In India, this industry is a growing sector. It is expected to go through an annual growth rate of 30%, which will make it a two billion dollar industry by the year 2015. With the continuous increase in medical treatment costs in the developed world, more and more first world citizens are willing to travel abroad in order to obtain medical care. Nearly 150,000 of these tourists, travel to India for the low healthcare prices. A number of them opt to spend their foreign currency India even though they are covered by health insurance.
One of the biggest advantages of medical treatment in our country for foreigners is the reduced cost. Other advantages include the latest available medical technologies, compliance on international standards of quality and the fact that the tourists will face less of a language barrier in India. Even the government is addressing the infrastructure issues, which would possibly hinder the growth of medical tourism in India. Even visa restrictions have been eased in order to facilitate easy entry into the country of these patients.
By most estimation, the cost of treatment in India is one-tenth the cost similar treatment in the States or the U.K. In India, alternative medicine, cardiac bypass, hop replacement and bone marrow transplants are extremely popular. This means that a number of foreign health plans have begun to incorporate the option of seeking treatment in other countries, as it lowers the overall cost.
Out of the low-cost destinations for patients, India is in competition with Singapore, the Philippines, Thailand and South Korea. Through the year, the rupee has dropped nearly 18 per cent to the dollar while the Korean won has only dropped 4 per cent. Even the Philippine peso and Thailand Baht only dropped 6.4 and 3 per cent respectively. This massive drop in the rupee is also a reason for the massive influx of patients from western nations.
However, doctors within the sector in India feel that in order to improve the industry in India then the poor nursing care problem needs to be fixed. They feel that with the influx of foreign currency to the hospital, the senior doctors experience a pay rise, while the nursing and support staff do not, and this demotivates them as they feel they are being over-worked for less pay.
For the bigger hospitals this shortcoming will be a simple one to overcome if they keep in mind the massive payments in dollars they will receive, especially since the country desperately needs dollars to reduce the gap the current account deficit.
One of the biggest advantages of medical treatment in our country for foreigners is the reduced cost. Other advantages include the latest available medical technologies, compliance on international standards of quality and the fact that the tourists will face less of a language barrier in India. Even the government is addressing the infrastructure issues, which would possibly hinder the growth of medical tourism in India. Even visa restrictions have been eased in order to facilitate easy entry into the country of these patients.
By most estimation, the cost of treatment in India is one-tenth the cost similar treatment in the States or the U.K. In India, alternative medicine, cardiac bypass, hop replacement and bone marrow transplants are extremely popular. This means that a number of foreign health plans have begun to incorporate the option of seeking treatment in other countries, as it lowers the overall cost.
Out of the low-cost destinations for patients, India is in competition with Singapore, the Philippines, Thailand and South Korea. Through the year, the rupee has dropped nearly 18 per cent to the dollar while the Korean won has only dropped 4 per cent. Even the Philippine peso and Thailand Baht only dropped 6.4 and 3 per cent respectively. This massive drop in the rupee is also a reason for the massive influx of patients from western nations.
However, doctors within the sector in India feel that in order to improve the industry in India then the poor nursing care problem needs to be fixed. They feel that with the influx of foreign currency to the hospital, the senior doctors experience a pay rise, while the nursing and support staff do not, and this demotivates them as they feel they are being over-worked for less pay.
For the bigger hospitals this shortcoming will be a simple one to overcome if they keep in mind the massive payments in dollars they will receive, especially since the country desperately needs dollars to reduce the gap the current account deficit.