Medical Travel to India has now reached a certain level of maturity and business size and it has started getting serious attention from all manner of people. Back of the envelope calculations indicate that the opportunity today is approx. USD 500 mn and growing at least 30% or more pa. And these numbers are only the revenue that Indian Hospitals generate from patients traveling to India for medical treatment. Add to this the possible revenue from their stay in hotels in India and the airfare, we are perhaps staring at a business opportunity worth close to USD 1 bn today.
Strangely, for a business opportunity of this size, we still do not have organised players in the market. Almost all the patients traveling to India are being facilitated by small time medical travel operators, who make a commission in the process. Sadly most of these facilitators are completely unorganized, bring in patients through their personal contacts in places like Iraq and Nigeria and have very little resources to support or provide a vow experience to the patients. Many of them started as translators, who were hired by the hospitals as they received the first wave of foreign patients. They interacted with these hapless patients and earned their trust, branched off on their own and started getting patients referred by those who had come earlier.
While, these folks have so far done a reasonable job of patient facilitation, the time is ripe for the advent of the new generation of medical travel operators. These would in all likelihood be young entrepreneurs, tech-savvy and more in tune with the needs of our ”experiences” driven service economy. They would probably be initially supported by some of the larger Indian Hospitals, who would of course benefit immensely from foreign patients reaching their doors much better looked after. They would also hope to benefit from more patients coming through.
At Fortis Healthcare, which is India’s largest healthcare company and where I work, we are encouraging this trend. We would like to work with and support medical travel operators, who are professionally driven and are much better organised in joining us in sourcing international patients. We are identifying potential partners in various parts of the world and beginning to work with them in an effort to create a new and a different kind of eco-system. Hopefully, this would allow for a far better and a completely seamless experience to the patients who are traveling to us from all parts of the world.
I also believe that very soon we will have large travel operators also entering the business. The business case is so compelling that they can not really afford to stay out. Recent reports have indicated that Thomas Cook has decided to enter the market and I have had several discussions with Abercrombie and Kent, who are already setting up the medical travel infrastructure that they need, to roll out the business across multiple continents. They are exploring markets as far as Eastern Africa and Middle East where they are setting up information and patient facilitation centres to help connect patients to hospitals.
At the global level with medical travel destinations like Jordan and Turkey in Asia, Costa Rica and Panama in Central and Latin America, China and South Korea in the far East emerging as the new medical travel destinations (Thailand and India being there for several years now) the sky is really the limit. A global operator can easily facilitate patients into hospitals in any of these countries. Moreover, this would also provide their existing travel businesses a significant bump up as patients traveling to hospitals are usually accompanied by family and friends. Thus more air tickets and more hotel nights will directly contribute to their existing travel businesses.
Honestly, I have been quite baffled that large travel companies have so far not stepped in. My best guess is that they haven’t really looked upon medical travel as a large enough a business for them to get into. Medical travel in India has grown quietly. Not many people outside the healthcare industry, fully know about the extent of the business today even less about its potential. Also, they are is still a serious lack of awareness about the profile of medical travelers. Today we have patients in our hospitals at Fortis who have traveled thousands of miles and have come for extremely high-end medical procedures such as transplants and challenging paediatric cardiac surgeries.
Something in my bones tells me all this is about to end. Patients, should now be able to choose their hospitals and doctors anywhere in the world a lot more transparently, have their travel arrangements done professionally and receive the world’s finest medical care without the worries of a rickety and unreliable system which exists today.
Patients should be able to travel to their doctors and their hospitals a lot more sure about what they truly are getting into free of worries from everything except their medical condition.