Medical tourism Indian Medical Travel: A Priority Sector The Indian economy’s steady growth rate is also being reflected in the Indian healthcare and medical travel industry. Healthcare and medical health travel are priority areas for India, and the government has increased its budgetary outlay for medical travel and foreign investment. Customs duties on the import of medical equipment have been slashed, and special incentives are being offered for future private healthcare facilities.
Government Plans for Attracting Medical Tourism to India To promote growth in the Indian medical travel industry, the Indian government has plans to improve health infrastructure. The government is currently in the process of increasing the number of hospitals, clinics, and clinical laboratories in urban as well as rural parts of thecountry. Incentives and tax holidays are being offered to hospitals and dispensaries providing health travel facilities.
The Indian medical travel and health care sector offers plenty of opportunities for businessmen, medical equipment manufacturers, healthcare service providers, and tourist agencies, and the government is encouraging them to invest in therapeutic and preventive health services so as to increase medical travel to India. The government has published analytical reports on the available opportunities in the Indian health care industry so corporate houses can make informed decisions regarding the Indian medical tourism sector.
Initiatives of Private Hospitals in Health Travel Projects outside India Recently, a memorandum of understanding (MoU) was signed between the famous Apollo Hospitals and the American International Medical University (AIMU) for developing medical tourism projects worth $200 Million in the Bahamas and St Lucia. According to the MoU, the Apollo group will develop a super specialty teaching hospital, research, and treatment facilityfor the AIMU group. In addition, Apollo will develop, manage, and monitor the healthcare facilities at the existing AIMU group’s medical education facilities at the Bahamas and St Lucia campuses.
The AIMU group offers MD and PhD programs and offers $1. 5 million in scholarships to Indian students every year. It is estimated that the AIMU group of institutions will attract 500 Indian doctors to the US in the current year http://www. healism. com/blogs/the_stanley_rubenti_medical_tourism_blog/medical_tourism_to_india:_opportunities_&_trends/ Medical Tourism is the concept of traveling to a particular destination to avail the opportunity of the worldclass Healthcare services offered by the best experienced Healthcare professionals at the technologically most advanced medical facilities in complete privacy and for affordable costs.
The Healthcare procedure is usually combined with a family vacation. The concept of Medical Tourism is not a new one. 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.
In the recent past patients from underdeveloped countries used to travel to the advanced industrialized developed countries to take the benefit of advanced medical health care in the hospitals, recently the trend is reversing. As far back as 3,000 BC, people with eye problems made pilgrimage to Tell Brak, Syria, where healing deities were said to perform miracles. Ancient Roman spas that were believed to cure an endless list of ailments still offer hope and relief to bathers today.
The World Tourism Organization includes the following in its definition of medical tourism: medical care, sickness and well-being, rehabilitation and recuperation. India is the land of myriad experiences and exotic locales. It is a world of resplendent colours and rich cultural locales, be it magnificent monuments, heritage temples or tombs. The Country’s ancient cultural heritage is inextricably linked to its technology driven present existence. The coexistence of a number of religions and cultures, together with an awe-inspiring topography makes it the perfect place for a complete holiday experience.
The Indian medical tourism industry, growing at an annual rate of 30 percent, caters to patients chiefly from the US, Europe, West Asia and Africa. Although in its nascent stage, the industry is outsmarting similar industries of other countries such as Greece, South Africa, Jordan, Malaysia, Philippines and Singapore. In 2006, over 1,50,000 medical tourists have visited India and is growing by 15% a year. The medical tourism industry in India is presently earning revenues of $450 million . Encouraged by the incredible pace of rowth exhibited by the industry, the Confederation of Indian Industry (CII) and McKinsey have predicted that the industry will grow to earn additional revenue of $2. 2 billion by 2012. India, touted as the favourite destination for information technology majors, is currently emerging as a preferred destination for medical or health tourism. The Government of India, State tourism boards, travel agents, tour operators, hotel companies and private sector hospitals are exploring the medical tourism industry for tremendous opportunities.
They are seeking to capitalize on the opportunities by combining the country’s popular leisure tourism with medical tourism. The factors that make India as one of the favorable destination for health tourism starts with low medical cost which is one-tenth of the costs in western countries, for example, a heart surgery costs $ 6,000 in India as against $30,000 in the US, Similarly a bone marrow transplant costs $26,000 in India as compared to $2, 50,000 in the US. Foreign patients throng Indian hospitals to pass up the long waiting lists and queues in their native countries.
Globalization has promoted a consumerist culture, thereby promoting goods and services that can feed the aspirations arising from this culture. This has had its effect in the health sector too. There are number of reasons for the growth of the service economy and these can be categorized into three main areas such as: Social trend Demographic trends New services to meet new demands The new services to meet new demand may include the “medical tourism”. Merging healthcare and tourism an industry has been evolved in many developing countries like Greece, South Africa, Jordan, India, Malaysia, Philippines and Singapore.
Medical tourism where foreigners travel abroad in search of low cost, world-class medical treatment is gaining popularity in India. India’s medical tourism industry could yield as much as $3 billion in annual revenue by 2012. Indian government hopes to encourage a budding trade in medical tourism, selling foreigners the idea of traveling to India for low cost but world class medical treatment. According to the confederation of Indian industry India has the potential to attract 1 million tourists per annum, which could contribute to $6 billion to the economy.
India must leverage its competitive edge, especially its cost advantage. It is only one fifth of the costs in the west. Cost savings Medical Tourism Industry and India. India has always been a regional health care hub for the health care tourists from the neighboring countries like Afghanistan, Bangladesh, Pakistan, Nepal, Bhutan, UAE and Maldives ; recently India has emerged as one of the most important Global destination for medical tourism or health care travel. Now international patients from the developed countries like USA, Canada, UK, Europe etc. ravel to India for the low-cost medical surgery treatments like knee joint replacement, total hip replacement, hip resurfacing, weight loss procedures- gastric lap band, RNY gastric bypass, heart procedures, elective surgeries and also for rejuvenation therapies promised by yoga and Ayurveda. However, a nice blend of top-class medical expertise at attractive prices is helping more and more corporate hospitals in India to lure global foreign patients for high end surgeries like organ transplants.
As more and more patients from Europe, North America and other affluent nations with very high medical costs and long wait lists look for effective options of immediate, low-cost, affordable treatments, medical health care travel to India is definitely on the cards for most of them and the fast growing Indian corporate health sector is fully geared to meet that need. Medical tourism to India is not just cost savings or the high standard of medical care facility, but also the waiting time for medical surgery treatment procedures in India is much lower than in any other country.
India offers a growing number of private centers of excellence where the quality of care is as good as or better than that of big-city hospitals in the United States or Europe. The medical care sector in India has witnessed an enormous growth in infrastructure in the private and voluntary sector. The private sector, which was very modest in the early stages, has now becoming a flourishing industry equipped with the most modern state of the art technology at its disposal. It is estimated that 75% of healthcare services and investments in India are now provided by the private sector.
Health and medical tourism is perceived as one of the fastest growing segments in marketing destination India today. India could earn $2 billion annually and create 60 million new jobs by subcontracting work from the British National Health Service, the head of India’s largest chain of private http://dspace. iimk. ac. in/bitstream/2259/590/1/475-484. pdf he Indian economy is set to grow between 7 per cent and 7. 5 per cent in the current fiscal, according to Dr C Rangarajan, Chairman of the Prime Minister’s Economic Advisory Council (PMEAC).
The mid-year review has projected a growth rate of 7. 75 per cent for the fiscal. India’s gross domestic product (GDP) grew by 7. 9 per cent during July-September 2009, up from 6. 1 per cent in the previous quarter, as per data released by the Central Statistical Organisation (CSO). According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity, registered growth rates of 9. 5 per cent, 9. 2 per cent and 7. 5 per cent, respectively in Q2 of 2009-10, as compared to the growth rates of 3. per cent, 4. 9 per cent and 3. 2 per cent in these industries in Q2 of 2008-09. The key indicators of construction sector, namely, cement and finished steel registered growth rates of 12. 6 per cent and 2. 1 per cent, respectively in Q2 of 2009-10, as against the growth rates of 5. 2 per cent and 3. 8 per cent, respectively in Q2 of 2008-09. The Economic scenario Overseas investors have infused US$ 816. 69 million into the stock market in the first trading week of 2010, reflecting a positive start for the year after record inflows in the last year.
FIIs were net investors of US$ 973. 22 million in debt instruments in the first trading week of the year, according to the data released by Securities and Exchange Board of India (SEBI). The wealth of foreign institutional investors (FIIs) in leading Indian companies now stands at more than double the level a year ago, vindicating India’s image of being a safe and lucrative investment destination. Consumers in India continued to be optimistic slightly more than what they were six months ago, as per a latest MasterCard Worldwide Index of Consumer Confidence survey. In India consumers are more optimistic than six months ago (68. 0) and a year ago (63. 9),” said the study. Additionally, India ranks second with 117 points in consumer confidence in the fourth quarter of 2009, according to the Nielsen Global Consumer Confidence survey. The survey results indicate that the recovery from the global economic downturn is faster in India as compared with other countries in the world. Global ratings firm Moody’s has upgraded long-term foreign currency (FC) deposit ratings of 14 Indian banks, including the country’s largest bank.
State Bank of India (SBI), by one notch to Ba1 from Ba2 with a stable outlook. This reflects a slight improvement in the credit quality of the rated entities. This move has come in wake of the revision in India’s sovereign outlook by the ratings firm. Among the banks which would be benefited by the ratings decision include Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, ICICI Bank, IDBI Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of India, Syndicate Bank and Union Bank of India.
India’s local currency rating outlook has been raised to ‘positive’ from ‘stable’ by Moody’s Investors Service on the back of the country’s demonstrated resilience to the global crisis and expectation that it will resume its high growth path. The global credit rating major also held out the possibility of upgrade of the local currency bond rating. Simultaneously, the agency also raised the ceiling on banks’ foreign currency deposits to ‘Ba1′ from ‘Ba2′ to reflect the robust external position of India better.
Both ‘Ba1 and ‘Ba2′ ratings, according to Moody’s definition, fall in the speculative grade category. Of the more than 200 companies from over 50 countries that form part of the World Economic Forum’s Global Growth Companies (GGC) Community, India today has the second largest representation, with a total of 18 GGCs. Indian GGCs come from every sector, with a strong representation in information technology and electronics, retail, consumer goods and banking. The GGC Community was formed to engage high-growth companies with the potential to be tomorrow’s industry leaders and drive economic and social change.
India ranks 49 among 133 countries in 2009-10 in the global competitiveness index (GCI) prepared by the World Economic Forum (WEF), an improvement of one position from last year. India’s position is a result of mixed performance across 12 categories covered by the GCI. http://www. ibef. org/economy/economyoverview. aspx Life Insurance Sector in India has a promising potential Life Insurance Sector in India has a promising potential. With ever changing money markets of mutual funds, debentures and shares life insurance sector has again emerged victorious. | Life Insurance
FOR IMMEDIATE RELEASE PR Log (Press Release) – Dec 21, 2009 – Life Insurance Sector in India has a promising potential. With ever changing money markets of mutual funds, debentures and shares life insurance sector has again emerged victorious as the most secured solution for assuring human life against unexpected risks as well as an ideal solution for wealth creation and management. After independence Indian economy started to rise in early sixties with yet it is lagging with a time gap of 40-50 years compared to economic development of countries like USA.
Life Insurance sector in India didn’t receive any importance from common Indian masses 20 years ago except senior citizens and those working on secure government jobs. Since 1990 Indian government started making tie ups with foreign investors and commercial organizations to move India on the path of economic progress. As a result new wave of private corporate sector developed in India enabling rise of new corporate industries under Industrial regulations from Indian government.
Private corporate sector in India in recent years has created new job options enabling citizens of India to plan their life in an optimized way with life insurance as an important personal aspect. In India life insurance solutions has to be tapped at far more depth as people have not yet understood its real importance. Life Insurance can really serve well in the long run for assuring against risks that threaten Indian life expectancy as well as contribute to safe accumulation of capital funds to enhance India’s GDP and financial progress.
Utility achieved from life insurance products in India is 8% of GDP all we can say that a lot is to be achieved in the long run. With reduction of human life expectancy due to wear and tear style of current day life, tensions arising from issues to achieve materialistic progress money investors of India in age groups from 25-50 have turned towards life insurance products as safe and sensible money investments for securing lives of their families as well as themselves. Estimated figures of life insurance investment portfolios in India are quite astonishing.
In respect to large Indian population it has been declared that life insurance market in India has a worth of more than 2000 crores comprising total value of 300 billion all over the world. As concerning career prospects today demand of recruiting insurance professionals has increased due to rising need of availing life insurance services. Keeping this fact in view life insurance industry in India will continue recruiting service professionals in large numbers in forth coming months as insurance sector achieved significant growth rate even during recent global recession. ttp://www. prlog. org/10459973-life-insurance-sector-in-india-has-promising-potential. html Education Sector – The Next Big Business Opportunity In India Posted in: Entrepreneurship Monday 30th, November 2009 Views(72) Comments(0) Print Forward Surjeet Singh Padma Sr General Manager India is a land of contradictions and dichotomies and this extends to the area of education as well. We have the IITs and IIMs at one of the scale, and teacher-less schools at the other. After independence, India emphasized developing centers of higher learning.
India also retained English as a medium of instruction; this has contributed greatly to its economic growth. India’s youth, comprising over 50 percent of its population, is referred to as its demographic dividend. A rough statistics in the past year estimates the presence of 367 universities, 18,000 collees, half-a-million teachers and about 11 million students on the rolls (Source- ibef. org). These figures have since escalated but they throw light on the large Indian education market & the opportunity therein but more importantly it also throws