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Offshore Medical
Medical Outsourcing
An Analysis of Moving Major Medical Treatments Offshore to Reduce Costs and it's Implications
Not too long ago the idea of traveling for medical treatments would have been unimaginable for most people. However, after a long streak of double digit cost increases in the medical industry in general, many procedures can be conducted on foreign shores for much less than can be performed in the United States; even when travel costs are included in the calculations. The globalization of healthcare will influence the United States healthcare system on many fronts and the increases in competitiveness should have overall positive implications for the economy. The healthcare consumers are likely the ones to benefit the most from the increases in competition however other industry players could benefit as well. Those who stand to lose the most are the firms with the most monopolistic market structures such as pharmaceutical companies. Despite having positive economic...
The globalization trend has allowed wealthier individuals from developing economies to seek care in industrialized nations as well as budget-conscious individuals from developed nations to seek less expensive care in other nations. It is estimated that there is in excess of six hundred million individuals internationally that travel to meet their healthcare needs.
The travel for medical procedures is most fueled by non-emergency procedures because these procedures can be scheduled far in advance. The can be substantial cost savings for those individuals that are unable to afford care in their domestic country. For example, a U.S. citizen could save in the neighborhood of sixty to eighty percent…
References
Carrera, B. (2006). Globalization and healthcare: understanding health and medical tourism. Expert Review of Pharmacoeconomics & Outcomes Research, 447-454.
Connell, J. (2006). Medical tourism: Sea, sun, sand and & #8230; surgery. Tourism Management, 1093-1100.
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