By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Deputy Prime Minister yesterday hailed new medical legislation as “groundbreaking” while asserting that it will expand The Bahamas’ tourism product beyond sun, sand and sea.

Chester Cooper told the House of Assembly that the Longevity and Regenerative Therapies Bill aligns with a shifting tourism market as more travellers are embracing medical tourism. The new legislation, he added, will create a platform to springboard the Bahamas into this sector of tourism.

He said: “This Bill creates a platform for the further evolution of The Bahamas’ tourism brand from a focus on recreation to rejuvenation, longevity or regeneration. And I am frankly very excited about the possibilities.

“The data on the shifting global trend is compelling and, as lifestyles change, the requirements and expectations of travellers are changing in terms of health and longevity and medical tourism. People want to travel to destinations, and stay in facilities that are human centred, and holistic and support well-being and the overall health and happiness.”

Mr Cooper said wellness tourism is a $651bn global industry that is expected to grow to $912bn in the next four years. He added that the Bill positions the country to “get its share” of a potentially trillion dollar industry.

“The global wellness Institute 2020 report estimates wellness tourism to be a $651bn industry. The wellness real estate industry, which sits within the wellness tourism ecosystem, is estimated as a $387bn economy,” the deputy prime minister added.

“It’s projected to increase to $912bn by 2028, which was in some ways accelerated by the pandemic, making wellness real estate one of the fastest growing sectors. In fact, the fastest growing sector of the wellness economy since 2017. I see this Bill as an opportunity that is unique to tourism.”

Mr Cooper said the Bill will open new business opportunities and, by establishing a robust legal and regulatory framework, The Bahamas will be positioned at the “forefront” of this ‘“rapidly” growing field.

Mr Cooper, who is also minister of tourism, investments and aviation, said visitors will be able to receive “cutting edge” medical treatments such as stem cell and gene therapies over vacations that can last  weeks.

He said: “The Bill is designed to attract investors in the space that integrates regenerative wellness with the diversity in wellness amenities experiences.

“Persons visiting The Bahamas can receive cutting edge, longevity enhancing and regenerative therapies like stem cells, gene therapies and other therapies, and they can extend their stay to experience The Bahamas for days, weeks. That’s what we want as we deepen their regenerative wellness experience.”

Mr Cooper added that global trends show destinations that mix wellness and tourism are “the future”, and the Bill has the potential to see visitors “flock” to the country for advanced medical treatments. He encouraged businesses and investors in the field to “set up” within The Bahamas

Mr Cooper said: “Global trends show a mounting connection between lifestyles with wellness and tourism as the future. Tourism hospitality products of the future will be a complex, mixed-use, cross generational hybrid hospitality buildings that integrate the benefits of a hotel, the residents with longevity and wellness or regenerative health therapies, wellness tourism amenities and, you know, God has given us the environmental aspects such as sun, sun, oceans, culture, people and communities.

“In tourism we are going further beyond sun, sand and sea, and this Bill will help us. It has the potential to see tourists seeking advanced medical treatment flock to The Bahamas, benefiting from our world-class facilities and the scenic beauty. We can become a premier destination for health and wellness.

“This Bill is designed to create a conducive environment for investment, but also enhance safety in this business by offering financial incentives, regulatory exclusivity and streamlined approval processes. We encourage businesses and investors to set up operations in The Bahamas.”