Government austerity measures could lead to a rise in the number of UK patients traveling abroad for medical treatment, if NHS waiting lists start to lengthen. Many could end up going to newer EU member states such as Poland and Bulgaria, finds a new report from the Economist Intelligence Unit.
The report, entitled "Travelling for health: the potential for medical tourism", looks at the push and pull factors behind the growth of the medical tourism industry. It predicts that, thanks to ageing populations and restricted healthcare budgets, the flow of medical tourists is shifting. Whereas rich patients from developing countries used to come to prestigious hospitals in the UK and elsewhere for treatment, now UK patients are starting to travel abroad for lower cost care.
Often patients go to access care that they cannot obtain under the NHS, either because it is not funded or because waiting lists are too long. This trend could be encouraged by the EU Directive on Cross-Border Healthcare, which was passed in January 2011 and comes into force in 2013. The Directive establishes patients' rights to be reimbursed for treatment they receive in other EU countries, and could lead to more West Europeans travelling to Eastern Europe for care.
The report also looks at the US, where it predicts that the US healthcare reforms – despite meaning that more Americans will have healthcare insurance – will encourage medical tourism, as hard-pressed companies and insurers look for cheaper treatment options in an attempt to keep down premiums.
Overall, the report concludes that low costs, as well as medical expertise, are becoming the main drivers of the industry. This should play into the hands of developing countries that are keen to develop a medical tourism industry not only to bring in revenues but also to develop expertise inside their nascent healthcare systems.
To benefit, countries therefore need to offer a combination of medical expertise, low costs, and an environment that offers security both for patients and for the private healthcare companies that drive the medical tourism business. The report uses data on 60 countries to pinpoint which countries offer the best combination of these factors.
Top of the ranking comes France, while other developed countries such as the US and Germany also scored highly on the back of their medical skills and general business environment. The UK is less well-placed to benefit, partly because of comparatively high healthcare costs and partly because it has only a small private healthcare sector.
A number of developing countries also came nearer the top of the rankings, by offering a combination of medical expertise and low costs. Among them were Mexico, Poland, Bulgaria and India, which will also benefit from growing wealth levels. The report suggests that these countries are well-placed to develop medical tourism industries that will create much-needed healthcare jobs and expertise, as well as generating revenues.
But the report warns that to make the most of this opportunity, governments and private companies will need to work together to ensure that the benefits from medical tourism trickle down to the wider population. The industry will also need to develop consistent hospital accreditation and legal framework, so that patients can be sure that they will receive the standard of care they were expecting.
Travelling for health: The potential for medical tourism is available from the Economist Intelligence Unit.
About the Economist Intelligence Unit
The Economist Intelligence Unit (EIU) is the world's leading resource for economic and business research, forecasting and analysis. It provides accurate and impartial intelligence for companies, government agencies, financial institutions and academic organisations around the globe, inspiring business leaders to act with confidence since 1946. EIU products include its flagship Country Reports service, providing political and economic analysis for 195 countries, and a portfolio of subscription-based data and forecasting services. The company also undertakes bespoke research and analysis projects on individual markets and business sectors. More information is available at www.eiu.com
The EIU is headquartered in London, UK, with offices in more than 40 cities and a network of some 650 country experts and analysts worldwide. It operates independently as the business-to-business arm of The Economist Group, the leading source of analysis on international business and world affairs.
Methodology of the survey
The Travelling for health Index and Overview assesses data from 60 countries to pinpoint which countries offer the best combination of the factors that drive the medical tourism business. These factors are medical expertise, low costs, and a secure environment for both the patients and the private healthcare companies.
+44 (0)207 592 7932
+44 (0)207 932 1851
Tel : +44 (0)207 592 7927
This press release was distributed by ResponseSource Press Release Wire on behalf of Grayling in the following categories: Health, Business & Finance, Medical & Pharmaceutical, Media & Marketing, for more information visit https://pressreleasewire.responsesource.com/about.