Kể từ năm 2015 đến nay, làn sóng đầu tư vào lĩnh vực y tế ngày càng nóng với rất nhiều thương vụ mua bán – sáp nhập (M&A) đã được công bố như VinaCapital đầu tư 25 triệu USD vào Công ty Cổ phần Y khoa Tâm Trí (Y khoa Tâm Trí), Taisho Pharmaceutical (Nhật Bản) liên tục gia tăng tỷ lệ sở hữu tại Dược Hậu Giang trong năm 2018 và đăng ký mua hơn 28 triệu cổ phiếu Dược Hậu Giang trong tháng 3-2019.
Hàng chục ngàn tỉ đồng cho dự án, hơn 1 tỉ USD cho trang thiết bị, đầu tư vào y tế cực kỳ hấp dẫn
Trong 9 năm qua, Chính phủ đã ưu tiên ngân sách, vốn ODA, trái phiếu Chính phủ cho hệ thống khám chữa bệnh với hơn 60.000 tỉ đồng đổ vào các dự án cải tạo, nâng cấp bệnh viện.
Theo Sách Trắng năm 2019 của EuroCham (Hiệp hội Doanh nghiệp châu Âu tại Việt Nam), thiết bị y tế nhập khẩu đóng vai trò quan trọng trong ngành y tế Việt Nam. Năm 2016, tổng vốn đầu tư vào trang thiết bị y tế tại Việt Nam lên đến 950 triệu USD. Năm 2017, con số này tăng lên 1,1 tỉ USD.
Tăng trưởng đầu tư cho trang thiết bị y tế trung bình đạt 18% mỗi năm. Trong đó, 90% trang thiết bị y tế được nhập khẩu từ các nước để đáp ứng nhu cầu khám chữa bệnh tại các bệnh viện. Bệnh viện công lập vẫn chiếm 70% thị phần tiêu thụ.
Theo ông Andy Ho – Giám đốc đầu tư (CIO) VinaCapital, lợi nhuận khi đầu tư vào lĩnh vực y tế thấp hơn các ngành khác nhưng bù lại rủi ro cũng thấp hơn do đại chúng đều có nhu cầu khám chữa bệnh.
Bằng chứng là vào năm 2009, Vina Capital thực hiện thành công thương vụ đầu tư đầu tiên vào lĩnh vực y tế tư nhân đối với Tập đoàn Y khoa Hoàn Mỹ. Sau thương vụ này, hồi cuối tháng 8 năm 2018, Vina Capital tiếp tục công bố khoản đầu tư trị giá 25 triệu USD vào Công ty Cổ phần Y khoa Tâm Trí (Y khoa Tâm Trí), đơn vị sở hữu chuỗi 4 bệnh viện tư nhân tại Đà Nẵng, Nha Trang, TP.HCM và Đồng Tháp.
Khoản đầu tư của Vina Capital sẽ hỗ trợ Tâm Trí mua thêm trang thiết bị hiện đại, mở rộng các bệnh viện hiện có, tăng công suất và chất lượng khám chữa bệnh đồng thời tìm kiếm các cơ hội mua bán sáp nhập thêm bệnh viện mới.
Hiện tại, hệ thống cơ sở khám chữa bệnh tư nhân đang phát triển nhanh đồng nghĩa với nhu cầu sử dụng dịch vụ y tế tư nhân lẫn cơ hội đầu tư tăng cao. Trong giai đoạn 1993 đến nay, từ chỗ không có bệnh viện tư, Việt Nam đã có 206 bệnh viện tư và trên 35.000 phòng khám tư nhân.
Ông Andy Ho cho biết : “Hàng năm, người Việt chi trên 2 tỉ USD cho việc khám chữa bệnh ở nước ngoài và đây chính là cơ hội cực kỳ lớn cho các dịch vụ chăm sóc sức khỏe chất lượng cao trong nước”.
Tại Hội thảo chuyên đề “Ngành Y tế cần làm gì để thu hút đầu tư?” diễn ra tại TP.HCM, TS.BS Phan Xuân Dũng – Giám đốc Bệnh viện Ung bướu TP.HCM khẳng định nếu loại bỏ yếu tố di dân thì tỉ lệ ung thư ở TP.HCM vẫn đang tăng cao. Trên thế giới, ngay cả nước tiên tiến như Hoa Kỳ cũng chưa thực sự đầu tư đủ cho ngành y tế.
Đầu tư theo chuỗi, phát hành trái phiếu và đừng đu bám sóng thị trường
Chia sẻ về kinh nghiệm đầu tư của Vina Capital, ông Andy Ho khẳng định chiến lược của quỹ tài chính này là đầu tư vào chuỗi các bệnh viện, vì nếu chỉ đầu tư cho một đơn vị bệnh viện lớn sẽ phụ thuộc rất nhiều vào danh tiếng của một bác sĩ.
“Khi thực hiện các thương vụ đầu tư lớn với các doanh nghiệp dược hàng đầu như Dược Hậu Giang (mã chứng khoán DHG), Domesco, nhà đầu tư nước ngoài thường chú trọng đến việc đem lại lợi nhuận tốt nhất, phát triển cơ sở hạ tầng và nguồn nhân lực”, ông Andy Ho nói.
Bàn về cơ chế đầu tư, vị chuyên gia này cho rằng mô hình PPP (hợp tác công – tư) trong lĩnh vực y tế phải xem xét những nút thắt của chính sách pháp luật và chế độ bảo hiểm y tế. Ý tưởng đưa bệnh viện lên sàn giao dịch là rất khó, bởi bản chất của ngành y tế là phục vụ xã hội, nếu công bố lợi nhuận quá cao thì không ổn.
Mối quan tâm lớn nhất của các nhà đầu tư khi giải ngân vào dự án y tế là khả năng thoái vốn sau 5 – 10 năm và cách thức thoái vốn như thế nào. Cơ chế thu hút đầu tư trong tương lai mà ông Andy Ho đưa ra là các bệnh viện lớn có thể phát hành trái phiếu huy động vốn, sau một thời gian sẽ thanh toán tiền gốc và lãi trái phiếu cho nhà đầu tư.
“Hơn hai năm trở lại đây, làn sóng đầu tư vào lĩnh vực y tế đi liền với đà tăng trưởng của thị trường chứng khoán. Các bệnh viện đều muốn phản ánh giá trị của mình tương ứng với giá trị của các công ty niêm yết trên sàn giao dịch. Nhưng câu hỏi đặt ra là tốc độ tăng trưởng có đạt được như vậy hay không?”, ông Andy Ho cho biết.
Theo thông tin nội bộ của Vina Capital, hệ thống Y khoa Tâm Trí đang có mức tăng trưởng trên 30%/năm, cao hơn tốc độ tăng trưởng của nhiều doanh nghiệp bất động sản niêm yết trên sàn chứng khoán năm 2018 xét theo báo cáo tài chính.
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