HEALTH AND COMPETITIVENESS

Armenia must be healthier in order to be more competitive. The health and fitness of workers and professionals contributes to increased productivity. At the same time, healthcare itself is an economic activity that has the potential to become a key component of Armenian competitiveness. While health sector reforms in Armenia work toward more efficient and higher quality primary healthcare services, initiatives such as the Nuclear Medicine Project are laying the foundations for secondary and tertiary healthcare, making hospitals and clinics regionally competitive in key subsectors.

ONCOLOGY AND CARDIOLOGY

Cancer and heart disease are two natural targets for intervention in tertiary medicine. These diseases are the two major killers in Armenia and in the region, making prevention, early detection and treatment important national goals. Their prevalence also supports the business case for public-private partnerships in the oncology and cardiology sub-sectors, and underpins the importance of promoting nuclear medicine in Armenia.

NUCLEAR MEDICINE

The Nuclear Medicine Project will create a facility in Yerevan to produce nuclear isotopes used in oncological and cardiovascular diagnostics and in treating cancer. In parallel, it will strengthen the capacity of clinics to provide high quality medical services in those areas. Using the principle of public-private partnership, the $40 million project is facilitating government investments in medical infrastructure and production facilities for nuclear medicine, while mobilizing private investment for the provision of related medical services.

TECHNOLOGY TRANSFER

The cornerstone of this effort is the acquisition of the latest isotope production technology, a 30 MeV cyclotron. This particle accelerator will be housed in the Yerevan Physics Institute, which has maintained its leading position as a center of particle physics and has the required know-how and infrastructure for the project. The Physics Institute also has the capacity to maximize the scientific potential of the cyclotron as a tool for experimental physics.

KNOWLEDGE TRANSFER

In parallel, the project is creating partnerships with European and US medical groups to establish clinics in Armenia, and to become the first clients of the Physics Institute isotope production center. These partners will play a key role in making the project financially viable and self-sustaining. More importantly, they will become agents of the transfer of knowledge and knowhow, training local medical professionals in the provision of world-class oncology and cardiology services.

REGIONAL CENTER OF EXCELLENCE

This initiative aims to turn Armenia into a regional center of excellence in nuclear medicine. By creating an isotope production facility and tapping into global medical know-how, Armenia will be able to capture niche markets in neighboring countries, exporting medical services and competing regionally.

OPPORTUNITIES FOR BUSINESS

The Nuclear Medicine Project will catalyze the oncology and cardiology value chain, opening a much larger field for investments in the sector. Specialized clinics, surgery services, the provision of testing and equipment, and hospitality services for foreign patients will all become viable based on the existence of this new infrastructure. The National Competitiveness Foundation of Armenia will promote these investment opportunities, triggering a cycle of sustainable, high impact development.