Discovery shares take a knock on Ramaphosa’s NHI Bill decision

Shares in Discovery and other South African medical insurers slumped after President Cyril Ramaphosa said he’ll sign into law a new health bill that’s opposed by business.

Discovery Share Price The so-called National Health Insurance bill provides a framework for the provision of universal care through a state-run fund and will ban the private sector from financing treatment covered under the plan. Ultimately, the legislation aims to provide quality health care for the 85% of South Africans who have no medical cover and rely on a decrepit public system with too few doctors.

While there’s widespread support for reform of a system in which a multibillion-rand private healthcare industry services less than a fifth of the population, NHI critics argue the government’s proposals haven’t been properly costed and may be successfully challenged in court.

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