Table of contents
1.1 Medical Tourism
2.2 Scope of the study
3.0 Research Methodology
3.1 Data Collection
3.1.1 Primary Data
3.1.2 Secondary Data
1.1 Medical Tourism
Medical Tourism refers to movement of consumers to the country providing the service for diagnosis and treatment. The size of this market is estimated to be $40 billion based on a Saudi Report in 2000. During the past four years, the market grew at a whopping rate of 20-30% and is expected to grow further. Considering this growth the current market size is estimated to be $100 billion. Medical Tourism industry offers tremendous potential for the developing countries because of their low-cost advantage. The advantages of medical tourism include improvement in export earnings and healthcare infrastructure. Many people in westernised world are accustomed to visit other nations which can offer medical treatment and very economy rates. In other words high quality health care treatments can be best available abroad at a very affordable prices (Herrick, 2007). Medical tourism has been very popular among the nations like Thailand, Philippines, Malaysia, India, Cuba, South Africa, Singapore etc (Bookman, 2007). In order to realize the full potential of the industry, it is imperative for these countries to develop a strategic plan for coordinating various industry players –the medical practitioners, private hospitals, policy makers, hotels, trans portation services and tour operators. This report presents the strategy that needs to be implemented by India, one of the key destinations for Medical tourism, in order to achieve industry-leadership. The reason for rapid growth of the medical tourism may be attributed to long waiting lists, opened channels for a high quality treatments etc (Carrera and Percivil, 2008). The Medical Tourism Industry in India is poised to be the next big success story after software. With a great information technology (IT) hub in India, it has got great potential for medical tourism (Connell, 2006).According to a Mckinsey-CII study the market size is estimated to be Rs.5000-10000 Crores by 2012. The key concerns facing the industry include: absence of government initiative, lack of a coordinated effort to promote the industry, no accreditation mechanism for hospitals and the lack of uniform pricing policies and standards across hospitals. 2.0 Aims
To analyse business strategies of medical tourism industry and based on the data analysed necessary recommendations are provided in order to develop the efficacy of the this industry in India. 2.1 Objectives
* To explore the field of medical tourism and different business strategic approaches followed by other developing nations * To analyse the current position of Medical Tourism in India * To evaluate business strategies thrusts for the future
* To provide necessary conclusion and recommendation. 2.2 Scope of the study:
There has been a considerable improvement in medical tourism all over the world. However, the developing nation like India needs to develop its own areas to contribute more towards medical tourism. The research had found suitable hypothesis for this study which will be helpful to be tested and effectively practiced in India. The conclusion may provide additional plans for the sustainability of medical tourism in the state. 3.0 Reasearch Methodology
Research helps in exploring the new things in certain area of interest and enhances the knowledge (Jenkowicz, 2003). It helps in analysing the conflicts in that particular area and tries out in finding some solutions for a particular conflict. It is the logical and systematic exploration of particular area of interest (Collins, 2003). These acts as template for carry out research. This further enhances the quality of the research (Malhotra, Birks, 2005). Research design can be classified as...
References: Awadzi, W., & Panda, D. (2006). Medical tourism: Globalization and the marketing of medical services. Consortium Journal of Hospitality & Tourism, volume 11, issue 1, pages 75–81.
Bertinato L, Busse R, Fahy N. (2005). Cross-border health care in Europe. Denmark Policy Brief, WHO on behalf of the European Observatory on Health Systems and Policies.
Bies, W. And Zacharia, L. (2007). Medical tourism: outsourcing surgery. Mathematical and Computer Modelling, column 46, issues 7-8, pages 1144-1159.
Birch, D. W., Vu, L., Karmali, S. (2010). Medical tourism in bariatric surgery. The American Journal of Surgery, Volume 199, Issue 5, Pages 604-608.
Borman, E. (2004). Health tourism: Where health care ethics and the state collide. British Medical Journal, volume 328, pages 60–61.
Burkett, L. (2007). Medical tourism: Concerns, benefits, and the American perspective. The Journal of Legal Medicine, volume 28, pages 223–245.
Carrera P, Bridges JFP. (2006). Globalization and healthcare: understanding health and medical tourism. Expert Rev Pharmacoecon Outcomes Res, volume 6, issue 4, pages 447–454.
Connell, J. (2006). Medical Tourism: Sea, Sun, sand and ....surgery. Tourism Management, volume 27, pages 1093-1100.
Garg, N. (2008). India rising as the Global un of Medical tourism. Available at www.medicaltourismmag.com. Date accessed on 20-06-2010.
Goodrich J N and Goodrich G E. (1987). Health-care tourism — an exploratory studyTourism. Management, Volume 8, Issue 3, pages 217-222.
Gray, H.H. and Poland, S.C. (2008), “Medical Tourism: Crossing Borders to Access Health Care”, Kennedy Institute Ethics Journal, Vol. 18(2), pp. 193-201.
Hamel, G. (2000), Leading the revolution, The United States of America: Harvard Business School Press.
Health Marketing. (2010). Available at www.healthmarketing.com. Date accessed on 22-6-2010
Healthbase team. (2009). Top 5 Medical Tourism Concerns and Their Practical Soultion Options. Available at www.medicaltourismmag.com. Date accessed on 20-06-2010.
King R, Warnes T, Williams A (2000). Sunset lives. Oxford: Berg.
Lunt N and Carrera P. (2010). Medical tourism: Assessing the evidence on treatment abroad. Maturitas, volume 66, pages 27-32.
Lowson K, West P, Chaplin S, O’Reilly J
MacReady, N. (2007). World Report: Developing countries court medical tourists. The Lancet, volume 369, pages 1849-1850.
Mays, K. (2010). Travelling for treatment in an Uncertain World. Avai;able at www.medicaltourismmag.com. Date accessed on 22-06-2010.
Magretta, J. (2002), “Why Business model Matter”, Harvard Business Review, Vol.80(5), pp. 86-92.
Markides, C. (1999), All the Right Moves, Boston, Harvard Business School Press.
Stephano, R. M. (2008). Allure of India, downloaded from http:// Page, S. J. (2008). Current issue in tourism: the evolution of travel tourism research: a new research agenda for tourism? Tourism Management.
Rosenmöller M, McKee M, Baeten R, editors
Schofield, P. (2004). Health tourism in Kyrgyz Republic: The soviet salt mine experience. In T. V. Singh (Ed.), New horizons in tourism, strange experiences and stranger practices (pp. 135–145). Wallingford: CABI Publishing.
Smith, P. C., & Forgione, D. (2007). Global outsourcing of healthcare: A medical tourism model. Journal of Information Technology Case and Application Research, volume 9, issue 3, 19–30.
Smyth, F. (2005). Medical geography: Therapeutic places, spaces and networks. Progress in Human Geography, volume 29, pages 488–495.
Silverio, A. (2009). Malaysia-Set to Become Anoter Asian Leader in International Health Care. Available at www.medicaltourismmag.com. Date accessed on 26-06-2010.
The Over the Wall Gang
Treatment abroad. (2010). Treatment abroad price watch survey 2008. www.treatment abroad.com. Date cited on 20-06-2010.
UNESCAP. (2007), Patients without borders: An overview of the medical travel industry in asia, its challenges and opportunities, United Nations Economic and Social Commission for Asia and the Pacific Conference, Bangkok.
Varvasovszky, Z. and Brugha, R. (2000), How to do a stakeholder analysis, Health Policy and Planning.
Vequist D G and Valdez E (2009). The correlation between medical tourism and biotechnology. Journal of Commercial Biotechnology. Volume 15, pages 287-289.
Please join StudyMode to read the full document