Sunday, October 3, 2010

You can get that fixed!






               In 2008 1.3 million Americans underwent medical procedures outside the U.S.   Medical tourism, where patients travel abroad for healthcare procedures, is a growing phenomenon.  With procedures costing as little as half the price while offering higher nurse patient ratios than U.S. medical facilities, U.S. board certified doctors, and hotel-like recovery suites it is easy to see why this choice is gaining popularity. The possible destinations cover the globe. For example, India is a well-known destination for heart surgery and Phuket, Thailand is highly visited by patients seeking cosmetic surgery. The breadth of surgeries available abroad is extensive, ranging from dental work to sex changes.  For ten years this market grew steadily, but it experienced a slowdown in 2009-2010 along with most other markets.  Most advertising for medical tourism is done online through websites such as www.medicaltourismCo.com, reflecting an interesting global marketing approach. Are there opportunities for medical tourism to continue to grow?  In light of current global financial crisis and other risks, such as an outbreak of antibiotic resistant bacteria, will medical tourism be able to rebound?  Do the benefits outweigh the drawbacks for seeking investment in the medical tourism market?


USA
Europe
India
Advantage over US
Rhinoplasty
$ 6,000
 $5,500
 $1,700
 $4,300
Face Lift
$15,000
 $12,500
 $4,500
 $10,500
Breast Augmentation
$ 8,000
 $7,500
 $3,900
 $3,400
Breast Reduction
$9,000
 $8,000
 $3,700
 $2,700
Complete Liposuction
$13,000
 $11,00
 $4,800
 $2,300
Gluteal Augmentation
$9,000
 $9,000
 $4,500
 $4,500

Benefits
-          Discounted procedures (2005 heart value replacement: US-$200,000 vs. India-$ 10,000)
-          International hospitals have gained global reputations
-          Lack of health insurance is the most common factor for medical travel
-          Consumer confidence has picked up
-          220 million baby Boomers in the U.S., Canada, Europe , Australia,  and New Zealand
-          Steady growth
Drawbacks
-          High unemployment rates
-          Decreased international travel
-          Political and economic instability in some of the countries offering medical procedures
-          NDM-1 (New Delhi metallo-beta-lactamase 1): antibiotic resistant bacteria that is being passed through medical procedures

Sources:

3 comments:

  1. I thought Brazil was a hot spot for destination cosmetic surgeries. I think I heard on the radio that the woman with the largest breast implants had to go to Brazil because no one in the US would agree to do it. I think in the end she had to get them removed due to chronic complications I'd attach an article, but I think I would wind up on some sort of watch list at work for that search term.

    ReplyDelete
  2. The reason this is so is because America limits the number of Doctor's. The country could easily double the number of qualified doctors and this would bring the cost down. If the premium over India (or Thailand,Mexico, Phils, etc)were only 25% or so, many of the medical tourists would stay in the US.

    This phenomenon is common in any area where US Medical insurance will not cover a procedure. I have had friends/colleagues use first world medical procedures where the differential is marked. A friend went to Israel for IVF (successful) because the cost was much less than the US. A co-worker whose husband is a Canadian citizen goes to Canada for free (covered) elective surgery (e.g. hemmaroids). It is all about out of pocket cost and perceived quality. Many former third world countries have now made serious improvements in quality(Mexico, Thailand, Taiwan, India and of course Ally's favorite-Brazil).

    In the end we are all "Economic Animals".

    ReplyDelete
  3. Yes, the opportunities for medical tourism could continue to grow as treatments in the US and in other developed countries are very pricey. There was always financial crisis in abroad and individuals were still going and getting surgeries, so there was no effect on the crisis. I believe that the market for medical services will always remain successful as humans are forced to use medical help. As for antibiotics resistance bacteria will depend on which country one is getting the treatment. It is recommended, that one should do research prior to traveling to the foreign region. I do not think that the benefits will outweigh the drawbacks in the medical investment as there always will be people that will go overseas to have plastic or medical surgery.

    ReplyDelete