In this video, Matthew Norris and James Peel discuss the challenges and opportunities of providing sustainable, high-quality healthcare as populations age, highlighting why investment, innovation, and inclusive policy are more urgent now than ever.

Using PHP as an investment case study, they highlight the shifting demographics putting pressure on health systems and how we need to rethink models of care.

• Owning the assets that let GPS function: there are around 7,800 GP surgeries in the UK and the newly combined PHP-Assura platform controls roughly 1,100 UK primary -care properties. That’s about 1 in 7 sites.

• Primary care is cost effective: a 10-minute GP consultation costs around £37, while A&E attendances typically cost in excess of £120.

The transcript is below.

James Peel: The number of over 65s is going to increase over the coming decades in the UK, and what that will mean is more spending on health care. The sector was one of the big winners from the UK's recently published spending review and, even more recently, a revised 10-year health plan for the NHS. We'll see a shift from hospitals to community, from analogue to digital, and from sickness to prevention.

Matthew Norris: It's a really exciting area, and there's a great opportunity in Primary Health Properties (PHP). In the UK, there are somewhere between 7,000-8,000 GP surgeries out there. With the merger that's recently been announced between PHP and Assura, they will own somewhere between 1,000-1,100 of these GP surgeries. So they really own the assets that enable us to all go and see our local doctors.

Matthew Norris: There's a big driving factor towards going to see doctors, and part of it is cost. It is much cheaper to go and see a medical professional in a GP setting - in a primary healthcare setting – [which is] estimated to cost £30 or £40 for a consultation.

In contrast, if you go to your district general hospital, that number is a three-digit number, starting at £130 and rising rapidly. So clearly, the National Health Service is migrating towards a neighbourhood health service. And that's great news for investors in the likes of PHP, where you get both the attraction of a great dividend yield with the possibility of a future dividend growth.

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At the time of recording, the Fund was invested in PHP.