Davion Healthcare, a renowned medical company specialising in the design, development, manufacture, and global distribution of medical products and services, has relocated its €64 million business from the United Kingdom to Cyprus.
The company’s relocation to Cyprus opens up new opportunities and strengthens its position in the global healthcare market, allowing it to take advantage of the island’s comparative advantages, including its access to the single market, among others.
One of the key highlights of Davion Healthcare’s relocation is the opening of a state-of-the-art factory in Cyprus, scheduled for September.
This facility will serve as a hub for assembling and distributing Davion’s medical products worldwide, expanding its reach and enhancing its supply chain efficiency.
“Davion Healthcare was originally a UK public company, with all the products and services that are available in the current Cyprus portfolio. We had links to Cyprus for a while, and we were going to bring the English company to the Cyprus stock exchange, for which we had approval. But then we ran into a big problem because of Brexit,” CEO Jack Kaye told the Cyprus Mail.
Ultimately, the complications and issues caused by the UK’s exit from the European Union proved to be practically insurmountable, which ultimately led to the creation of a Cypriot company and the subsequent transfer of all of the assets from the UK company to the Cypriot one.
Backed by the Bank of Cyprus, Davion Healthcare has also received support from various government-backed organisations for its relocation and expansion efforts, including the national investment promotion agency Invest Cyprus.
The company’s strategic move to Cyprus reflects the country’s growing reputation as an attractive destination for businesses in numerous sectors, including healthcare.
“Cyprus will be the global hub for the company, as well as one of the distribution points and assembly points for Europe,” Kaye said.
“Being here in Cyprus gives us the opportunity to operate throughout Europe, being an EU country, which was difficult to do while based in the UK,” he added.
Moreover, Kaye explained that all regulatory needs have been completed, while also noting that the Health Ministry were helpful in the company’s efforts to set up their business in Cyprus.
In addition to its manufacturing operations, Davion Healthcare has also taken an active role in promoting health awareness through its sponsorship of a new health series on Sigma TV.
This initiative demonstrates the company’s commitment to educating the public about important healthcare topics and contributing to the overall well-being of the community.
Regarding Cyprus’ stringent regulatory requirements, including its thorough know-your-customer checks, Kaye acknowledged that while this took some time to conclude, it also provides certain benefits.
“If you persevere, and you get through that process, then you can pretty much go anywhere in Europe, because everybody recognises now that Cyprus is the hardest country to get into,” he said.
“If you get in, then you are you’re pretty much guaranteed that you’ll be okay anywhere else. So if you manage to list the company on the Cyprus Stock Exchange, then you can easily list the company in Vienna or Frankfurt,” he added.
Among Davion Healthcare’s notable products is BreastCheck, an innovative home-based screening system that offers a low-cost, safe, and reliable method for monitoring breast abnormalities.
BreastCheck serves as an effective initial investigative tool, complementing clinical examinations and aiding in the early detection of potential breast abnormalities.
According to the company, the BreastCheck testing process is quick and convenient, taking less than 15 minutes to complete.
Test readings are entered onto the BreastCheck website, where immediate interpretation of the results is available.
With registrations from esteemed regulatory bodies such as the FDA, CE, and UKCA, BreastCheck is expected to become available through pharmacies in the last quarter of 2023, providing women with accessible breast health monitoring.
Davion Healthcare’s relocation to Cyprus marks an exciting chapter in the company’s growth and contributes to the country’s thriving healthcare sector.
By leveraging its expertise and worldwide market potential, Davion Healthcare aims to continue delivering innovative medical solutions while creating value for its shareholders and making a positive impact on global healthcare.