Medical Tourism Indian Healthcare Industry

A Boom to Indian Healthcare Industry

The Indian healthcare industry is estimated to be more than USD 35 billion, presently. According to the analysts, the market is expected to double by 2012 and reach USD 280 billion by 2020. The sector has registered a growth of 9.3 per cent between 2000-2009, comparable to the sartorial growth rate of other emerging economies such as China, Brazil and Mexico.

Key Growth Drivers

The primary growth drivers include the growing population, increasing at an annual rate of 2%, which is expected to surpass China and reach 1.6 billion by 2050. In addition, the prosperity in the income levels has elevated the standards of living and has increased the affordability towards better medical care and treatment. While per capita income was USD 620 in 2005, over 150 million Indians have annual incomes of more than USD 1,000, and many who work in the business services sector earn as much as USD 20,000 a year. While thesis a fraction of the income that their US peers earn, it is the equivalent of more than USD 100,000 per year when adjusted for purchasing power parity.

Another driving factor of the Indian Healthcare Industry has been the rise in diseases, increasing awareness and better diagnosis techniques. While ailments such as poliomyelitis, leprosy, and neonatal tetanus will soon be eliminated, some communicable diseases once thought to be under control, such as dengue fever, viral hepatitis, tuberculosis, malaria, and pneumonia have returned in force or have developed a stubborn resistance to drugs. India is grappling with the emergence of diseases such as AIDS as well as food- and water-borne illnesses.

And as Indians live more affluent lives and adopt unhealthy western diets that are high in fat and sugar, the country is experiencing arise in lifestyle diseases such as hypertension, cancer, and diabetes, which is reaching epidemic proportions. According to the industry experts, at present there are around 41 million Indians are suffering from diabetes alone. This incidence is expected to reach 74 million in next 15 years, which would require an estimated cost of USD 30 billion for treatment and management of this disease.

Current Scenario of Medical Tourism

Given the current state of India’s healthcare system, its challenges and its growth prospects, there are a number of market opportunities for foreign companies who can establish themselves in this high-growth market. For instance, Medical tourism is one of the major external drivers of growth of the Indian healthcare sector. India’s medical tourism sector is expected to experience an annual growth rate of 30%, making it a USD 2 billion industry by 2012. Also, due to the increasing investments in the hospital sector, India is gradually becoming a hub for medical tourists.

Currently, the global medical tourism market is estimated to be around USD 80-90 billion and is expected to grow in double digits for the next five years. More than 5 million US patients travel to foreign destinations for various medical procedures, every year. The number is expected to become 6 million by 2010 and 15 million by 2015. Around 35 countries have enhanced their medical infrastructure to support the increasing amount of patients travelling abroad for medical care. According to analysts, the medical tourism market is expected to become 7% of total healthcare spend by 2015.

Foreign Investment

As per data released by the Department of Industrial Policy and Promotion (DIPP), the drugs and pharmaceuticals sector has attracted FDI worth US$ 1.66 billion between April 2000 and January 2010, while hospitals and diagnostic centres have received FDI worth US$ 761.18 million in the same period. Moreover, in March 2010, Fortis Healthcare announced the largest overseas acquisition by an Indian company in the healthcare space. It bought the entire 23.9 per cent stake held by TPG Capital in Singapore's Parkway Holding Ltd for US$ 686 million.

Asia's leading hospital chain, Columbia Asia Group, which already has six hospitals in the country, plans to ramp-up its operations in India by opening eight more multi-specialty community hospitals with a total capacity of 800 beds by mid-2012. The group has earmarked a total investment of US$ 177.1 million for the 14 hospitals.

Key Healthcare Providers

Some of the best-in-class medical care facilities include Medanta Mendacity, Max Healthcare, Apollo Hospitals, Fortis Healthcare, Sir Ganga Ram Hospital to name a few. All such health providers are well equipped to provide best-in-class medical care facilities across various medical conditions, including cardiac, neuro, orthopedics, eye care, dental, cosmetic and all forms of surgery.

In addition to the primary healthcare providers, India is witnessing the establishment of medical tourism facilitators, who are meant to provide all the value added services to patients who travel to India to avail medical treatment. Some of the key HCFs include Medico Global, I&D Hospital Solution Pvt Ltd. 

Government Initiatives

To capitalize on medical tourism and build a sustained public-private partnership in the hospital industry, the government is providing variety of incentives, including lower import duties and higher depreciation rates on medical equipment, as well as expedited visas for overseas patients seeking medical care in India. Also it is supporting public-private partnerships, e.g., Rajiv Gandhi Super Specialty Hospital that can provide the best-in-class medical care facilities that can match the ones available in the developed nations.

Conclusion

The Indian healthcare sector can be viewed as a glass half empty or galas half full. The challenges the sector faces are substantial, from then need to improve physical infrastructure to the necessity of providing health insurance and ensuring the availability of trained medical personnel. But the opportunities are equally compelling, from developing new infrastructure and providing medical equipment to delivering telemedicine solutions and conducting cost-effective clinical trials. For companies that view the Indian healthcare sector as a glass half full, the potential is enormous.

About I&D HOSPITAL SOLUTION PVT LTD

I&D Best Medical Tourism Hospital in India has all necessary arrangements for UAE/GCC/Middle East North Africa patients to receive world-class medical procedures in India. I&D Medical Tourism also arranges for initial consultations between patients and Indian doctors, schedule procedures and make all travel arrangements. For the procedure itself, the client will be contracting directly with the medical provider. Financial arrangements, including necessary deposits, will be finalized before travel itineraries are booked and before the client is admitted to the medical facility.

The Medical Tourism Company's services include the following:

·         Help with procuring a medical visa

·         Booking travel to the country where the services will be provided;

·         Airport pick up and drop off

·         Consultation with appropriate specialists

·         Pre-operation accommodation

·         On call nurses & doctor visit at hotel

·         Booking into the hospital for the operation

·         Accommodation for post-operative recuperation

·         Arrangements for post-operative care in the foreign country

·         Book travel home from the country where services have been provided

·         Arranging Travel insurance

·         Air Ambulance, In case of emergencies

·         Leisure Tours and local food during the entire stay

·         Translators for ease in communication with locals

With 10 years of experience in management Mr. Ikshit Kumar is providing overall leadership of the enterprise. He acts as the Chief Executive Officer (CEO) of the company and work closely with Business Development Officer. The Board of Directors ensures that the Company maintains the highest standards of medical ethics and maintains relationships with only the most professional medical professionals abroad.