The modern medicine sector in Kerala has the potential to generate an income of ₹100 crore per month from medical value tourism, according to experts.
The modern medicine sector in the State is now earning around ₹30-40 crore per month from the medical value travellers, they said while addressing the 11th edition of the Kerala Health Tourism 2024 and the 6th Global Ayurveda Summit.
Speaking to media persons on the side-lines of the two-day summit Nihaj G Mohammed, Chief Executive Officer of the Kozhikode-based Meitra Hospital said the State has great potential to further enhance its proximity to the Middle East region to attract medical value travellers.
The maximum number of patients coming to Kerala seeking modern medical treatment is from Oman, he said.
PV Louis Co-Convener, CII Kerala Healthcare Panel, and Managing Director of Medical Trust Hospital also stressed the importance of leveraging the advantages of Kerala to attract more medical value travellers. The quality of healthcare services in a cost-effective manner is the unique advantage of Kerala.
The speakers also highlighted the good potential of the State to emerge as a manufacturing hub for medical devices and pharmaceuticals.
Kerala Medical Value Travel Vision 2030, a report prepared by KPMG and the Confederation of Indian Industry, said “The healthcare sector in Kerala has huge potential for medical tourism and attracting foreign investment”.
The report has called for a state-level policy and guidelines “for medical and wellness tourism development and the promotion for projecting the State as the best destination for medical tourism globally”.
The report recommended that “the guidelines should outline the operating framework for providers, operations and patient management emphasizing on patient safety and quality of healthcare based upon international standards”.
Addressing a session on Startups, Senu Sam, CEO of Mykare Health a start-up venture in the healthcare sector said Kerala should aim at generating $10 billion from medical value tourism.
Thailand generates $15 billion from medical value tourism every year, he said and, added that Kerala with its strengths in modern medicine, ayurveda, and tourism should take the necessary policy initiatives to realize its growth potential in the sector.
The CII Kerala spearheaded the Global Ayurveda Summit and Kerala Health Tourism 2024 with support from the Ministry of Ayush and Central and state governments.