GHG at a Glance

The structure of our business

We are the largest healthcare services provider in the fast-growing, predominantly privately-owned, Georgian healthcare ecosystem. We lead the market by offering the most comprehensive range of inpatient and outpatient services, targeting the population of the entire country and beyond through our vertically integrated network of hospitals and clinics. We also operate the largest pharmacy and distribution business and are the largest medical insurance provider in the country.


GHG’s market-leading position, its unique business model with significant cost and growth synergy advantages, and its experienced management team make it a compelling investment story. First-class leaders of our medical team are driving the improvement of service quality and access of patients to healthcare across the organisation. These factors, together with the improved access to healthcare services through the Universal Healthcare Programme (“UHC”) financing, enable us to capitalise on the existing service gaps and the overall historically lower quality of medical care in the country.

Market leader

  • The largest healthcare service provider in Georgia: 23.2% market share by number of referral hospitals and community clinics beds – 3,320.
  • The largest pharmaceuticals retailer and wholesaler in Georgia: c.30% market share by sales, over two million client interactions per month, with 0.8 million loyalty card members.
  • In 2019 we became the largest medical insurer in Georgia: 31.1% market share by revenue, 230,000 insured individuals as of June 2019.
  • The largest diagnostics laboratory in Georgia, as well as in the entire Caucasus region (“Mega Lab”): opened in December 2018.
  • Institutionalising the industry: strong corporate governance; standardised processes; improving safety and quality by progressive implementation of the Joint Commission International (“JCI”) benchmarked standards; own personnel training centre.

Long-term high-growth opportunities

  • Low base: Georgia with low per capita expenditure on healthcare - US$324, and with only 3.7 outpatient encounters per capita annually, has the vast potential for further increase.
  • Supported by attractive macro environment: Georgia – one of the fastest-growing countries in Eastern Europe, is an open and easy emerging market to do business, with real GDP growth averaged 4.5% annually in 2007-2018. C.9% of GDP is spent on healthcare and spending is growing at 11.5% compound annual growth rate (“CAGR”) between 2000 and 2014; Government spending more than doubled between 2011 and 2018.
  • Implying long-term, high-growth expansion that is driven by:
    • Universal Healthcare program (UHC)
    • Pick-up in polyclinics (outpatient market)
    • Adding new service
    • Develope medical tourism

Business model with cost and synergy advantages

  • The single largest integrated company in the Georgia healthcare ecosystem with a cost advantage due to its scale of operation:
    • The largest purchaser of pharmaceutical products in Georgia
    • The next largest healthcare services competitor has only 5% market share by beds
  • Better access to professional management and high-calibre talent:
    • One of the largest employers in the country: 16,173 full-time employees, including 3,645 physicians, 3,425 nurses and 2,983 pharmacists
  • Referral system and synergies with insurance and pharmacy and distribution businesses:
    • Presence of patient pathway and referral synergies
    • Insurance activities provide steady revenue stream for our polyclinics and bolster hospital patient referrals
    • Around 0.8 million loyal customers in our pharma business with an upside to cross-sell

Strong management with proven track record

  • Strong business management team – an increased market share by beds from under 1% in 2009 to 23.2% currently, by building the modern infrastructure. Entered the pharmacy and distribution market in 2016, where currently GHG holds 30% market share.
  • Robust corporate governance: exceptional in Georgia’s healthcare sector, as it is the only Premium Listed company in the Georgian healthcare industry (LSE: GHG LN); 57% of our shares are owned by Georgia Capital PLC (LSE: CGEO LN) –a UK listed holding company of a diversified group of companies following completion of its demerger from BGEO Group PLC on 29 May 2018. The rest of the shares are owned by institutional investors and by our management as part of the Employee Stock Ownership Plan (“ESOP”).
  • In-depth knowledge of the local market.