Long queues, skyrocketing healthcare costs and unaffordable private insurance schemes are driving millions of frustrated patients to look elsewhere when it comes to medical care. For the ROC government, this trend represents a lucrative opportunity to further Taiwan’s economic development while positioning the nation as a major player in one of the biggest growth industries of the 21st century: medical tourism.
To this end, internationalized healthcare is one of 10 emerging service industries selected by the government for intensive development. Under the Cabinet’s four-year, NT$86.4 billion (US$2.69 billion) “Health Care Value-added Platinum Program,” local cross-border medical services are being strengthened through branding promotion and inter-industry alliances aimed at attracting medical tourists. The plan is expected to boost healthcare industry production by NT$346.4 billion and add 310,000 jobs by 2012.
The drive to develop medical tourism is well-timed and makes sense given the size of the numbers involved. According to a January report published in The Independent, a U.K.-based newspaper, the estimated number of medical tourists worldwide each year ranges from four million to 617 million in a trade worth between US$4 billion and US$513 billion.
Asia is a leader in tapping this burgeoning global industry, with India, Singapore and Thailand among the most popular destinations. Malaysia and South Korea are now pushing hard to join this club, meaning that the government cannot lose any time in capitalizing upon the numerous advantages Taiwan enjoys in this field.
World-class physicians, state-of-the-art health service technologies and low treatment costs in comparison to Western nations is putting Taiwan on the lips of many patients seeking to travel abroad for medical care and take advantage of reduced costs and wait times. Patients Without Borders, a U.S.-based medical facilitator, has noted this trend and now lists several of the island’s hospitals as providing outstanding value and quality for American patients.
Taiwan’s growing reputation as a “sleeping giant” of the medical tourism world is also confirmed with top-flight rankings for health infrastructure and standards by such organizations as the Economist Intelligence Unit and Swiss-based International Institute for Management Development, or IMD. In addition, “Sick Around the World,” a documentary aired by America’s Public Broadcasting Service last year, found the island’s medical system to be as good as those in advanced countries such as Germany, Japan, Switzerland and the U.K.
But as bright as Taiwan’s medical tourism prospects look on paper, the proof of the pudding lies across the strait. The easing of travel restrictions has resulted in more mainlanders seeking medical care on the island, and with up to 500 individual visits per day possibly set to begin early next year, Taiwan should have a head start on its Asian rivals in carving out a lucrative slice of the outbound mainland medical tourism market.
ROC government efforts to promote medical tourism in Taiwan are readying the nation to become one of the hottest spots on the international healthcare map. With additional programs and support initiatives in the works, these ongoing measures lend considerable promise to the future prospects of this healthy industry.
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