Weak rupee injects booster dose to India’s medical tourism

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Tough fall of rupee-vs-dollar has impacted many sectors of the economy, it has proved to be advantageous to the patients from the Middle East, Africa and SAARC countries to the extent of 35% to 45% on complex surgeries at affordable rates this year, reveals industry body Assocham’s recent findings.

While releasing the Assocham paper on “Falling Rupee : Lower Cost of Medical Travel” D S Rawat, Assocham’s Secretary General said, the information gathered by ASSOCHAM Social Development Foundation (ASDF) from the various private hospitals, nursing homes etc. It reveals that the inflow of patients has also gone up around 40% during the last six months.

Rawat also said, “the cost of medical treatment in India is already considered to be about the lowest of any medical destination, the current decline in the rupee may bring even more medical tourists to India’s top hospitals”.

The paper further stated that the current market size of the Indian medical tourism sector is about Rs 7,500 crore and likely to touch Rs 12,000 crore by 2015 with 2015 with the growth rate of about 25% per annum.

The inflow of medical tourists in India is also likely to cross 45 lakh by 2015 from the current level of 25 lakh, the report states. The country attracts large number of medical tourists from the Middle East, America, and Europe and also from neighboring countries like Bangladesh, Pakistan and Afghanistan, adds the paper.

“Topnotch healthcare facilities like cardiology, joint replacement, orthopedic surgery, transplants and urology at a low price are certain key factors making India a favoured destination in terms of medical tourism,” the study further states.

States like Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Maharashtra and New Delhi are fast emerging as India’s best medical centres with several hospitals and specialty clinics coming up in the cities, added the study.

India is also offering other medical services like yoga, meditation and ayurveda, which is increasingly becoming popular as a non-surgical treatment for various ailments among the foreign patients, adds the paper.

In his statement Rawat further added that, “India is witnessing hoards of patients from abroad, who are coming here to undergo complex surgeries at pocket friendly rates”, adds the Assocham recent assessment.

The medical procedure that cost a medical tourist US $10,000 in 2010 would now cost around $7,000– a 30 per cent difference. An Australian having the same procedure would also pay 45 per cent less today. Similarly, anyone paying in Euros would save around 25% to 35% in this current scenario, adds the Assocham paper.

 

 

Source : Merinews | October 3, 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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