Staff Writer – Archi
In the past US President Barak Obama has singled out India as the country usurping American jobs and business. A lot of US companies had opted to outsource part of their jobs to Asian countries and mostly to India during the time of global recession some three years back.
But over the last couple of years what has worried the American President more must be the alarming rise in the medical tourism sector in India. In medical tourism, India is still a big player.
According to a report published in 2010, India’s share in world medical tourism will reach around 3 per cent by the end of 2013 and the industry should generate revenues of around US billion by 2013 with the sector expected to experience an annual growth rate of 30 per cent.
The report also pointed out that although medical tourism is at a nascent stage the country has the highest potential in medical tourism in the world. “Factors such as low cost, and scale and range of medical treatments differentiate it from other medical tourism destinations,” the report noted.
According to another estimate the number of medical tourists in India will touch 1.3 million by 2013 as India is now considered as one of the top five medical destinations in the world.
So far about 80 per cent of foreign patients coming to India are mainly from neighbouring countries like Iraq, Afghanistan, Bangladesh, Pakistan, Sri Lanka and the former Soviet Union countries. But with India now providing value health care, even patients from US, UK and African countries are also travelling here.
Majority of patients visiting India come for cardiac treatment, cancer treatment, knee replacements and surgeries, but with passing time there has been increasing takers for newer and better treatments too.
Cost still remains the most important factor for India attracting foreigners as well as Non-Resident Indians (NRIs) for medical treatment here.
According to the BusinessWorld report, a heart bypass surgery costs US$144,000 in the US, US$25,000 in Costa Rice, US$24,000 in Thailand, US$20,000 in Mexico, US$13,500 in Singapore, but only US$8,500 in India. The quality is also no less superior and there is also less waiting time and personalized services in India.
Photo courtesy indialine.com
In general patients can save about 70-90 per cent compared to the American hospitals.
Medical tourism is also taking shape as an industry in India. There are over 3,371 hospitals and around 750,000 registered medical practitioners in India which can cater to a huge number of patients.
Indian companies are also taking over hospital chains in Asia. Fortis has gone on a shopping spree, though it’s not been entirely successful in setting up front-ends in other countries for marketing purposes. Apollo has facilitation centres in Oman, Nigeria and the US. Max is present in Nigeria, Afghanistan, Bangladesh and Nepal.
However, the Indian government also has to play an important role to boost this sector. The government is already issuing a medical visa (M visa), which is faster and easier to get. And with a huge English-speaking population, foreign patients also feel much more comfortable in India compared to other Asian powerhouses like China or Japan.
No wonder the US President is a worried man now.
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