Medical Tourism
Transcript: Recommendation & Conclusion Opportunities Stem Cell Therapy Diagnostic and Laboratory Technologies Eye care Aesthetic, Dermatologic, Plastic & Reconstructive Surgery Dental Surgery Rehabilitation Medicine Please refer Pg.32 of the report for further information. Methodology Secondary data analysis Market research Mintel reports Euromonitor International reports Deloitte report Government websites Journal articles (Please refer to Pg.6 of the report.) Tourists: 81,000 Most scientifically advanced countries Cancer surgery, plastic surgery and robotic surgery are excellent Weaknesses Please refer to pg. 14 of the report. Vishal Sudhakar Medical tourists in 2009: 100,000 Average Spend US$2000 each. Increased in current value by 18%, raising to Ps.72.7 bn. Competitors Singapore Overall good potential Establish tie ups with accredited hospitals (Pg.20 of the report) National Health Departments like the NHS can also be targeted Weaknesses and Threats need to managed Needs effective marketing Customers must be given an all inclusive package "Quality Sensitive" Patients South Korea Please refer to pg. 4 of the report. Right Turn Consultants Pvt. Ltd Medical Tourism in Philippines Introduce the concept of medical tourism Investigate the Medical Tourism industry in the Philippines Establish a background of medical tourism in Asia Identify the market size and competitors in Asia Give recommendations to establish operations in the Philippines. Inflating costs of health care and Long wait lists in developed countries Development of facilities, technology and skills in destination countries Affordable airfares Favorable exchange rates Objectives (Mintel 2013; Euromonitor International 2013) References St. Luke's Medical Center Makathi Medical Center Asian Hospital National Kidney & Transplantation Institute Philippines Heart Center The Market Xintong Dai Source: Patients beyond borders,2012 (Mintel, 2013) (Mintel 2013) Right turn Consultants Pvt. Ltd. SWOT Analysis Market Trends in Asia Tourists: 150,000-400,000 Health care sector worth US$35 billion Inexpensive and high-quality medical care National health policy encourages medical tourism Trains over 20,000 new doctors every year Apart from the Philippines, English is one of its official languages Apollo Hospitals group (Euromonitor international 2013) Strengths Major Service Providers Xun Yang India (Mintel 2013) Please refer to pg. 11 of the report. Medical Services It Involves people traveling from one part of the world to another seeking medical care. (Connell 2006) • Improving global perception of the Philippines economy and tourism • Continued aging of the population in originating countries, thus increasing demand • High-cost care in advanced countries • Exploiting various segments • Government commitment to PPP Quality health care Price advantage Qualified, English-speaking health and tourism professionals Captive market consisting of the Filipino balikbayans Proximity to the pacific and micronesia Tropical climate Environment and culture Well developed holiday destinations Well developed holiday destination Hotels, Resorts and Spa's Post operative care available Tourists: 400,000-610,000 (70% from Indonesia & Malaysia) It is one of Asia's wealthy countries and is known for its cleanliness, safety and efficiency. Asia’s more expensive destinations Cancer surgery and Women’s Heart Health Clinic Factors influencing the growth of medical tourism Threats Medical tourism started in 2004 The Philippines Medical Tourism Plan(PMTP) HEAL - Health and wellness Alliance of Philippines Major proportion of inbound tourist arrivals Low-cost and high quality medical care Please refer to pg. 12 of the report. (Philippines Institute for Development Studies 2013) (Mintel 2013; Euromonitor International 2013) Tourists:396,000 (over 80% from Indonesia) Six internationally accredited hospitals Medical expertise is ranked among the best in the world Medical Tourism in the Philippines "Price Sensitive" Patients Post operative recovery or combined holidays • Lack of strong brand recognition abroad • Long and costly international travel • Lack of portability of insurance plans among OECD medical tourists • Downside of a strengthening peso • Administrative barriers to entry in LGUs. • Lack of coordination Tourists: 920,000-1.2 million in 2012 40% of the Asian medical tourist market. World’s most visited and tourist-friendly nations “Sex Changes”, or Sex reassignment surgery (SRS) cosmetic surgery Bumrungrad International Hospital One of the fastest growing sub-sectors of tourism According to Mintel (2013) the niche in Asia was worth US$100 billion in 2012 Asian countries have developed a market for "Price sensitive medical tourists" . Thailand, India and Singapore hold 80% of the global market share. . Thailand What is Medical Tourism? • Intense competition • Lack of price transparency • Slow prosecution of medical malpractice cases and lack of malpractice framework for cutting-edge