in compiling this report, no responsibility is taken for errors or omissions. FRDCenter guarantees that this information, collected and generated, has been operated in a professional mannerand best efforts were applied with a view to offering accurate and complete results. However, FRD Center willnot be held liable for any damage or loss resulting from the use of the information contained herein.For tailor-made market research and market entry support to the markets in CE, SE andEastern Europe, please do not hesitate to contact our team directly. FRD Center Market Entry Services Bucharest ROMANIA www.market-entry.ro Contact: Jackie Bojor, Director europa@frdcenter.ro

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