The New Economy – Medical Tourism

India anticipates the medical-tourism sector to expand, with patients around the world seeking low-cost, high-quality treatment. The industry could be worth $2 billion in 2012, about six times its worth in 2004, a study from Ernst and Young projects. Depending on the medical procedure, treatment in India can cost about 12 to 20 percent what the same operation might cost in developed nations. As a result, physicians and speculators invest in massive medical complexes, designed to serve wealthy patients from abroad. The low costs are attributable not just to wages, but also to low costs for malpractice insurance and the lack of administrative costs associated with insurance. Writing for the Week, Sushma Ramachandran expresses hope that India finds a way to extend low-cost, state-of-the-art medical care to its own citizens as well as the patients from overseas seeking bargains. – YaleGlobal