Destination Medicine - Medical destinations

Panama relies heavily on tourism of all sorts

1. Panama :Panama offers significantly lower costs for medical procedures just south of the U.S. border. Costs, on average, are 40 to 70 percent lower than costs of similar surgeries in the U.S., according to a report on medical tourism published by the National Center for Policy Analysis (NCPA) last November. Although costs for medical procedures are generally higher compared to those of Southeast Asian countries, travel costs from the U.S. to Panama are considerably lower.

Panama is a relatively “Americanized” country and an attractive place for both regular tourists and medical tourists to visit. Panama City is a relatively safe and modern destination; the U.S. dollar is the country’s official currency, and many of the physicians are U.S.-trained. Consequently, U.S. patients are less likely to experience a high degree of culture shock when seeking care in Panama.

Medical tourism should have a positive impact on Panama’s economy, which relies heavily on the services industry. The medical tourism industry can also help to utilize Panama’s labor force of approximately 1.5 million people, which has a surplus of unskilled labor, according to the CIA World Factbook.

In general, Panama has shown commitment to improving its economy in fostering trade relations with the U.S. Rather than participate in Central America Free Trade Agreement (CAFTA), Panama independently negotiated a free trade agreement with the US in December 2006. Finally, Panama presents a wide range of opportunities for real estate investments as well as investments in the service and tourism-related industries.

2. Brazil

Brazil has become an international mecca for cosmetic and plastic surgeries. Its road to fame in medical tourism began with Ivo Pitanguy, the world-renowned plastic surgeon who opened a clinic outside of Rio de Janeiro more than 40 years ago. It is the second largest market for plastic surgery in the world, behind the U.S., which is most likely attributed to the high quality of service and low cost compared to other countries.

Brazil is also becoming a medical tourism destination for other types of procedures in its own right. In terms of general medical treatment, Brazil has the most hospitals of any country outside the U.S. that are fully accredited by the Joint Commission (JCAHO), the largest U.S. hospital accreditation organization, according to the website for medical tourism service company MedRetreat.

São Paulo, the largest city in Brazil, is considered to have some of the world’s best equipped hospitals, advanced evaluation procedures and highly skilled physicians, according to BrazilMedicalTourism.com, a website hosted by Sphera Internacional.

Brazil can be reached from most U.S. cities within eight to 12 hours by plane.

Brazil is predicted to become one of the world’s most dominant economies in the future, according to the BRIC theory proposed by Jim O’Neill of Goldman Sachs. Furthermore, Brazil’s property sector appears favorable for foreign investment.

A mosque near the Petronas Towers in Kuala Lumpur

3. Malaysia :Malaysia’s medical tourism industry has seen staggering growth over recent years. The number of foreigners seeking healthcare services in Malaysia has grown from 75,210 patients in 2001 to 296,687 patients in 2006, according to the Association of Private Hospitals Malaysia. The large volume of patients in 2006 brought approximately $59 million in revenue. The Association of Private Hospitals Malaysia projected that the number of foreigners seeking medical treatment in Malaysia will continue to grow at a rate of 30 percent a year until 2010.

Malaysia offers a wide array of medical procedures—including dental, cosmetic and cardiac surgeries—at significantly lower costs than in the U.S. In Malaysia, cardiac bypass surgery, for example, costs around $6,000 to $7,000, according to a publication released by Tourism Malaysia last November.

Malaysia attracts medical tourists and investors alike for its favorable exchange rate, political and economic stability and high rate of literacy. The country also offers a comprehensive network of hospitals and clinics, with 88.5 percent of the population living within three miles of a public health clinic or private practitioner, according to statistics quoted on Hospitals-Malaysia.org.

In addition, Malaysia’s real estate market offers the potential for significant returns.

4. Costa Rica

Costa Rica, like Panama, has become a popular destination among North American patients for inexpensive, high-quality medical care “without a trans-Pacific flight,” according to experts quoted in the University of Delaware’s UDaily news in 2005. The convenience of travel has made the country a particularly attractive destination for American patients, as Costa Rica can be reached from most U.S. cities within seven to 10 hours of flight time.

Around 150,000 foreigners sought care in Costa Rica in 2006, according to the NCPA report published last November. Often, foreign patients travel to Costa Rica for the low costs of dental work and plastic surgery. Costs of procedures in Costa Rica are generally less than half the cost of the same procedures in the U.S.; the price of a dental veneer, for instance, is approximately $350 in Panama, whereas the same procedure is $1,250 in the U.S., according to the website for Medical Tourism of Costa Rica, a medical travel service company.

The country’s political stability, high education levels and the fiscal incentives offered in free-trade zones have attracted substantial foreign investment, according to the CIA World Factbook. The Costa Rican government seems to be taking steps to further encourage foreign investment in the country; in October 2007, a national referendum voted in favor of the U.S.-Central American Free Trade Agreement (CAFTA). Successful implementation by March 2008 should result in an improved investment climate.

Consumer Health World