COVID- 19 proves fatal for the Medical Tourism Industry
A $9 billion Indian’s Health & Medical Tourism Industry stands still with the world pandemic
3rd April, New Delhi: Foundation of Healthcare & Wellness Promotion had a meeting to discuss the amidst the travel breakdown in the world and with no foreseen resolution to COVID 19 fears, the Medical Travel Industry of India comes to a standstill, at least for next few months. Medical Value Travel, which includes Patients Traveling to India for Treatment both in Modern Medicine and AYUSH sector, is estimated to be USD 3 bn market for India. Thought leaders of the industry were part of the meeting like Shinon Global, eExpedise Healthcare, Magnus Medi and HBG Medical Assistance to name a few.
Mr. Dalip Chopra, President of Foundation of Healthcare and Promotion, India, said, “There are many medical tourism players who have brought India to top of the world medical tourism map, unfortunately, today they stare at dark future”.
Mr Amit Sharma, Founder and CEO of eExpedise Healthcare said, “The fiscal damage to the MVT industry due to the novel Corona is estimated at almost 2.5 billion dollars if the corona conditions persist across the world for 6 months. This is equivalent to the revenue we would have generated over eight months if our business had progressed at the usual pace, without the unusual disruption caused by COVID-19. Most of this amount would have gone towards salaries and maintenance of our international offices, that generate patient flow to India”.
In view of the above dismal scenario, we urge the Govt. to take necessary steps to streamline the industry in the view of this pandemic.
1. Recognise MVT companies as an independent industry
2. The MVT Industry, driven purely by MVT companies, needs immediate financial stimulus and support. In absence of this, the industry not survive, resulting in immense foreseen and unforeseen forex losses, losses on account of widespread jobs and losses of multi-billion USD inflow opportunities in the near future.
3. Involve COVID impact council along with FICCI to support the MVT industry, which brings in so much forex to the country.
4. Reduce restrictions on international patients coming to India as soon as possible, with adequate measures to ensure such patients don’t spread COVID-19
Asia’s largest event which goes with the name Advantage Healthcare India and invites delegates from over 50 countries to showcase Indian Healthcare. The industry today is waiting to hear words of assurance from such esteemed bodies and hopes that the plea of the industry players will be taken up in right spirits. The importance of the service is such that Niti Ayog and Ministry of Commerce have included, Medical Travel Industry in one of the 12 champion sectors they wish to promote under services promotion council. FICCI too plays heavily on the industry and organizes