COVID19 - Effects on Medical Tourism
M.S. Guru Prasad M.A,M.Phil,MFT,DEM,PGDIB (IIFT).
Co-founder / Chief Growth Officer / Healthcare Consultant
The pandemic is going to have a very adverse effect on the Medical Tourism. International Travellers thought process will change drastically and will be too much cautious to travel anywhere for any reason and especially for medical tourism. Any patient has to undergo several layers of screening before travelling to a particular country for their treatment. India being a renowned country for medical destination, the international patients will be thinking twice to travel to India based on the COVID after effects. As on date, the number of deaths is far lesser than compared to any EU and this is one of the positive aspect for India. India's dependency on medical tourism is valued almost INR 3000 CR per annum and it is poised to grow further. But, based on the present scenario, there is an element of doubt on its growth @ CAGR 12%. Other obvious effects are, salary deductions, layoffs, deferred promotions to employees, etc.,.
Medical Value operators will be having a devastating effect due to this pandemic because of their total dependency on the international patients referral which is not going to happen unless the international flights start and the effect of pandemic lessens. The image of India is to be upheld by coming out of this COVID 19 in a successful manner and being a forerunner amongst the other countries.
We are sure that India will be diversifying its interests and dependency in the future. Also, to note that the loss on the medical tourism will surely be compensated by the export of medical equipments, disposables, pharmacies, etc., in the future. In the news, there are many companies that are in the process of relocating from China to India, which is also a positive effect of this post pandemic.
Thanks & regards,
M.S. Guru Prasad,
Group Head - Narayana Health,
Bangalore.
| Healthcare | | Sports & Music | | Firebrand & Team man | | Communications & storytelling || Passionate about #crafting #compelling content and building engaged communities. Advance Certificate - communication (MICA)
4 年Well Said Sir..????
Healthcare Professional
4 年Although it is not going to be same market for International Business as before but going by what India stands apart from ROW in the current scenario... the marketing for MT is done by our country itself.. hopeful that though not less than one year but the market would stand up again.... ALL OF US LETS STAND UNITED.
Vice President | Global Head | Strategic Sales & Marketing | ISB
4 年Hi. The figure of 3000INR which is about .4 billion USD is too low. I am sure it is significantly higher
General Manager Marketing-Group at NMC Healthcare,Abu Dhabi
4 年International Travel and Airline industry itself will take a massive beating so imagine what the status would be of MT. Post Covid the cost of treatment is going to go up and only a handful of the affordable patients will take the risk of travelling that too for some high end cutting edge treatment option. MT in India is over hyped and is at the mercy of some unorganized pimps who run this racket ( hand in glove with Hospital management ) with very few of the Hospitals making money. Eventually Hospitals and Doctors will start going to the patient which is already happening with Indian Hospitals setting shop outside the country. Many Doctors already operate outside and this number is going to go up with relaxation of licencing in these countries post covid. God forbidding I hope and pray that we don't go to that extreme.
Co-founder / Chief Growth Officer / Healthcare Consultant
4 年Thanks Thomas - please add all alternative therapies and treatments that get inbound medical tourism. Regards.