Professional Services Inc. (PSI), a leading Philippine healthcare company, explored the feasibility of establishing a regional healthcare network in the Northern Pacific region with the Guam Regional Medical City at its centre as referral facility. The Asian Development Bank supported the initiative and contracted AMPC to carry out an investment study to assess several countries in the Northern Pacific Region as potential targets for commercial health sector investment based on the model proposed by PSI. AMPC carried out an in-depth market study covering the health needs, healthcare supply and demand, and the existing referral system in each of the three defined submarkets: the Republic of the Marshall Islands, the Republic of Palau, and the Federated States of Micronesia. Also, possible regulatory, technical, financial, market and operating risks associated with the project were identified and recommendations were made in relation to feasibility and risk management.