Healthcare | Key Sectors in Latvia

The healthcare service sector in Latvia has been restructured to increase efficiency and facilitate the implementation of private additional health options. It is known that this sector has a high potential and that there are first-class facilities, a skilled workforce, and low costs behind this potential. These high-quality services produce solutions not only for Latvian citizens but also for patients in other countries. Because of this reason, health tourism in Latvia is growing day by day.

 

Advantages of the Healthcare Service Sector in Latvia

There are different reasons behind the advanced healthcare service in Latvia. In general, these reasons can be listed as follows:

  • >>> Competitive costs
  • >>> Studies for increasing efficiency
  • >>> Government incentives for innovative services
  • >>> Services with high standard
  • >>> Skilled workforce
  • >>> Multilingual healthcare professionals

The issues mentioned here can be expressed as the foundations of the success of the health sector. It is known that since it gained its independence, Latvia has been working to bring health services to its current status. While the number of hospitals was more than 130 in 2003, the number decreased to 62 according to 2018 data. Thus, while the unnecessary institutions were being closed down, the quality of the existing ones was increased. Besides, some functions have been transferred to different specialized institutions. Thus, there was a significant increase in the quality of hospitals and some of the workloads were transferred to professionals.[*]

 

General Condition of the Healthcare Service Sector

The healthcare service sector in Latvia employs 70,800 Latvians in 2019. This figure is extremely high and significant. This sector constitutes approximately 4% of GDP.

Latvians are used to paying for healthcare services. According to the data, approximately 42% of the population pay for this service themselves. The government provides incentives to increase insurance coverage and private insurance plans. Thus, the rate of health services provided under the insurance will reach higher levels.

The quality of the service provided here has also led it to become a tourism field. Considering factors such as affordable costs, high-quality medical services, and easy access to Europe and Russia, it can be easily said that health tourism in Latvia will further grow in the future. Therefore, there is a serious investment opportunity in this field.

The healthcare sector in Latvia has turned to innovative solutions to increase efficiency and eliminate unnecessary workload. In this context, an e-health application has been initiated. Apart from this, necessary investments are being made to provide some of the services needed by the elderly population at homes or in suitable social facilities.

The advantages in the industry are generally as mentioned above. It is predicted that this field will develop further shortly and will provide very profitable returns to its investors. If you want to invest in this field, contact us for more information about the healthcare service sector in Latvia.