Medical Tourism in India Essay

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CASE STUDY ON MEDICAL TOURISM IN INDIA INDIAN MARKET, GROWTH, OPPORTUNITIES AND COMPETITION NMIMS “Strategy Implementation” Project 2014 PT- MBA 2nd Year, Division –A Submitted by Ajay Kumar (A05) Ganapathy (A16) Saurab (A45) Subramanian (A51) Bankim (A09) EXECUTIVE SUMMARY The Medical Tourism Industry in India is poised to be the next big success story after software. India is perceived as one of the fastest growing medical tourism destination. According to a recent RNCOS report “Booming Medical Tourism in India”, Indian medical tourism industry is anticipated to register a compound annual growth rate (CAGR) of more than 20 per cent during 2013-2015, therefore, creating huge scope for investments. The key competitive advantages of India in medical tourism are due to the following factor: low cost advantage, Innovation in Health care, strong reputation in the advanced healthcare segment (cardiovascular surgery, organ transplants, eye surgery) and the diversity of tourist destinations available in the country. The key concerns facing the industry include: Strong Quality standards across the hospitals, absence of government initiative, lack of a coordinated effort to promote the industry and the lack of uniform pricing policies and standards across hospitals. Various renowned Indian hospitals like Apollo, Fortis and Max, NH Hospital, Arvind Eye Care, Asian Heart, Medanta Medicity contributes a lot to promoting India as a Medical Tourism Destination around the world. Various experts’ echoes that earlier around 80% of foreign patients coming to India belong to the neighbouring countries viz. Iraq, Afghanistan, the former Soviet Union. But now patients have been coming

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