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Medical Tourism To Play Significant Role In Recovery Of Asian Economies
Asian economies are expected to fully recover from effects of the global recession
, with the medical tourism and retirement sectors touted as sunrise industries that will propel the economic growth of the region.The Asian Development Bank (ADB) earlier said that developing Asia's GDP would grow by 7.5% this year, a big leap from 5.2% in 2009. The projected growth rate is higher than those of other parts in the world.
According to Dr. Sanjiv Malik, Honorary Chairman of the International Summit on Medical Travel, Wellness and Retirement (IMWell Summit), this growth momentum will be driven in part by international healthcare travel, with patients leaving for other countries to seek health and wellness.
More and more people from the US, UK and Europe have considered traveling to countries like India, Philippines, Thailand, Singapore and Malaysia as a viable option to getting treated in their own country, which usually have long wait times and overburdened healthcare system. The demand for medical and wellness services in Asia is robust and will still continue to rise," said Dr. Malik, an expert in global healthcare.
An industry report revealed that the Asian medical tourism industry will grow by 16% from 2010 to 2012.
The recent passage of US President Obamas healthcare reform will also positively impact the medical tourism industry. With the expansion of insurance coverage to 32 million uninsured Americans, more patients are anticipated by hospitals and clinics in Asian countries to avail of medical procedures and treatments at a fraction of the amount that they would have spent on the same service in the US.
In addition, some Asian countries are also gaining popularity as retirement havens, with the silver market composed of senior citizens and baby boomers from Western countries leaving their homeland for tropical destinations. Meeting the needs of this group is seen to be a major economic driver not just for the healthcare industry in the region, but also for the property sector.
Optimistic about the fast-growing medical, wellness and retirement industries in Asia, various countries have joined forces to stage the IMWell Summit, which will be held on October 12-15, 2010 at the Makati Shangri-La Hotel, Philippines.
"There is a growing need for regional cooperation aimed at developing and strengthening the medical travel, wellness and retirement sectors, and the IMWell Summit addresses exactly this issue. This landmark event provides a platform where delegates and participants can share their thoughts and best practices, as well as find ways that will sustain the growth and development of healthcare travel and retirement in Asia," said Philippines Tourism Promotions Board Chief Operating Officer Cynthia Carrion, who also acts as the Chairperson of the IMWell Summit.
The four-day event features a full agenda that includes plenary sessions on Industry Perspectives, Opportunities and Risks; Regional Presentation of Best Practices; Global Opportunities in the Retirement Industry; Marketing and Branding for Global Markets; Quality Management and the Continuity of Care; and the Future of Medical Tourism and Healthcare Travel Industry.
Our topics aim to develop and strengthen trade in healthcare goods and services in the interest of participating countries and for the benefit of international patients and retirees. They also serve to determine how organizations and countries can enhance positive gains and avoid risks resulting from international healthcare travel, said Joyce Alumno, IMWell Summit Conference Director.
In line with this, the event features a Hosted Buyer Program, which will present opportunities for companies and organizations to collaborate and forge mutually beneficial alliances. B2B interactions and one-on-one sessions will be held for buyers to meet with exhibitors and other delegates, enabling them to maximize networking and business opportunities during the event.
The IMWell Summit also includes Executive Workshops about Balanced Score Card in Healthcare Organization and Effective Leadership Styles in Healthcare Organization. Four break-out conference tracks will be presented: Quality in Healthcare, Marketing, Investment and Capacity Building, and Retirement, giving an in-depth look at each specific aspect of medical and wellness tourism.
The IMWell Summit is produced and organized by HIM Communications, supported by the Department of Tourism as Host and Presentor, and in collaboration with the Department of Health, Department of Trade and Industry, Retirement and Healthcare Coalition, Health and Wellness Alliance of the Philippines, Philippine Chamber of Commerce and Industry, and Philippine Wellness and Spa Association, with HealthCORE and Asian Academy for Healthcare Executives as Knowledge Partners.
For more information about the event, please visit www.IMWellSummit.com, or call (63 2) 910.8030 or 468.9999, or email imwellsummit@himcommunications.com.
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