Saudi Aramco and Johns Hopkins Medicine Announce the Establishment of a Healthcare Joint Venture - 06/24/2013
Saudi Aramco and Johns Hopkins Medicine Announce the Establishment of a Healthcare Joint Venture
Saudi Aramco and Johns Hopkins Medicine International, L.L.C. (JHI), the international arm of Johns Hopkins Medicine, have signed a joint venture agreement to establish a new health care provider for Saudi Aramco.
The agreement was signed on June 23, 2013, in Dhahran, Saudi Arabia, by Saudi Aramco Senior Vice President Abdulaziz F. Al-Khayyal and Paul B. Rothman, M.D., dean of the medical faculty, CEO of Johns Hopkins Medicine. The new company will focus on providing high-quality health care services to Saudi Aramco’s employees, dependents and annuitants that make up their eligible medical recipients.
“This joint venture brings together two global leaders who share a strong commitment to improve access to world-class health care services,” Mr. Al-Khayyal said. “Over the last 80 years, Saudi Aramco doctors and nurses have served the medical needs of employees and family members. Now, with Johns Hopkins Medicine International as a joint venture partner, we will set an even higher standard for future generations. This is a logical step in our company’s transformation and demonstrates our ongoing commitment to our people.”
“For more than 120 years, Johns Hopkins has been recognized as a national and global leader in patient care, research and education,” said Dr. Rothman. “We are pleased to have the opportunity to share our innovations and best practices with our colleagues at Saudi Aramco and to assist them with further strengthening health care services the company offers to its employees, retirees and their families.”
The new venture will assume the responsibilities of Saudi Aramco Medical Services Organization (SAMSO), which manages the health-related services for approximately 350,000 members of the Saudi Aramco community.
Under the terms of the agreement, Saudi Aramco and JHI will each hold an ownership stake in the new Saudi company. JHI, drawing upon the vast expertise of The Johns Hopkins University and The Johns Hopkins Hospital and Health System, will provide comprehensive clinical services, research, education and management expertise to the joint venture.
“Johns Hopkins Medicine has more than a decade of experience in assisting health care organizations and governments around the world as they strive to elevate the standard of health care in their countries and regions,” said Steven J. Thompson, CEO of Johns Hopkins Medicine International. “Our international work now spans more than a dozen countries on four continents. It is a privilege for us to collaborate with Saudi Aramco to carry forth its commitment to improving the health of its employees. We are especially energized by the patient safety, nursing, research and medical training initiatives that will be at the core of this work, and we believe this new joint venture will allow us to advance Johns Hopkins’ vital mission of improving the health of the world.”
“This agreement marks the first step in the long-term process of creating a new medical center of excellence in Saudi Arabia,” Dr. Saeed Mughram, SAMSO executive director, said. “Building on the strong, well-established health care system at Saudi Aramco and the proven expertise of Johns Hopkins Medicine, the joint venture will provide enhanced services, including new clinical programs, and in the future, centers of excellence in clinical research and education, to address some of our most significant health issues, including diabetes and heart disease.”
Today’s signing marks the beginning of a multi-year, phased integration plan for the joint venture. The new company is expected to commence operations in the early part of 2014.
About Saudi Aramco
Owned by the Saudi Arabian Government, Saudi Aramco is a fully integrated, global petroleum enterprise and a world leader in exploration and producing, refining, distribution, marketing and petrochemicals manufacturing. In addition to its headquarters in Dhahran, Saudi Arabia, Saudi Aramco, through its affiliates, has joint ventures and subsidiary offices in China, Japan, India, the Netherlands, the Republic of Korea, Singapore, the United Arab Emirates, the United Kingdom and the United States. For more information, please go to www.saudiaramco.com.
About Johns Hopkins Medicine
Johns Hopkins Medicine (JHM), headquartered in Baltimore, Maryland, is a $6.7 billion integrated global health enterprise and one of the leading health care systems in the United States. JHM unites physicians and scientists of the Johns Hopkins University School of Medicine with the organizations, health professionals and facilities of The Johns Hopkins Hospital and Health System. JHM's mission is to improve the health of the community and the world by setting the standard of excellence in medical education, research and clinical care. Diverse and inclusive, JHM educates medical students, scientists, health care professionals and the public; conducts biomedical research; and provides patient-centered medicine to prevent, diagnose and treat human illness. JHM operates six academic and community hospitals, four suburban health care and surgery centers, more than 38 primary health care outpatient sites and other businesses that care for national and international patients and activities. The Johns Hopkins Hospital, opened in 1889, was ranked number one in the nation for 21 years by U.S. News & World Report.
About Johns Hopkins Medicine International (JHI)
Johns Hopkins Medicine International (JHI) facilitates the global expansion of the Johns Hopkins Medicine mission: to improve the health of the community and the world by setting the standard of excellence in medical education, research and clinical care. JHI provides personalized, culturally appropriate care for patients traveling to Johns Hopkins from outside Maryland and the United States, and for local patients with limited English proficiency. JHI also leverages Johns Hopkins’ extensive knowledge base in medicine, nursing, public health, medical education, research and health care administration to improve health and health care delivery through sustainable, high-impact collaborations throughout the world.