Medical Tourism free essay sample

An external view using Porter’s Five Forces, an internal resource-based view and an industry snapshot using value network approach are evaluated to identify the pros and cons about the industry. In the beginning, a brief about medical tourism is written along with the background to research, and project aims and objectives. Next, a critical literature review is performed to explore previous research and to analyze merits and limitations of the theoretical frameworks. Interviews with managers and medical practitioners were arranged to gather primary data. Secondary data was also obtained from pertinent sources. The theoretical frameworks that form the academic basis for this study are used to analyze the data. The analyses are discussed along with other facts that were not captured by the framework or approach. The analysis confirms that Malaysia’s medical tourism industry is attractive to enter and realize profits. There are a few strong players in the market, although, the overall market is still in the emerging phase. The government has published analytical reports on the available opportunities in the Indian health care industry so corporate houses can make informed decisions regarding the Indian medical tourism sector. Initiatives of Private Hospitals in Health Travel Projects outside India Recently, a memorandum of understanding (MOU) was signed between the famous Apollo Hospitals and the American International Medical University (AIMIJ) for developing medical tourism projects worth $200 Million in the Bahamas and St Lucia. According to the MolJ, the Apollo group will develop a super specialty eaching hospital, research, and treatment facilityfor the AIMIJ group. In addition, Apollo will develop, manage, and monitor the healthcare facilities at the existing AIMIJ groups medical education facilities at the Bahamas and St Lucia campuses. The AIMIJ group offers MD and PhD programs and offers $1. 5 million in scholarships to Indian students every year. It is estimated that the AIMIJ group of institutions will attract 500 Indian doctors to the US in the current year http://www. healism. com/ blogs/the_stanley_rubenti_medical_tourism_blog/ medical_tourism_to_india:_opportunities__trends/ Medical Tourism is the concept of raveling to a particular destination to avail the opportunity of the worldclass Healthcare services offered by the best experienced Healthcare professionals at the technologically most advanced medical facilities in complete privacy and for affordable costs. The Healthcare procedure is usually combined with a family vacation. The concept of Medical Tourism is not a new one. The first recorded instance of medical tourism dates back thousands of years to when Greek pilgrims traveled from all over the Mediterranean to the small territory in the Saronic Gulf called Epidauria. This territory was the sanctuary of the healing god Asklepios. Epidauria became the original travel destination tor medical tourism. In the recent past patients from underdeveloped countries used to travel to the advanced industrialized developed countries to take the benefit of advanced medical health care in the hospitals, recently the trend is reversing. As far back as 3,000 BC, people with eye problems made pilgrimage to Tell Brak, Syria, where healing deities were said to perform miracles. Ancient Roman spas that were believed to cure an endless list of ailments still offer hope and relief to bathers today. The World Tourism Organization includes the following in its definition of medical tourism: medical care, sickness and well-being, rehabilitation and recuperation. India is the land of myriad experiences and exotic locales. It is a world of resplendent colours and rich cultural locales, be it magnificent monuments, heritage temples or tombs. The Countrys ancient cultural heritage is inextricably linked to its technology driven present existence. The coexistence of a number of religions and cultures, together with an awe-inspiring topography makes it the perfect place for a complete holiday experience. The Indian medical tourism industry, growing at an annual rate of 30 percent, caters to patients chiefly from the US, Europe, West Asia and Africa. Although in its nascent stage, the industry is outsmarting similar industries of other countries such as Greece, South Africa, Jordan, Malaysia, Philippines and Singapore. In 2006, over medical tourists have visited India and is growing by 15% a year. The medical tourism industry in India is presently earning revenues of $450 million . Encouraged by the incredible pace of growth exhibited by the industry, the Confederation of Indian Industry (C) and McKinsey have predicted that the industry ill grow to earn additional revenue of $2. 2 billion by 2012. India, touted as the favourite destination for information technology majors, is currently emerging as a preferred destination for medical or health tourism. The Government of India, State tourism boards, travel agents, tour operators, hotel companies and private sector hospitals are exploring the medical tourism industry for tremendous opportunities. They are seeking to capitalize on the opportunities by combining the countrys popular leisure tourism with medical tourism. The factors that make India as one of he favorable destination for health tourism starts with low medical cost which is one-tenth of the costs in western countries, for example, a heart surgery costs $ 6,000 in India as against $30,000 in the US, Similarly a bone marrow transplant costs $26,000 in India as compared to $2, 50,000 in the US. Foreign patients throng Indian hospitals to pass up the long waiting lists and queues in their native countries. Globalization has promoted a consumerist culture, thereby promoting goods and services that can feed the aspirations arising from this culture. This has had its effect in the health sector too. There are number of reasons for the growth of the service economy and these can be categorized into three main areas such as: Social trend Demographic trends New services to meet new demands The new services to meet new demand may include the medical tourism. Merging healthcare and tourism an industry has been evolved in many developing countries like Greece, South Africa, Jordan, India, Malaysia, Philippines and Singapore. Medical tourism where foreigners travel abroad in search of low cost, world-class medical treatment is gaining popularity in India. Indias medical tourism industry could yield s much as $3 billion in annual revenue by 2012. Indian government hopes to encourage a budding trade in medical tourism, selling foreigners the idea of traveling to India for low cost but world class medical treatment. According to the confederation of Indian industry India has the potential to attract 1 million tourists per annum, which could contribute to $6 billion to the economy. India must leverage its competitive edge, especially its cost advantage. It is only one fifth of the costs in the west. Cost savings Medical Tourism Industry and India. India has always been a regional health care hub for the health care tourists from he neighboring countries like Afghanistan, Bangladesh, Pakistan, Nepal, Bhutan, I-JAE and Maldives ; recently India has emerged as one of the most important Global destination for medical tourism or health care travel. Now international patients from the developed countries like USA, Canada, I-JK, Europe etc. ravel to India for the low- cost medical surgery treatments like knee Joint replacement, total hip replacement, hip resurfacing, weight loss procedures- gastric lap band, RNY gastric bypass, heart procedures, elective surgeries and also for rejuvenation therapies promised by yoga nd Ayurveda. However, a nice blend of top-class medical expertise at attractive prices is helping more and more corporate hospitals in India to lure globa l foreign patients for high end surgeries like organ transplants. As more and more patients from Europe, North America and other affluent nations with very high medical costs and long wait lists look for effective options of immediate, low-cost, affordable treatments, medical health care travel to India is definitely on the cards for most of them and the fast growing Indian corporate health sector is fully geared to meet that need. Medical tourism to India is not Just cost savings or the high standard of medical care facility, but also the waiting time for medical surgery treatment procedures in India is much lower than in any other country. India offers a growing number of private centers of excellence where the quality of care is as good as or better than that of big-city hospitals in the United States or Europe. The medical care sector in India has witnessed an enormous growth in infrastructure in the private and voluntary sector. The private sector, which was very modest in the early stages, has now becoming a flourishing industry quipped with the most modern state of the art technology at its disposal. It is estimated that 75% of healthcare services and investments in India are now provided by the private sector. Health and medical tourism is perceived as one of the fastest growing segments in marketing destination India today. India could earn $2 billion annually and create 60 million new Jobs by subcontracting work from the British National Health Service, the head of Indias largest chain of private http:// ds pace. iimk. ac. in/bitstream/2259/590/11475-484. pdf he Indian economy is set to grow between 7 per cent and 7. per cent in the current fiscal, according to Dr C RangaraJan, Chairman of the Prime Ministers Economic Advisory Council (PMEAC).