Healthcare becoming costlier in developed countries: report

Source: livemint  | Author: Neetu Chandra Sharma l 13 Nov 2019 

NEW DELHI : As healthcare turns costlier in developed countries like USA and UK, India's Medial Value Travel (MVT) market is expected to become US$ 9 billion by 2020, a report released by Federation of Indian Chambers of Commerce and Industry (FICCI) in association with Ernst & Young (EY) a multinational professional services firm on Wednesday said.

The report titled ‘knowledge paper on India: Building best practices in healthcare services globally’ stated that major destination cities in India are Delhi, Mumbai, Chennai, Bangalore, Hyderabad, and Kolkata. A total of 27% of medical travelers visit Maharashtra out of which 80% go to Mumbai. Chennai attracts nearly 15% while Kerala handles around 5-7%.

According to the report, major source markets for India are countries from Southeast Asia, Middle East, Africa and SAARC region. More than 50% of medical travelers coming to India are from Bangladesh. India's offerings in the MVT space have led it to be one of the most popular MVT destinations. These offerings include affordable treatment, service and care and tourism.

“India has very strong traditional healthcare ways that will help in furthering the cause of healthcare not only in our country but also in the rest of the world," said Sangeeta Godbole, Director General, Services Export Promotion Council.

The report said that the quality of medical service is one of the hallmarks of India's position in global MVT. Currently, there are 38 Joint Commission International (JCI) and 619 National Accreditation Board for Hospitals & Healthcare Providers (NABH) accredited hospitals. Even being affordable, the mortality rate after 30 days of surgery is less in India (1.4%) compared to USA (1.9%) which shows the quality of post-operative care 11 provided by the Indian health service providers, it said.

“India with its ancient and modern heritage, diverse culture and astounding monuments is always an attraction for international tourists. Foreign patients coming to India for treatments, especially minor treatments, explore different tourist spots across the country. The pleasure and luxury coupled with world class treatment attracts patients from different regions of the world," the report said.

“Indian medical and wellness market is growing, and medical value travel is also adding to this growth. India has emerged as one of the fastest-growing markets in medical value travel and the National Medical Value Travel Committee at FICCI has been giving recommendations to the government, advocating policy change in the sector," Harish Pillai, Chair, FICCI MVT Committee, and Chief Executive Officer, Aster India, Aster DM Healthcare Ltd, said.