A PROJECT REPORT on MEDICAL TOURISM & ITS GROWTH IN INDIAN ECONOMY

This project report is submitted in partial fulfillment for the Requirement of Bachelor of Business Administration Submitted By: SWAPNIL SAURAV BBA, 6th Semester

INTERNATIONAL SCHOOL OF BUSINESS & MEDIA KOLKATA

Project guide:DHIRITI BARUA

PREPARED BY:SWAPNIL SAURAV BBA 6TH SEM ID- 310050

ACKNOWLEDGEMENT

The successful completion of any task is incomplete without acknowledging the contributing personalities who both assisted and inspired and lead us to way of success.

I would like to thank Prof., DHIRITI BARUA my project guide for this project to whom I am deeply grateful for his constant support and guidance without which it would not have been possible for me to complete this project.

I convey my gratitude to all the friends for their kind cooperation throughout my project. I would also like to thank everyone who contributed in any manner to this project. Finally, I thank my dearest PARENTS and FRIENDS for their continued support.

SWAPNIL SAURAV

Table of contents

1 2 3 4 5 6 7 8 9 10 11

INTRODUCTION

1-2 3 4

EXECUTIVE SUMMARY CONCLUSION AND RECOMMENDATION ABRIVIATION LIST WEBLIOGRAPHY APPENDIX

5-10 11 12-13 14-15 16-19 20 21 22

INTRODUCTION

This exciting new way of receiving medical treatment involves traveling to an advanced facility, having your procedure at a much lower cost, and using the savings to opt for and enjoy a holiday during your recovery in an exotic location! Here people seek Medical Treatments in foreign country and travel to obtain a variety of medical and surgical treatments at a much lower price. Medical Tourism is also for the people who either do not have Medical Insurance, NHS, etc or these are not enough to cover the treatment they need. Another category of the people opting for Medical Treatment in India are those who need to take a medical treatment and also wish to take that holiday, so they combine their Treatment & Holiday Together and still save big. Over 50 countries have identified medical tourism as a national industry. However, accreditation and other measures of quality vary widely across the globe, and some destinations may become hazardous or even dangerous for medical tourists. In the context of global health, "medical tourism" is a pejorative because during such trips health care providers often practice outside of their areas of expertise or hold different (i.e., lower) standards of care. Greater numbers

than ever before of student volunteers, health professions trainees, and researchers from resource-rich countries are working temporarily and anticipating future work in resource-starved areas.

The first recorded instance of medical tourism dates back thousands of years to when Greek pilgrims traveled from all over the Mediterranean to the small territory in the Saronic Gulf called Epidauria. This territory was the sanctuary of the healing god Asklepios. Epidauria became the original travel destination for medical tourism.

Spa towns and sanitariums may be considered an early form of medical tourism. In eighteenth century England, for example, patients visited spas because they were places with supposedly health-giving mineral waters, treating diseases from gout to liver disorders and bronchitis.

DISCRIPTION

Factors that have led to the increasing popularity of medical travel include the high cost of health care, long wait times for certain procedures, the ease and affordability of international travel, and improvements in both technology and standards of care in many countries. Many surgery procedures performed in medical tourism destinations cost a fraction of the price they do in the First World. For example a liver transplant that cost $300,000 USD in America cost about $91,000 USD in Taiwan. A large draw to medical travel is convenience and speed. Countries that operate public health-care systems are often so taxed that it can take considerable time to get non-urgent medical care. Using Canada as an example, an estimated 782,936 Canadians spent time on medical waiting lists in 2005, waiting an average of 9.4 weeks. Canada has set waiting-time benchmarks, e. g. 26 weeks for a hip replacement and 16 weeks for cataract surgery, for non-urgent medical procedures. Medical tourists come from a variety of locations in the First World, including Europe, the Middle East, Japan, the United States, and Canada. Factors that drive demand for medical services abroad in First World countries include: large populations, comparatively high wealth, the high

expense of health care or lack of health care options locally, and increasingly high expectations of their populations with respect to health care. In First World countries like the United States medical tourism has large growth prospects and potentially destabilizing implications. A forecast by Deloitte Consulting published in August 2008 projected that medical tourism originating in the US could jump by a factor of ten over the next decade. An estimated 750,000 Americans went abroad for health care in 2007, and the report estimated that a million and a half would seek health care outside the US in 2008. The growth in medical tourism has the potential to cost US health care providers billions of dollars in lost revenue. Additionally, some patients in some First World countries are finding that insurance either does not cover orthopedic surgery (such as knee/hip replacement) or limits the choice of the facility, surgeon, or prosthetics to be used. Medical tourism for knee/hip replacements has emerged as one of the more widely accepted procedures because of the lower cost and minimal difficulties associated with the traveling to/from the surgery. Colombia provides a knee replacement for about $5,000 USD, including all associated fees, such as FDA-approved prosthetics and hospital stay-over expenses.

PROCESS
The typical process is as follows: the person seeking medical treatment abroad contacts a medical tourism provider. The provider usually requires the patient to provide a medical report, including the nature of ailment, local doctors opinion, medical history, and diagnosis, and may request additional information. Certified medical doctors or consultants then advise on the medical treatment. The approximate expenditure, choice of hospitals and tourist destinations, and duration of stay, etc., is discussed. After signing consent bonds and agreements, the patient is given recommendation letters for a medical visa, to be procured from the concerned embassy. The patient travels to the destination country, where the medical tourism provider assigns a case executive, who takes care of the patient's accommodation, treatment and any other form of care. Once the treatment is done, the patient can remain in the tourist destination or return home.

RISKS Medical tourism carries some risks that locallyprovided medical care does not. Some countries, such as India, Malaysia, or Thailand have very different infectious disease-related epidemiology to Europe and North America. Exposure to diseases without having built up natural immunity can be a hazard for weakened individuals, specifically with respect to gastrointestinal diseases (e.g. Hepatitis A, amoebic dysentery, paratyphoid) which could weaken progress, mosquito-transmitted diseases, influenza, and tuberculosis. However, because in poor tropical nations diseases run the gamut, doctors seem to be more open to the possibility of considering any infectious disease, including HIV, TB, and typhoid, while there are cases in the West where patients were consistently misdiagnosed for years because such diseases are perceived to be "rare" in the West.[26] The quality of post-operative care can also vary dramatically, depending on the hospital and country, and may be different from US or European standards. However, JCI and Trent fulfill the role of accreditation by assessing the standards in the healthcare in the countries like India, China and Thailand. Also, traveling long distances soon after surgery can increase the risk of complications. Long

flights and decreased mobility in a cramped airline cabin are a known risk factor for developing blood clots in the legs such as venous thrombosis or pulmonary embolus economy class syndrome. Other vacation activities can be problematic as well for example, scars may become darker and more noticeable if they sunburn while healing.[27] To minimise these problems, medical tourism patients often combine their medical trips with vacation time set aside for rest and recovery in the destination country. Also, health facilities treating medical tourists may lack an adequate complaints policy to deal appropriately and fairly with complaints made by dissatisfied patients.[28] Differences in healthcare provider standards around the world have been recognised by the World Health Organization, and in 2004 it launched the World Alliance for Patient Safety. This body assists hospitals and government around the world in setting patient safety policy and practices that can become particularly relevant when providing medical tourism services.[29] Finally, after returning home, a patient will have limited contact with his or her surgeon. This means

that it will be difficult to deal with any complications that may arise later such as a delayed infection. However, balancing potential risks is the fact that in some foreign hospitals most or all nurses are registered nurses, as opposed to the nurses aides or other less qualified personnel which are commonly used in American hospitals. Understaffing and the use of overworked and fatigued nursing staff, which is common in American hospitals, may not be as prevalent in some foreign hospitals.

Legal issues & Ethical issues

Receiving medical care abroad may subject medical tourists to unfamiliar legal issues.[30] The limited nature of litigation in various countries is one reason for the lower cost of care overseas. While some countries currently presenting themselves as attractive medical tourism destinations provide some form of legal remedies for medical malpractice, these legal avenues may be unappealing to the medical tourist. Should problems arise, patients might not be covered by adequate personal insurance or might be unable to seek compensation via malpractice lawsuits. Hospitals and/or doctors in some countries may be unable to pay the financial damages awarded by a court to a patient who has sued them, owing to the hospital and/or the doctor not possessing appropriate insurance cover and/or medical indemnity.[31] There can be major ethical issues around medical tourism.[30] For example, the illegal purchase of organs and tissues for transplantation had been alleged in countries such as India[32][33] and China[34] prior to 2007. The Declaration of Istanbul distinguishes between ethically problematic "transplant tourism" and "travel for transplantation".
[35]

Medical tourism may raise broader ethical issues for the countries in which it is promoted. For example in India, some argue that a "policy of 'medical tourism for the classes and health missions for the masses' will lead to a deepening of the inequities" already embedded in the health care system.[36] In Thailand, in 2008 it was stated that, "Doctors in Thailand have become so busy with foreigners that Thai patients are having trouble getting care".[37] Medical tourism centred on new technologies, such as stem cell treatments, is often criticized on grounds of fraud, blatant lack of scientific rationale and patient safety. However, when pioneering advanced technologies, such as providing 'unproven' therapies to patients outside of regular clinical trials, it is often challenging to differentiate between acceptable medical innovation and unacceptable patient exploitation.

DESTINATION

Africa and the Middle East

Israel Jordan

United Arab Emirates The Americas Brazil Canada Costa Rica Cuba Mexico Panama United States Uruguay

Asia/Pacific

CHINA HONG KONG INDIA SOUTH KOREA MALAYSIA NEW-ZEALAND PAKISTAN SINGAPORE TIWAN THILAND EUROP Czech Republic CYPRUS GERMANY POLAND ROMANIA BENEFITS OF MEDICAL TOURISM

As the technology, doctor training and standards of healthcare in developing countries has vastly improved in recent years, more and more people are looking at medical tourism as an attractive solution to their health problems. The popularity of medical tourism can be directly traced to the incredibly high costs of healthcare and long wait periods for some procedures in many countries. Medical tourists come from all over the world, but most are citizens of Western nations such as the United States, Britain, Europe, the Middle East and Japan. The most obvious benefit for medical tourists is the dramatic savings in cost. A coronary artery bypass at Thailands Bumrungrad Hospital costs around one-tenth of what it does in the United States. Even more mundane procedures such as extreme dental work can be a fraction of the cost in countries such as Thailand. Insurance is another factor in the decision to choose a foreign country for a medical procedure. Some orthopaedic operations, especially knee and hip replacements, are often not covered by health insurance. As a result, orthopaedic surgery has emerged as one of the main treatments performed

overseas due to the low cost and freedom to choose where to have the surgery performed. People who cannot afford health insurance simply have no choice but to travel abroad for an expensive medical procedure. With an estimated 45 million Americans currently uninsured, this creates a huge market for people needing affordable healthcare. A final benefit is the pleasure of adding some travel and adventure to your medical needs. For many medical tourists, a trip to Thailand or India will be a first. A big component of the medical tourism industry is the relaxing vacation period following the medical procedure. Medical tourism destinations promote this aspect just as much as the quality and cost of their healthcare. In Thailand, patients can lounge on one of the countrys many beautiful beaches during their recovery, while India offers some amazing spa resorts where luxury and pampering is the focus. Upand-coming South Africa even promotes wildlife safaris as part of its medical tourism packages.

MEDICAL TOURISM IN INDIA

India is gaining a larger share of the world medical tourism market and growth in this industry will drive the associated industries such as the pharmaceuticals Despite the global economic downturn, medical tourism in India has emerged as the fastest growing segment of tourism industry. High cost of treatments in the developed countries, particularly in the US and the UK, and scarcity of quality medical treatment in African and other SAARC (South Asian Association for Regional Cooperation) countries has been a driving force for patients from such regions to look for alternative and cost-effective destinations. Although the Indian medical tourism industry is presently at a nascent stage, it holds out enormous potential for future growth and development. It has been estimated that India's share in the global medical tourism industry will reach around three per cent by the end of 2013. Moreover, medical tourism is expected to generate revenue worth $3 billion by 2013, growing at a Compound Annual Growth Rate (CAGR) of around 26 per cent between 2011 and 2013. The number of offshore medical

tourists is anticipated to grow at approximately 19 per cent during the forecast period to reach 1.3 million by 2013. India represents the largest potential medical tourism market in the world. Factors such as low cost, scale and range of treatments along with the expertise provided differentiate it from other medical tourism destinations. It also acts as a vacation spot for many to recover after their treatment. Growth in this market would be a boon for several associated industries, such as hospitals, medical equipment makers and the pharmaceutical industry. It is considered to be a sunshine sector considering that it is the only industry in India that was unaffected by the worldwide recession. Its growth has in turn helped to improve the healthcare and infrastructural facilities in India. India has some of the best hospitals and medical institutes in the world. This could be attributed to medical expertise, high-end technology and equipment which is of a high standard and superior quality, while still being cost effective.

This has prompted many offshore tourists to come to India for various treatments. Also, India is a popular tourist destination along with the world class medical facilities, and so medical tourism in India has become popular. The medical tourism market is around Rs 1,450 crore. But it is most likely to escalate now. According to the Confederation of Indian Industry (CII) and McKinsey study, the market will be valued at Rs 5,000 to Rs 10,000 crore by 2012; so its growth potential is tremendous. Indian hospitals and pharmaceutical companies are investing heavily in infrastructure and the arrangement of the required facilities for attracting foreign tourists. Special packages are also made available to those who come to India as medical tourists. These packages may include visa assistance, airport pick up, lodging and medical assistance to name a few. With India turning into a medical hospice, its sunshine industry is ready to spark the world.

Medical Tourism Boosting the Economy

In a country whose economy has steadily taken a dramatic incline during recent decades, tourists can find immeasurable comfort in the current medical facilities that are now available in India. In fact, India has recently become one of the worlds biggest hot spots for Medical Tourism. Patients travel from all over the world to take part in the substantial price cuts that India offers in the medical field, reported to be about one-tenth of the cost of medical treatment now available in the economic superpowers of the world, including the United States, Australia and Britain. In addition to the cost benefits, other advantages to seeking medical attention in India is their increasing availability of the latest medical expertise and equipment, which complies with the most recent international standards of quality, which the government is facilitating by reinforcing the economic infrastructure upon which it stands. The

insight involved with government planning assists in achieving a larger economical value in the Medical Tourism trade; as high as $2.5 billion dollars a year. The most prevalent medical treatments preferred by medical tourists are the advances and advantages of alternative or holistic medicine, a practice that has steadily grown in popularity over the last decade. Not only holistic treatments are available, however. One can travel to India to receive any treatment in advanced medicine from bone-marrow transplants to orthopedic surgery or hip replacements. India is also well known for its large number of successes in heart surgery cases. As far as location, the southern city of Chennai is home to a large and superior number of the best medical centers in India. The largest hospital in the city, the Government General Hospital is merely one of fifteen government run hospitals in the city. Besides government run facilities, the city also has a large and varying range of private multi-specialty hospitals, all esteemed excellent by industry standards in practice, technology and location.

India has world class corporate hospitals and

India has world class corporate hospitals and excellent treatment Centre's in the world. Centre's in the world. Hospital infrastructure & technology on par with USA, UK & other European countries No waiting period No waiting period Success rate India -- 98.7% -- US 97.5%
Immediate attention / treatment / surgery Immediate attention / treatment / surgery

Best Nursing Care with compassion Best Nursing Care with compassion Language no barrier English speaking staff

Low cost (1/10th), high quality, affordable best Healthcare

Unique medical value services to foreign

Unique medical value services to foreign patients that supersedes the competition: Yoga Meditation Ayurveda healing

MEDICAL TOURISM & ITS ADVANTAGE IN INDIA

India offers a unique basket of services to an individual .That is difficult to match by other countries. Less regulatory and legal problems.
Reqiiremen