While the Cayman 2.0 series has thus far been looking at the ideas and strategies that could make the country a better place, we’re changing things up for December. This month, we’re highlighting 21 people who could turn some of those ideas into reality – or at least get the ball rolling – over the next calendar year.
When it comes to Cayman’s tourism product, niche sectors like medical, sports and eco-tourism have been among the ideas explored in establishing specific genres of Cayman’s brand.
Jordan Stubblefield believes there’s another route that could lure visitors to visit for the sun and sand while providing them a tangible – and potentially life-saving – benefit.
“I think it’s going to be massive. It’s doing the same thing Health City does, but instead of surgery we’re doing it for a certain form of pharmaceutical.”
More than 83% of Cayman’s record-breaking 502,739 air arrivals in 2019 came from the United States, according to stats provided by the Department of Tourism.
Americans, meanwhile, spend more on prescription drugs per year – nearly US$1,200 per person – than anyone else, according to Bloomberg. Stubblefield says therein lies the opportunity.
21 people in 2021
“For example, Ocrevus (a prescription medication that treats multiple sclerosis), that drug is US $75,000 for one treatment in the US. Two treatments a year is $150,000. We can sell that drug down here for CI$60,000,” Stubblefield said.
“Because of where we are geographically and because of where we get the drugs from, it puts us in an unbelievable spot,” Stubblefield said.
“They’re paying these prices in the US and I was thinking, what if we could set up a programme to be able to get those people to come down here, grab their drugs and then leave and come back two, three, four times a year?”
Stubblefield said it was an idea his company began to explore earlier this year before the COVID-19 pandemic shut Cayman’s borders. Once visitors start arriving on a large scale again, however, he says he hopes to resurrect the idea and reach out to those in the private and public sectors.
“Cayman is already doing great things in the medical community,” Stubblefield said. “Living in paradise, I think there’s just tons of a real benefit to it.”