BARBADOS INVESTMENT OPPORTUNITY: MEDICAL

UNCLAS BRIDGETOWN 001290

SIPDIS

SIPDIS

SANTO DOMINGO FOR FCS
EEB FOR DENNIS WINSTEAD
WHA/CAR FOR ALAIN NORMAN

E.O. 12958: N/A
TAGS: EINV ETRD BB
SUBJECT: BARBADOS INVESTMENT OPPORTUNITY: MEDICAL
TRANSCRIPTION SERVICES



1. (U) Summary: The medical transcription services sector is
receiving significant attention from high levels of
government in Barbados. As Barbados diversifies its services
sector into niche markets such as medical transcription, it
inches itself farther away from its dependency on a
vulnerable tourism market and creates various opportunities
for the region as well as for U.S. investors. End Summary.


2. (U) The medical transcription industry has become one of
Barbados' focal growth sectors. On October 3, Barbados
Deputy Prime Minister Mia Mottley officially opened Barbados'
first Medical Transcription Training Center. Mottley praised
efforts to expand the sector, which she sees as a booming
industry that could easily surpass its expanding call center
services market. Anthony Sobers, CEO of Barbados Investment
and Development Corporation (BIDC),which is responsible for
attracting foreign investment to Barbados, also predicts that
the medical transcription industry has great potential to
expand into a very profitable niche industry and will help
Barbados to alleviate some of its dependency on a vulnerable
tourism market.


3. (U) DPM Mottley also highlighted regional benefits of
medical transcription market, which would create significant
changes for medical practitioners, insurance companies, and
hospitals across the region, imposing accountability measures
and obligations to keep meticulous records and improve the
way information is assessed and efficiently utilized. In
addition, Mottley predicted a significant increase in
employment, and at higher wages, with the emergence of
medical transcription services. Already, more than 100
students have begun a six-month training program followed by
a three-month internship. Sobers told EmbOffs that plans are
underway to have more than 500 individuals trained in the
next five years.


4. (U) Comment: Growth of the medical transcription industry
in Barbados is important for three reasons. First, it will
provide an incentive for insurance companies to achieve a
greater level of efficiency in risk assessment and bring
additional accountability to practitioners and hospitals.
Second, increased growth and diversification of the sector
will generate increased employment outside of tourism, which
reduces vulnerability. Third, the openness, political will,
and local investment in training, provide an excellent
opportunity for U.S. investors to establish themselves in
untouched territory with minimal risk. End Comment.
FISHER