Healthcare.

Snapshot

• Total health expenditure ~5% of GDP, of which public ~2.5%, private ~2.5%.
• Per-capita health spend ~US$110 (low-middle income tier).
• Heavily two-tier: public clinics/hospitals + medical-aid insured private system.
• Diaspora-funded private demand is significant.

Sub-sectors

Public health system

• Central hospitals: Parirenyatwa, Sally Mugabe (Harare Central), Mpilo, United Bulawayo, Chitungwiza, Mutare General, Gweru.
• Provincial + district hospitals, rural clinics under Ministry of Health & Child Care.

Private hospital groups

• Avenues Clinic Group (West End Hosp., Harare Central, Maranatha) — premium tier.
• Premier Service Medical Aid Society / PSMI — health insurance + facilities.
• Cimas iGo Hospital — Borrowdale.
• St Anne's, Baines Imaging — high-end imaging and surgery.
• Pathmed, Lancet, Pathcare — diagnostic labs.

Medical-aid (health insurance)

• ~1 m beneficiaries across CIMAS, PSMAS, First Mutual Health, Generation Health, Bonvie, MedShield, Liberty Health.
• Penetration low (<10% of population).

Pharma & supply

• Importers/distributors: NatPharm (parastatal), Greenwood Pharmacy, Pharmanova, Clicks ZW, Healthsoft.
• Local manufacturers: CAPS Holdings, Plus Five Pharma, Datlabs.

Telemedicine / health tech

• VayaHealth (Cassava group), Quro Medical (RSA, expanding), Recomed (RSA-launched bookings).
• Emerging: telehealth + diaspora-paid consultations.

Diaspora medical-tourism

• Indian hospitals (Apollo) maintain liaison offices in Harare; medical evacuation to SA and India common.

Profitability

Segment	EBITDA	Notes
Premium private hospital	18–25%	USD cash-pay + insured mix
Diagnostic lab	25–35%	High utilisation lab is gold
Pharma retail	9–14%	Volume game
Medical aid scheme	5–9%	Reserve constrained
Pharma manufacturing	12–18%	API import-cost driven
Telemed start-up	breakeven	Stage-dependent

Challenges

• Brain drain of doctors/nurses to UK, RSA, AU, NZ.
• Drug stock-outs in public system.
• Forex for medical equipment imports.
• Outdated electronic medical records — paper-based at most sites.
• Reimbursement gaps between medical-aid tariffs and actual costs.

Advantages

• Strong medical talent base (UZ Medical School, Midlands State, NUST nursing).
• Diaspora remittances cross-subsidise private care.
• USAID, Global Fund, PEPFAR co-finance HIV/TB/malaria programmes.
• Telecom + mobile money rails enable telehealth.

Example companies

• CIMAS: largest medical aid + hospital group.
• PSMI: integrated medical aid + facilities (under restructuring).
• Avenues Clinic Group
• Lancet Clinical Laboratories
• CAPS Holdings: pharma manufacturer.
• VayaHealth (Econet): mobile-first health insurance + telemed.

Opportunity hooks

• Telemed for diaspora-paid family care subscriptions (US$25/month/family).
• Diagnostic chain: USD-cash + medical-aid pay, point-of-care testing kits.
• Pharma manufacturing of essential generics (national list).
• Senior care / step-down facilities for ageing population + returning diaspora.
• Mental-health digital platforms (UZ + INASP partnerships exist).
• Maternal/neonatal supply kits with mobile-money insurance bundle.