Globalization of Healthcare

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Globalization of Healthcare Globalization in healthcare is a topic that has been the subject of many debates worldwide. While practically the entire world is becoming a global village due to globalization, the healthcare industry was considered to be invulnerable to this trend. This was attributed to the fact that healthcare is a service industry, where service is delivered on area of purchase. However many developments not only in the healthcare industry but in the entire economical sphere as a whole have seen the aspects of globalization. As a result globalization in the healthcare industry is a common phenomenon in the contemporary world. As the healthcare industry across global boundaries becomes increasingly intertwined,…show more content…
➢ High medical costs have also made some insurance companies seek for offshore medical services that exceed twenty thousand dollars. Q2. Benefits and Losers of Healthcare Globalization Globalization is changing the healthcare sector rapidly and radically through the circulation of medical goods and services. Therefore, the core of globalization is on basis of multilateral agreements between nations. However the very nature of globalization and the agreements between the developed country and developing and underdeveloped country means that the process benefits the former while the latter often loses or gets a meager trickle down from the benefits. For example in the case study it is established that due to the shortage of radiologists in America, radiologists are often expensive and take home a large paycheck of approximately $400,000. Outsourcing to Indian radiologists would not only reduce the workload of the American radiologists but also cut costs. Cost cutting would be achieved through cheaper professional fees for the Indian radiologist who gets approximately a tenth of what their American counterpart receives. This means that globalization in this sense benefits the American population and professionals, while the Indians lose. However, globalization could also benefit the developing or underdeveloped nation like India through these practices. For example the earnings that the Indian radiologist gets, though minimal in
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