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According to the GoFundMe campaign, Terry Mills, 38, is facing 'astronomical' costs for his treatment, as his insurance only covers the first 24 hours of care.
Terry, who is originally from Devon but now lives in London, caught the deadly virus while in Cancun for business, and now has pneumonia.
His friends are now trying to raise £100,000 within 10 days to help get him treated at Playa Med Hospital, and for a flight home.
Saying Terry is an 'amazing person' with 'the biggest heart', they wrote: "Our very dear friend Terry is fighting for his life in a hospital in Cancun, Mexico, having been struck with Covid during a business trip which has now developed into pneumonia.
"Insurance will not cover beyond the first 24 hours of care and the hospital have told family and friends if he was to have any chance of survival he had to be induced into a coma and placed on a ventilator for a minimum of ten days, plus recovery care beyond that, and a flight to bring them home to England.
"The cost is astronomical but you can't put a price on a person's life and we are at the mercy of the Playa Med Hospital in Cancun. We've clubbed together and thrown everything we have at this so far in order to buy Terry a hospital bed where he has been receiving oxygen and antibiotics, but his condition worsened and the doctors said he had to be put on a ventilator if he is to survive this."
So far, the fundraiser has raised more than £21,000 of the £100,000 goal.
But his friends admitted they felt 'frightened', calling on 'even the smallest amount of change' to help buy Terry more time.
"The British Consulate has done as much as they are able to do, but the final cost for medical care lies with the patient/us," they added.
"We need to save our precious and much-loved friend's life."
Find out more about Terry's story and donate to the GoFundMe campaign here.
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