Managing competition in globalization of healthcare dr prem jagyasi
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Managing competition in globalization of healthcare dr prem jagyasi
- 1. Managing Competition in Globalization of Healthcare Dr Prem Jagyasi ChMC, MBA, PGDHHM, BEMS Chartered Management Consultant Medical Tourism Consultant Group Director – Marketing - Lifeline Healthcare, Dubai Chief Strategic Officer – Medical Tourism Association, USA*
- 2. Globalization of Healthcare Rise of Medical travel / medical tourism / global healthcare Challenges for GCC Industry Competition on wrong objectives Transforming one way street into in to two way global healthcare. Achieving Win-Win Managing Competition in Globalization of Healthcare
- 4. Rise of Medical Tourism | Industry Driver & Lifecycle
- 5. Potential Target Markets USA Market • Cost Based Market • 45m without Insurance and 250m without sufficient Insurance • Malpractice Insurance is 25 time costlier than India UK Market • Need Based Market • Very High Waiting Time • 2.2 Practitioner per thousand below than Ideal 2.9 Canada Market • Need Based Market • 782,936 people were in waiting list in 2005 • Critical procedure waiting time is one to two year GCC Market • Need Specialized Care • Demand is Higher than Supply • Struggling Healthcare because of rapid development No Affordability + No Accessibility
- 6. Current Medical Tourism Industry Life Cycle EARLY STAGE •No competition •Early adaptors •Innovation EMERGE STAGE •Competition Starts •No Price War •New Entrance DECLINE STAGE •Supply > Demand •Substitute Exists •Volume Down MATURE STAGE •Fierce Competition •Excess Capacity •Price War Medical Tourism Global Healthcare
- 7. Competition on wrong objectives Competition on cost, not on value Competition to capture patients Competition to move economy from country to country Competition to make one way street Healthcare Services focus is shifting from local to international patients
- 8. Managing Competition on Global Level The total outcome should be measured by total value for patients, not by total cost The circulation of health professionals rather than circulation of patients Extreme exchange of Healthcare Resources
- 9. Managing Competition for Global Healthcare Focus on Affordability & Accessibility Avoid copying the healthcare systems of other non- similar economies Focus on Preventions More Outpatient & Day Surgical Services No national geographic boundaries by Insurance providers. Provide accessibility within nation. Common IT platform and integration across the country. Common Health Information Systems. Active participation in Medical Tourism Industry Provide support to private healthcare industry Be prepared for Geriatric Care
- 10. Copyright / Disclaimer This presentation is designed/truncated for online use only, it provide brief information on subject. The presentation is for information purpose only. No material within this presentation may be copied, in any form, for public, private, or commercial use without prior approval. Sourced information in this presentation may have copyright material of respected owner. Healthcare for Islamic Patient is for information only. The presentation is not complete without audio commentary. Presenter holds no responsibility/liability. For more Updated presentations please visit www.DrPrem.com
- 11. Managing Competition in Globalization of Healthcare Dr Prem Jagyasi Chartered Management Consultant Medical Tourism Consultant
Editor's Notes
- Good Morning / Afternoon Ladies & Gentleman. I am going to talk about Globalization of Healthcare. Many health leaders & professionals from this part of the world are not aware about the globalization of healthcare, but it is new buzz word for several countries specially, Asian countries. The Medical Tourism is the direct result of Globalization of Healthcare. Medical tourism has offered several benefits to patients including high quality & personalized care medical services at very low price. We call First world treatment at third world price. It is estimated that Medical tourism industry is worth up to 60 billion dollar, and is growing with rapid speed. But, Why I am talking about Medical Tourism here. It is very important for me to explain the reason. I serve as Chief Strategic Officer for a non-profit organization based in USA called Medical Tourism Association. I am deeply involved with this industry have traveled to many countries. At MTA we set standards & Benchmark for Medical Tourism Industry. Recently we evaluated that competition in medical tourism operates on wrong level so thought to share my views with you.
- Major part of my presentation will be focused on Medical Tourism. I will define different terms. Then I will discuss about key drivers of this emerging Industry. Last few slides of my presentation will throw light on Dark side of Medical Tourism. Also, watch out for my concer How organizations & Healthcare Authorities can develop win-win healthcare objectives.
- Medical travel is not new word, many years ago greed patient traveled to place called epidura, then roman & Britain patient traveled for water & spa treatment. The first recorded instance of Medical travel was when Florence (Mother of Nursing Services) started referring patients from Switzerland to turkey. Then Cuba started forma medical travel promotion, followed by Argentina, Mexico brazil….etc. But in the last decade, developing Asian countries started attracting developed world, inviting them for benefits of low cost medical services combining with the joy of tourism attraction. This why a term called Medical Tourism was coined. In my opinion the current medical tourism work as one way street at MTA we are trying to develop two street which will lead this industry to Global Healthcare Industry.
- Now I would like to discuss about What are the key factors
- After traveling several countries, I have evaluated that GCC is also target market in medical tourism industry. We are also trying to build world class infrastructure, benchmarking, accreditation, compulsory insurance policies, top-notch facilities. But are we seriously looking at affordability & accessibility. According to Mckinsey, tare going to rise from 12billion dollar to 60billion dollar in just next few years. Health diseases are going to increase by 240%. The healthcare expenses in GCC. If we do not work on Affordability & Accessibility, let me assure you Asian countries are just knocking our door for patients. And we will remain as target market in this industry.
- Anyway, lets go back to my topic. Every industry has lifecycle. Life cycle models are not just for the life sciences. All Industries experience a similar cycle of life. Just as a person is born, grows, matures, and eventually experiences decline and ultimately death, so too do industries. Medical tourism industry has already passed early stage. As Medical tourism industry is currently at merging stage, there is significant escalation in consumers & producers. Fast followers will enter market, this is where the competition is going to start. Providers would like to identify target market s and exploit them. We need to build strong healthcare system before the industry reach mature stage.