RP's bid to lower drug prices could attract medical tourists

If the Philippines will be able to cut off the high medicine price by half, this is expected to take off the growth of medical tourism in the country, while increasing interests of outside investors to put up medical tourism related investments here.

Philippine International Trading Corporation (PITC) chairman Roberto Pagdanganan said the country's bid to lower the cost of medicine products, which is regarded as the most expensive in the world, would increase the potential of the Philippines to become the hub for medical tourists market.

Although, he said the primary objective of the PITC to reduce medicine cost by half is to provide Filipinos easier access to medical products, Pagdanganan said increasing the country's potential for medical tourism is just one of the projected positive results.

PITC is tapping the small and medium drugstore owners and operators in the country, to break the monopoly of medicine distribution and retailing the Philippines, which caused very high prices of medicine products here.

One of the many reasons, why the Philippines cannot take off as an attractive place for medical tourists is the high cost of medicine prices in the country, compared to medical tourism hubs like Thailand.

Other reason is the unavailability of fitted infrastructure to accommodate this new tourism market dimension, like an integrated village that has all the facilities to provide the needs of the aging foreign population, seeking for medical care.

Cebu is being eyed as a perfect location to attract medical tourists market, although it is a potential site, unavailability of facility is one of the reasons why Cebu can take off.

With low cost of medicines, coupled with availability of facility, medical tourism is expected to contribute revenue generation to the tourism industry and the Philippine economy in general.

Reports said that the Medical Tourism is the next phenomenon here in the Philippines, next to call centers.

In Thailand alone, it earned around $280 million form treating 308,000 foreign patients. India on the other hand expects to earn at least $ 1 billion from healthcare tourism by 2012.

The Philippines is aiming at attracting not only the European, American retirees but also other countries in like Japan, China, and Korea among others.

In Europe, 10 percent of patients in European Union (EU) countries are seeking treatment in medical institutions outside the boundaries of their own country.

Total amount spend in the EU as a result of traveling for medical reasons is a staggering 12 billion Euros a year.

Philippine International Trading Corporation (PITC) chairman Roberto Pagdanganan said the country's bid to lower the cost of medicine products, which is regarded as the most expensive in the world, would increase the potential of the Philippines to become the hub for medical tourists market. ISTE SESANTE