PHILIPPINES EMERGING MAJOR PLAYER IN MEDICAL TOURISM INDRUSTRY - STUDY
By Kate Evangelista
8:10 pm | Thursday, February 2nd, 2012
MANILA, Philippines – The Philippines may have found its next sunrise industry in the medical tourism field.
A study titled “Philippine Medical Tourism Compendium 2011: Facts, Figures & Strategies” estimated that the country earned a total of $1.30 billion from health care and wellness services in the period of 2006 to 2010. The study also projected that the Philippines has the potential to earn as much as $1 billion in additional annual revenue by 2018 or earlier if it would invest thoroughly on healthcare infrastructures, more open and liberal travel arrangements for medical tourists and lay down an extensive international marketing promotions campaign.
The study, conducted by healthcare business intelligence firm Healthcore, indicated that the earnings were from overseas foreign tourists and balikbayans who visited during the period of the study.
The research noted that the Philippines has a high potential to grab a larger market share in the global medical tourism industry based on the following criteria: High level of quality in healthcare; Competitive cost of healthcare services; Large supply of competent healthcare professionals; English communication skill, and culture of compassion and service; and Geographical proximity to countries that have expensive medical services such as Guam and Micronesia, Australia, Japan, South Korea and Taiwan.
The study noted that top tertiary hospitals in the Philippines have state-of-the-art medical and hospital facilities and were staffed with highly qualified medical consultants, doctors, nurses and other personnel. It added that at least eight hospitals and clinics were now accredited by various international accreditation agencies.
The Philippines also has a competitive edge since these world-class health