Article from Philstar.com by Wilson Lee Flores

     Medical tourism is a rapidly growing industry that encourages investors and entrepreneurs to invest in an industry that’s not only booming, but is also good for the country and its people. Medical tourism is a $6 billion dollar industry in Asia alone. The Philippines contributes around $300 million whilst Singapore pushes out about half of the total of Asia. “Of the 2000 to 2200 hospitals in the Philippines, about 55% are private” [1] This shows that the Philippine medical care is a viable industry to invest in. The Philippines should start now and strive to take a higher percentage of the market share in Asia. The reason why medical tourism is a profitable and morally good investment to partake in is because of the trickle-down effect that medical tourism can induce. By investing in medical tourism, the Philippines can gain more ground economically by profiting more from this industry. This also means that the technological advancements and medical developments that are developed from Medical tourism will eventually reach the entire medical market. Technologies, doctors, and even medical practices that are brought in from medical tourism will eventually lead widespread improvements in public healthcare as well due to the new degree of standards and practices. Off course, this would not happen right away or until medical tourism becomes big enough in the Philippines to have its trickle-down effect on the country. Finally, Medical tourism is not only limited to serving foreigners of the country but also its local inhabitants. Many Filipinos themselves go to Singapore for medical services. It is up to the Philippines and its investors to capitalize on this market by providing the Filipino people with the alternative to have their medical services performed in the Philippines because the Philippines already has great modern medical services, and it can only improve more with investments in Medical tourism.

[1] De dios, Emmanuelle regarding medical care in the Philippines.

Authors:
Advani, Hermant
Macapagal, Louine
Olinares, Grace
Park, Jong Hwan





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