Study of India's potential in health care industry and medical tourism

Abstract

Much has been said and written about India’s competitive advantage in IT BPO, Pharmaceutical industry, automotive components and more recently in tourism. However, industry experts believe international trade of health care services is going to be the sector to look out in the future. Trade of health care services, particularly the inflow of foreign patients seeking medical services, can contribute significantly to the economy and employment generation. India offers a wide variety of medical services from cardiac surgery, organ transplant to cosmetic surgery. Apart from the curative medicine, India also offers preventive medical care like regular health check ups and alternate medicine. However, India faces stiff competition from the other Asian countries like Singapore, Thailand and Malaysia in attracting the foreign patients. Though a lot of issues need to be addressed, India still attracts many foreign patients because of its highly skilled doctors who offer the medical services at very economical rates. The Indian government has also realized the potential of medical tourism and are taking active interest in promoting its medical services abroad.