The Medical tourism sector in India is experiencing a big boom. India is ranked 7 amongst the 20 wellness tourism markets and an estimated 1.4 million medical tourists visited India in the past year generating 16.3 billion USD in revenue. The sector creates 14 million job opportunities which are expected to go up to 24 million by 2032.
A key aspect of the Medical Tourism sector lies in making payments and the challenges involved in it. Experts in the field reiterate the role that an international currency plays in elevating the overall experience within the country. This also boosts the confidence of caregivers as they are equal decision-makers as patients in this process.
Many hospitals are constrained by an established cash acceptance limit, and it is imperative that the entire medical value chain, which includes hospitals, diagnostics, pharmacies, and nursing care providers, is served by an international currency so that patients don’t have to go through the burden of relying on expensive currency exchanges.
Apart from bolstering trust and reducing anxiety, the internationalization of the Rupee can also lead to streamlined booking and coordination, ease of travel, and cost transparency. It will inspire more medical value travelers to pick India as their ideal destination.
As countries such as Malaysia, Thailand, and Turkey vie for a larger share of the medical tourism industry, India needs to have an international currency to stay ahead in the race and ensure convenience to those visiting for medical purposes.