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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


Transcript: MEDICAL TOURISM Medical tourism is a trend that has emerged within the last half century. More than 500,000 residents of the United States travel overseas annually to get a medical procedure done. The concept of travelling from ones motherland to a foreign nation is the steadily increasing in popularity concept of MEDICAL TOURISM. POSITIVE ASPECTS Cost of medical procedures in the United States are increasing dramatically. At the same time the quality of healthcare in foreign nations is on a steady improvement. The uninsured American residents can get good quality medical services at lower prices in over-sea countries. Many procedures are not covered by insurance companies and or Medicare/Medicaid in the United States. Medical tourism allows patients a vacation in new countries, while they are getting treated. The Joint Commission International sets standards for foreign hospitals and clinics to meet, before they can be accreditted and be recommended to patients thinking of travelling abroad. Many procedures such as organ transplants are available in International Countries. There is a long organ transplant waitlist in the United States. Reproductive technology was considered illegal/unethical in the United States, but was practiced overseas. if the rate of medical procedures conducted in foreign nations continues to rise – there will be a gradual decline in the employment rate for medical professionals within the United States. medical malpractice suits: regulations are not followed as closely within foreign countries. If any unforeseen events were to occur – it might not be compensated for. A patient's insurance may or may not provide complete coverage, especially if traveling abroad because of the numerous risks involved Postoperative treatments are critical – with medical tourism it is difficult to make arrangements after the operation Traveling for two overseas can accumulate to be very costly and overwhelming for a patient and their family First hand viewing of the hospital usually cannot occur ahead of time, because of massive costs associated with traveling It is a major risk of faith that the foreign hospital or clinic will meet up to par with the patient’s expectations from the webpage As a team we believe that Medical tourism is a beneficial decision. One can search through the Joint Commission International database, to see where they can receive their medical treatments as early as possible It puts the least amount of burden on a patient’s bank account. Many innovative and futuristic ideas can be tested within these countries, i.e.: stem cell research Patients favor the idea that they can also vacation afterwards in a different country. Residents of the US are spending less money for the same goods and services, because they have a higher purchasing power in several countries We believe that human life is worth a risk so why should one settle for nothing, when there is an abundance of options all over the world? Task What is Medical Tourism? OUR OPINION NEGATIVE ASPECTS Deepa Jois & Malvika Saharya Our opinion in continuation Downfalls Continued

Medical Tourism

Transcript: Strengths of Costa Rica's Medical Tourism - Average amount spent by medical tourists last year was $7,000 - $338 million were generated by medical tourists - benefits the following: hospitals hotels restaurants tourism companies transportation companies general stores/malls - Costa Rica's health-care ranks #1 in the Americas and #36 in the world. - Highly trained doctors - all private hospitals accredited by JCI (joint commssion international) Benefits on Labor Market Areas of improvement by: Bianca Calderon, Lucia Castro, Cristina Chavarria, and Adriana Leon Paez Positive Impact to Tourism and Economy - Generates approximately 20,000 jobs - Gives $338 million more or less in a year - Most common specialties: dentistry 42% orthopedics and gynecology 22% plastic surgery 10% What is Medical Tourism? Medical tourism is when patients move to other countries to recieve medical attention and at the same time vacation. 48,000 medical tourists came to Costa Rica last year. With a very high health index, low mortality rate, stable economy, proximity to U.S, Costa Rica is a natural choice for touristic activities. Combine that with a very strong medical system a good medical infrastructure, excellent medical talent, hospital and recuperating homes, Costa Rica is the number one choice for medical tourism. - Attracting investors - Keeping and expanding our medical talent - Staying on top of technology Medical Tourism - Great post-operatory resources - Costa Rica has been added by insurance providers in other countries - Proximity to North America Benefits of Medical Tourism Health-care Conclusion - more affordable prices for foreign patients - high level health care provided - employment in medicine and tourism

Medical Tourism

Transcript: Medical Tourism Medical Tourism is the process of traveling abroad to recieve superior medical, dental, and cosmetic care. aka: Medical Travel, Surgical Tourism, Health Tourism, Health Travel, Healthcare Abroad, or Medical Outsourcing Turkey: lasik surgery India: cardiac bypass surgery Israel: cancer treatment Costa Rica: "age management" surgery Hungary: dental treatment Egypt: liposuction South Africa: heart transplant Malaysia: cataracts surgery Thailand: plastic surgery Mexico: dental surgery Resort Hospitals Primarily private hospitals Generally much cheaper Clean and safe JCI accredited Leading edge of technology Some luxury mixed in International Patient Departments: Bilingual staff Embassy assistence Limousine service Apartment services At Bumrungrad International, the Thai Home Ministry operates a visa extention service once a week to process any visa extentions. Medical Services: Many doctors are US board certified, many others are certified in Europe, Japan, and Australia Hospitals sponsor continual medical education programs Ongoing review processes for staff Inpatient Facilities: Common amenities - adjustable beds - TV/Internet - Personal bathroom amenities Upgrades - Provided computer with WiFi - Refrigerator - Microwave - Meals and snacks through out the day Food and Beverage: Au Bon Pain Dairy Express Portofino Bangla House McDonalds Starbucks Disadvantages and Dangers: medical malpractice suits insurance laws may vary postoperative treatments don't travel alone find the best medical facility possible Worst Medical Tourism Disasters: cosmetic surgery in Brazil liposuction in Columbia facelift in Singapore skintucks in Costa Rica fertility treatments in Romania counterfeit perscription drugs around the world leg-lengthening in Iran cosmetic surgery in Thailand Medical Tourism Operators: tourism facilitators can help with many things such as... travel accommodations transportation medical procedures they also do a lot of research so you can choose the best option for yourself help you choose destination, facilities, and sometimes specific healthcare professionals Target Markets: 45 million uninsured Americans 250 million insured Americans with restricted coverage due to pre-existing conditions 32 millions Canadians receiving socialized medicine and enduring long lines for popular surgeries potentially 332 million Americans seeking cosmetic and/or dental surgery Types of Medical Tourism Intermediaries: Medical Travel Planners serve as patient representatives in finding a medical provider abroad Travel Agencies offer travel tour plans for medical travelers based on their experience in organizing travel legistics Provider Groups foregin medical providers who have tie-ups with international and US based medical facilities and are dedicated to medical travel How to Shop Smart: beware of mark up - even though the prices are still considerably lower than the US facilitator the tour operator may be inflating the price trust but verify - essential due to travel abroad communicate with experienced medical tourists - helpful to find a social space where you can have unfiltered conversations over any concerns about the experience Insurance: Deloitte Center for Heatlh Solutions predicts a loss of 67.7 billion in revenue for US health providers in 2010 due to medical tourism Corporate Insurance Trends: WellPoint Insurance is offering employees of Serigraph option to travel to India for non-emergency surgery Blue Cross Blue Shield Insurance has created international network of doctors and hospitals covering Thailand, Costa Rica, Ireland, and Turkey upsurge in "domestic" medical tourism which offers big discounts for paying for procedures in cash Technology Pharmacy Robot 4D Ultrasound

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