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NEW DELHI: India's medical tourism sector is feeling the heat of the global financial crisis. The economic meltdown means more people are putting on hold plans for a younger face or a perfect smile.
Fewer foreigners are coming to India for elective surgeries. Hospitals in the western state of Goa – a tourist hotspot – have reported a 50 per cent drop in number of foreign patients.
Analysts said procedures like cosmetic dentistry, dermatological treatment and Ayurvedic massages are waning in popularity as people become cautious of their spending.
Even companies in India are asking their staff to stay away from super-deluxe or luxury suites at hospitals.
Dr Sharan Patil, chairman, Sparsh Hospital, said: "What I can see happening is that people are postponing electro-surgical procedures like cosmetic surgeries. People are moving down from the deluxe, special and super special wards down to the middle wards or the lower wards."
While patients seeking beauty-related surgeries have declined, there has been no effect on other health-related surgeries as India offers a huge cost difference compared to countries such as the UK and US.
A joint replacement surgery in the US can cost nearly US$50,000 against only US$8,000 in India. So, doctors are confident that more and more tourists will choose India for immediate surgical procedures despite the economic slowdown.
The recession is also seen as a good opportunity for Indian healthcare providers to market themselves aggressively.
Dr Devi Shetty, chairman, Narayana Hrudayala, Bangalore, said: "This is the right time for massive expansion in healthcare industry because the days of premier payments for healthcare are gone. It's going to be essential services to save their lives. And it's a right time for groups like us to expand, go out of the country and set up hospitals."
India's medical tourism industry has been growing at 20 per cent annually and in the next two years, an additional US$6.5 billion worth of investment is expected.
Analysts said India's medicare sector will emerge as a world-class health destination amid the global cost cutting.
- CNA/so
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