Medical tourism to become USD 100 billion industry by 2012

[GoFlyKiteNow]

Medical tourism to become USD 100 billion industry by 2012:
PTI, Dec 11, 2010, 01.17pm

DUBAI: The medical tourism sector is growing exponentially all over the world and is set to become a USD 100 billion sector by 2012, a new report has said.

The sector is growing at a rate of 20-30 per cent annually and is bound to continue its growth pattern in the years to come.

According to Frost and Sullivan, the business research and consulting firm, the medical tourism industry is currently a USD 78.5 billion industry [end-2010], catering to over three million patients who travel around the globe for medical care.

The Middle East is one of the latent source markets of patients and it is estimated that 20 per cent of healthcare seekers worldwide are from Gulf and Arab states.

Significantly, patients from UAE alone spend about USD 2 billion in healthcare travel on an annual basis.

As a result, many countries are targeting the region to woo guests and patients to their own medical tourism destinations.

Germany, in particular, and Europe, in general, have been primary medical tourism hubs and continue to lead the industry followed by India, Thailand,and Malaysia.

Boasting of an excellent healthcare system, high quality, safe and quick treatment, Germany is considered to be a top destination for patients from all over the world, and particularly from the Middle East, UK and the US.

Germany is also an attractive destination for patients from the region, in terms of distance, costs and tourism attractions.

A McKinsey and Company 2008 report also emphasizes that 40 per cent of medical travelers seek advanced technology, while 32 per cent seek better healthcare.

Another 15 per cent seek faster medical services while only 9 per cent of travelers seek lower costs as their primary consideration.

Samir Daqqaq, Senior Vice President - Development [Middle East and Africa] at Oetker Hotel Collection, said, "Middle East is one for the most important markets for us. We have been actively investing our time and resources in promoting the health benefits offered at Brenner's Park.

The rising health costs in developed countries, the opportunity to get world-class treatment coupled with the avenue to spend quality time in beautiful locales, are leading people to seek affordable health care elsewhere".
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[Dreamer1]

"Germany, in particular, and Europe, in general, have been primary medical tourism hubs and continue to lead the industry followed by India, Thailand,and Malaysia."

I am surprised that Singapore is not on the list.

But definitely,Malaysia,where a pot of gold is waiting for Entrepreneurs,who can combine halai food and Indian,Chinese and some Malay specialists plus generally pleasant & patient nurses.A sure winner.

Currently with the influx of Chinese tourists into Taiwan, a big opportunity in medical tourism has opened up for ROC,which probably has one of the best health insurance system in the world ,thoguh they are now going thro' some teething problems.

 

[KennyMGM]

"Germany, in particular, and Europe, in general, have been primary medical tourism hubs and continue to lead the industry followed by India, Thailand,and Malaysia."

I am surprised that Singapore is not on the list.

But definitely,Malaysia,where a pot of gold is waiting for Entrepreneurs,who can combine halai food and Indian,Chinese and some Malay specialists plus generally pleasant & patient nurses.A sure winner.

A friend of mine recently went to a hospital in JB after seeing their advert in Discovery channel a few times. KCP or KJP hospital. Cant remember the name now.

He was surprised. The place was modern, well equipped, swanky and clean. And there were so many visitors from Singapore, including angmos. The staff were very polite and professional with many specialist doctors.

In my friend case, he was examined by a specialist, his X ray and ultrasound taken. The specialist spent 20 minutes explaining his condition and appropriate medicine was prescribed. The entire process was over in 1 hour. He is fine now.

The bill was 525 Ringgit, (218 S$ ) inclusive of medicines.

 

[Dreamer1]

Several hospitals in Malaysia,JB,Malacca and KL are under Singapore medical groups.

 

[Dreamer1]

Medisave can be used in 12 Malaysian hospitals

Source: The Straits Times
Thursday, 11 | 02 | 2010
By: Salma Khalik

PATIENTS who want to use Medisave to pay for private care abroad will be able to do so at 12 hospitals and medical centres in Malaysia from next month.

The facilities, owned by two Singapore health-care groups, offer care which could cost as little as half what it does here.

Patients who opt for the Malaysian hospitals must be referred by the Singapore groups’ centres first. They can use money from their Medisave accounts only for day surgery or in-hospital admissions, subject to the same withdrawal limits as in Singapore.

The move, nearly a year in the making, gives Singaporeans, permanent residents and their immediate families more choice in where to receive in-patient and day surgery treatments.

The two groups are Health Management International (HMI), whose referral centre is its clinic in Balestier, and Parkway Holdings, whose referral centre is East Shore Hospital.

The ministry felt that having local partners would give an assurance of quality and prevent abuse, such as claims for unnecessary treatments, or bogus claims.

The referral centres must provide a pre-admission clinical assessment that the patient needs the treatment. The doctor here is also responsible for any follow-up care the patient might need.

Although Health Minister Khaw Boon Wan said in a blog post yesterday that the scheme might not attract many people, it is “still worthwhile as it gives Singaporeans more choices”.

Patients who get subsidised treatment here are unlikely to take up this offer, “as there will be no cost savings for them if they go overseas”, he said. Until now, Medisave could be used only in Singapore, or for emergency treatment overseas.

The proposal to extend it to cover elective hospital treatment overseas was first raised at a dialogue by a union leader in April 2008. Mr Khaw asked for a show of hands of who was in favour of such a move and most hands went up.

In March last year, the Health Ministry gave in-principle approval for the move. It decided that it would need Singapore partners as it had no jurisdiction over foreign hospitals.

Mr Khaw said: “The easiest thing for a regulator is to simply say ‘no’ to a proposal. MOH decided to say ‘yes’, to give the idea a try, closely monitor it, and to make refinements if necessary.”

Madam Halimah Yacob, deputy secretary-general of the National Trades Union Congress, who was present at the 2008 dialogue, lauded the ministry for the move.

The MP for Jurong GRC said: “It provides more choices for those who want to seek treatment from private hospitals yet want to stretch their dollar to do so by seeking cheaper but good quality treatment overseas.

“There are also people who travel and work in Malaysia and the current policy, which restricts them from using their Medisave, is a strain on their pockets.”

The move comes as a boon for Ms Serene Goh, a petrol station manager and permanent resident married to a Singaporean. Her mother, Madam Mah Boon Hong, who lives with her, is Malaysian and not entitled to health-care subsidies here. Now, Ms Goh will be able to use her Medisave to pay for her mother’s treatment at HMI’s Regency Specialist Hospital in Johor.

HMI executive chairman Gan See Khem said the Regency, an hour’s drive from Singapore, has 15 Singapore-based doctors working there part of the time, with more applying for the licence to practise in Malaysia.

This way, she noted, the same doctors can treat patients on both sides of the Causeway.

With the Medisave hurdle overcome, the question has turned to whether MediShield insurance coverage could also be extended to help pay the bills.

When contacted, NTUC Income said: “We are open to exploring the possibility of including coverage for policyholders who are referred by hospitals and medical facilities approved by MOH.”

Great Eastern said policyholders who buy its TotalShield Plus rider to the basic Shield plan are already covered for treatment in Malaysia.

 

[Dreamer1]

Health insurance: Malaysia fund poised to win Singapore health group Parkway
Posted 26 July, 2010 by Damian Dozol

Malaysia’s sovereign wealth fund Khazanah is poised to take over Singapore-based healthcare provider Parkway after Fortis Healthcare of India dropped its own takeover plans on Monday.

Integrated Healthcare, a wholly-owned Khazanah unit, announced a sweetened offer worth 3.5 billion Singapore dollars (2.57 billion US) for the remaining shares in Parkway Holdings it does not already own.

www.news-insurances.com/...malaysia...singapore...group-parkway/0167216796

 

[KennyMGM]

Several hospitals in Malaysia,JB,Malacca and KL are under Singapore medical groups.

Not sure about that.
There are many new private hospitals opening up in KL and other places
especially in the Iskandar Dev Region in Johor.

Some are from Europe, USA, India etc

 

[Dreamer1]

Not sure about that.
There are many new private hospitals opening up in KL and other places
especially in the Iskandar Dev Region in Johor.

Some are from Europe, USA, India etc

Are there new hospitals opening in Malaysia owned by Europeans,or American?

Pl kindly confirm,thank you

 

[Dreamer1]

For comparison

Gartner Says Worldwide Semiconductor Market to Grow 4.6 Percent as Revenue Reaches $314 Billion in 2011
Semiconductor Market Surpassing Landmark $300 Billion in Revenue in 2010

STAMFORD, Conn., December 9, 2010— As the semiconductor industry completes one of its most successful years in 2010, the market is positioned for continued, albeit slower, growth in 2011, according to the latest outlook by Gartner, Inc. Worldwide semiconductor revenue is forecast to total $314 billion in 2011, up 4.6 percent from 2010's estimated revenue of $300.3 billion.

Worldwide semiconductor revenue is on pace to grow 31.5 percent in 2010, as the industry is expected to surpass the $300 billion mark for the first time in its history. However, a modest chip correction began in the third quarter of 2010, and Gartner analysts estimate it's going to last four quarters.

"Third-quarter sequential semiconductor revenue growth was below the seasonal norm, and company guidance indicates that fourth-quarter growth will also fall short and likely become negative for the first time in six quarters," said Bryan Lewis, research vice president at Gartner. "The third quarter of 2010 was the turning point, as semiconductor manufacturing factory utilization rates peaked midyear and subsequently started to reduce chip lead times and average selling prices. Strong holiday electronic sales will be important in keeping the modest chip correction in check as we start 2011."

The memory segment forecast calls for the strongest semiconductor growth in 2010 as revenue will increase 49.8 percent. However, the memory market is the only segment forecast to decline in 2011, with revenue forecast to decrease 2.4 percent. DRAM is expected to decline 15.6 percent in 2011 due to weaker-than-expected PC demand and declining DRAM prices. NAND memory, however, is expected to grow 24%, as it is the main storage medium designed into many hot consumer electronic products.

From an application perspective, smartphones, mobile PCs and media tablets will fuel semiconductor growth through 2014. Media tablets are seeing rapid growth due to the success of the Apple iPad, and the market will continue to see strong growth with greater competition in this space. Gartner estimates that semiconductor revenue from media tablets will grow from $2.4 billion in 2010 to $17.8 billion in 2014.

In the PC market, consumer PC purchases have been below expectations, and the enterprise PC replacement cycle has weakened. However, some of this slowdown is being made up for by stronger-than-expected sales of media tablets. Semiconductor revenue from PCs is forecast to total $64 billion in 2010, a 34.8 percent increase from 2009. In 2011, semiconductor revenue from PCs is projected to decline 3.2 percent to $62 billion. The decline is the result of reduced DRAM prices in 2011. Revenue for other PC semiconductor components, including CPUs, will increase.

The outlook for mobile phone production has improved. Overall semiconductor revenue from mobile phones is on pace to total $48.7 billion in 2010, a 23.2 percent increase from 2009. In 2011, worldwide semiconductor revenue from mobile phones is projected to reach $55.4 billion, a 13.6 percent increase from 2010.

 

[KennyMGM]

Health insurance: Malaysia fund poised to win Singapore health group Parkway
Posted 26 July, 2010 by Damian Dozol

Malaysia’s sovereign wealth fund Khazanah is poised to take over Singapore-based healthcare provider Parkway after Fortis Healthcare of India dropped its own takeover plans on Monday.

Integrated Healthcare, a wholly-owned Khazanah unit, announced a sweetened offer worth 3.5 billion Singapore dollars (2.57 billion US) for the remaining shares in Parkway Holdings it does not already own.

www.news-insurances.com/...malaysia...singapore...group-parkway/0167216796

Fortis Healthcare of India . I remember this name. They plan to open a super specialty hosp in IDR . Also expanding in a big way in Malaysia by take over acquisitions. Reported in Star. Another one is Apollo group, also from India. They already operate in KL and Penang.

 

[Dreamer1]

Proton therapy

National Taiwan University Hospital in Taipei City, Taiwan received US 400 million donation from Foxconn, proton therapy center due for completion in 2010.
Chang Gung Memorial Hospital in Taipei County, Taiwan, proton therapy center due for completion in 2010.

www.worldlingo.com/ma/enwiki/en/Proton_therapy

www.sierraacai.com/prostate_cancer/Proton_therapy.html

 

[Dreamer1]

Fortis Healthcare of India . I remember this name. They plan to open a super specialty hosp in IDR . Also expanding in a big way in Malaysia by take over acquisitions. Reported in Star. Another one is Apollo group, also from India. They already operate in KL and Penang.

Yes,Indian medical groups are aggressive.Apollo is quite famous

Thanks

 

[KennyMGM]

Yes,Indian medical groups are aggressive.Apollo is quite famous

Thanks

Health care and Education are 2 imp sectors for Singapore. Losing the edge will be a big loss.

That friend of mine ( from Poland ) mentioned in my earlier post in this thread, who wen to the hosp in JB,- when he went to a local hosp here in Singapore, he was told that the registration charges alone was close to 100 Sing.

Whereas the entire treatment and medicine in JB cost him only 218 Sing. Is something out of the way in the costing and pricing in Singapore ?

 

[Dreamer1]

Health care and Education are 2 imp sectors for Singapore. Losing the edge will be a big loss.

That friend of mine ( from Poland ) mentioned in my earlier post in this thread, who wen to the hosp in JB,- when he went to a local hosp here in Singapore, he was told that the registration charges alone was close to 100 Sing.

Whereas the entire treatment and medicine in JB cost him only 218 Sing. Is something out of the way in the costing and pricing in Singapore ?

I think Singapore hospitals are taking the LKY's way,only the best & the most expensive will do!

Looking at that report,40 per cent of medical travelers seek advanced technology, while 32 per cent seek better healthcare.
Another 15 per cent seek faster medical services while only 9 per cent of travelers seek lower costs as their primary consideration.

Singapore is actually the country to beat in Asia for medical tourism,apart fr ROC's proton centres,now that Malaysia is catching up,I note that majority of our specialists are fr Malaysia,the logical way is to combine Spore+Malaysian resoucres,that can be a world champion.

Spore and Malaysia's new leadership should take a leaf out of Anglo-Dutch co-operation,Shell and Unilver.

One up for Khazanah as compared to Madam HO who insists to play in the world league.

 

[johnny333]

He was surprised. The place was modern, well equipped, swanky and clean. And there were so many visitors from Singapore, including angmos. The staff were very polite and professional with many specialist doctors.

In my friend case, he was examined by a specialist, his X ray and ultrasound taken. The specialist spent 20 minutes explaining his condition and appropriate medicine was prescribed. The entire process was over in 1 hour. He is fine now.

The bill was 525 Ringgit, (218 S$ ) inclusive of medicines.

CNA did a feature on Sporeans going to JB, Malaysia for medical treatment. While the program focused on Malaysian/Spore doctors with joint practises with Malaysian hospitals, in all cases the Sporeans saved a bundle$$$.

I've been to the JB hospitals for echo & Xrays. Just being your Spore IC & your credit card. Cheap & good

 

[syed putra]

malaysian private hospitals are owned by KPJ (govenrment of johore corp), Pantai(owned by Singapore's [parkway), Gleneagles(owned by singapore), new one by petronas and several smaller units like Tung Shin, etc.
But most elderly will seek aid at govenrment hospitals where charges are free or minimal for retiress.

 

[SeeaMike]

As far as my knowledge Germany has been the greatest hub of medical tourism and now we can say that USA has taken over it.Medical tourism facilitate the countries to share research.It is very helpful.