that opposite is happening due to the depreciation of rupee against the dollar. US affordable act popularly known as “Obama care act”. After the establishment of this initiative act the US companies tend to promote the medical tourism. The people are involving themselves to save their bugs and others who are left they are planning to do savings after the organization of this act fully in 2014. India is going to take a major benefit as the cost is becoming particularly high with recent fall in rupee.
The CEO of Fortis health care group, Vishal Bali says “Positive sign are already visible”. The numeric value is already increasing day by day and also indicates the affirmative impetus in country’s therapeutic sightseeing. The expansion of Fortis international business is growing very fast that is from 20% to 25% per year, the augmentation of 5% within 2 years and having an enormous leeway to lead this percentage 3% more in forthcoming years. Do you think it will increase? Definitely, it will not only lead from 25% to 28%, but Industry experts say that it will touch the lead to 30%. Fortis international spokesman adds “The number of patients from the US has risen in tandem”.
The Apollo hospital one of the country’s largest networks which not only attracts the localities but also the foreign patients and had seen a great pick of patients. Anupam Sibal, the medical director of hospital group adds “our numbers at Apollo shows a positive trend”. Apollo delivers an attractive high quality and low cost value proposition”.
“For us the, SAACR region accounts 36%, Africa 26%, West Asia 26%, the US 3% and Europe 3% of foreign patients”. SAARC (South Asian Association region cooperation) including India and Pakistan having economical and political network connecting eight South Asian networks.
The medical tourism from the US is picking up stream by the end of year. “It’s too early to comment on the impact of Obama care” said by Sibal. According, to various estimation predicts that the country attracts almost one million foreign patients. Year by year the number is drastically increasing by the number of enquiry made. Internationally, the medical tourism estimated the 100 billion market in which US is having the highest shares in value idioms – if not in phrases of patients. The current market share of India leads from 3%, which is involved among the fast growing markets and having many factor responsible for the estimation of India. Bali says “the cost of health care ranges from fourth to a tenth of that on advanced countries. Many of the US patients are familiar with Indian doctors because of the fact that many of the Indian doctors trained there. Foreign patient are attracted towards the Indian hospitals because of world class facilities provided to them which is internationally determined by Joint Commission International”. The Indian cost is very much friendly to the foreign patients with high class and low price, as the coronary artery bypass surgery the US cost $70,000-$133,000 but India cost $7000 while in South Africa it is $31,750 and Thailand $22,000. It comes to knee replacement $30,000 in US but when it comes to India $9,200 and having South Korean cost $11,800 and Thailand costs $11,500.
The stumpy outlay is not only the reason but also the sharp depreciation of the rupee is responsible for the growth of Indian medical tourism zone. On the competitive level India is competing with Singapore, South Korea, Thailand and the Philippines because of its low cost depreciation. The rupee has deprived 18% against the dollar while other countries like Korea dispossessed of 4%, Philippine peso of nearly 6.04% and Thailand almost less than 3%. According to experts the sector is growing up. Bali is expecting the growth of 25% to 30% over the 20% to 22% rate seen in past few years. Anil Maini that the impact of rupee’s depreciation on medical tourism has to show up number, that is also because of seasonality, but the effect will be shown in 3 months. “Foreign patients, what used to costs $8000 will cost $7000 after two to three months because of the fall in rupee’s depreciation”. Maini observes the big opportunity for Africa, West Asia and CIS (commonwealth of independent states) separately from the SAARC region. The Indian medical tourism is emanating out of US, following the realization of Obama care.
Greatly said by Industry experts, the cost ranging from 20%-25% but after the rupee movement 30%-35% makes a great divergence to the cost discrepancy. India will be leading from other low cost destinations which make these destinations durable to defy. The Indian medical tourism targeting the outbound and the full achievement of Obama care. Americans departure out of the US annually costs $85000 but the number after two years had been augmented by 2 million because of India. As the rupee movement is rising day by day the foreigners are engrossed towards India due to this rupee association. One of the articles of Harvard law school website revealed that “For Americans to go outside for care is driven primarily by cost” and almost ten-fold savings is impossible for the foreigners to resist.
Some of the things are not correct like not only the cost but the physical infrastructure should also be kept in mind to attract more and promote the medical tourism all over the globe. “The healthcare is first class in India but the infrastructure works as a damper” says Bali. He adds that the ministers of health and tourism sector should take a deep look to improve this sector as it is growing tremendously outside the world. We need the project like “Incredible India” as Sibal says “India should be promoted as the Healthcare destination”. There are some small places we are lacking like in speeding the visa medians and creating a cheaper adjustment this is where other countries compete like Thailand and Singapore. Sibal continues “the doctors are paid heavily but having the poor nursing care it has to be fixed. The nurses and sustain workers is paid less instead of working long hours they are not provided with proper monetary compensation.”
The big hospitals had to attract the containers of dollars to reduce the country account discrepancy.
