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A Study of Potential Medical Tourists: Marketing Recommendations for Cyprus

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A Study of Potential Medical Tourists: Marketing Recommendations for Cyprus Dr. Michael Guiry Senior Fellow Center for Medical Tourism Research (CMTR) – PowerPoint PPT presentation

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Title: A Study of Potential Medical Tourists: Marketing Recommendations for Cyprus


1
A Study of Potential Medical Tourists Marketing
Recommendations for Cyprus
  • Dr. Michael Guiry
  • Senior Fellow
  • Center for Medical Tourism Research (CMTR)
  • University of the Incarnate Word (UIW)
  • San Antonio, Texas, USA

2
Agenda
  • Describe the CMTR
  • Medical Tourism Model
  • CMTR Research on Potential U.S. Medical Tourists
  • Research on European Medical Tourism
  • Cyprus and the Medical Tourism Continuum
  • Marketing Recommendations

3
About Us
  • Center for Medical Tourism Research
  • First and leading academic-based research center
    in this industry (Medical Retirement
    Tourism/Travel)
  • Non-profit organization
  • Motivated to spread the word and influence key
    stakeholders
  • Key members have years of healthcare and
    international business experience

4
Model for Understanding the Drivers of Medical
Tourism
Technology
Globalization
Medical Tourism
Consumerism
5
Types of Medical Tourism
6
Potential U.S. Medical Tourists
7
PMT Sample Demographics
  • Avg. Age 36.49 (36.7- U.S. Census Est. 2008)
  • Gender Females 65.47 (50.7- U.S. Census Est.
    2008)
  • Education HS- 12.4 / C- 33.9 / G- 18.8(HS-
    84.5 / C- 27.4 / G- 10.3- U.S. Census Est.
    2008)
  • Avg. Household Inc. (Gross) 101,815
    Mean/50,000 Median and Mode (52,175- U.S.
    Census Est. 2008)
  • Race/Ethnicity B- 8.6 / A- 7.8 / W- 39.7 /
    H- .3 / Other (Pref. Not)- 43.5(B- 12.3 / A-
    4.4 / W- 74.3 / H- 15.1- U.S. Census Est.
    2008)
  • Marital Status M- 46.9 / NM- 39(M- 50.2 /
    NM- 30.8- U.S. Census Est. 2008)

8
Findings If Medical Travel- What
9
Findings Research
  • Internet was 1 by a wide margin

10
Expectations of Intl Healthcare Facilities (Top
8 Answers)
  • Healthcare facility employees are knowledgeable.
    (Assurance)
  • Patients feel safe in their interactions with
    healthcare facility employees. (Assurance)
  • Healthcare facilities are accurate in their
    billing. (Reliability)
  • Healthcare facility employees get adequate
    support from their employers to do their jobs
    well. (Assurance)
  • Healthcare facility employees tell patients
    exactly when services will be performed.
    (Responsiveness)
  • Healthcare facilities provide their services at
    the time they promise to do so. (Reliability)
  • Healthcare facilities in other countries have
    up-to-date equipment. (Tangibles)
  • Healthcare facilities have their patients' best
    interests at heart. (Empathy)

11
Medical Tourism as Wish Fulfillment?
  • The use of medical tourism services will allow me
    to achieve more
  • Freedom to act
  • Knowledge
  • Pleasurable life
  • Comfort in my life
  • Stimulating and adventurous life

12
Research on European Medical Tourism
13
A Study of Romania
  • Findings of the study (of Europeans)
  • 80 of the foreign tourists have no idea what
    Romania can offer them
  • Most were only exposed to negative news about the
    country.
  • Conclusions
  • They needed to find an element to differentiate
    Romanias brand from other countries or
  • They must invent one.

14
Gallup/Eurobarometer Study of European Cross
Border Care (2007)
  • 4 of Europeans received medical treatment in
    another EU Member State over the past 12 months
  • Slightly more than half of EU citizens are open
    to travel to another EU country to seek medical
    treatment (54)
  • The most prominent reason to do so is a
    hypothesized unavailability of the necessary
    treatment in the domestic healthcare system

15
Gallup/Eurobarometer Study of European Cross
Border Care (2007)
  • Motivating Factors
  • Europeans hope to receive a treatment of better
    quality (generally, or through a specialist
    residing elsewhere in Europe)
  • The promise of quicker access to the necessary
    treatment
  • Different perspectives
  • Quality is the major drive for health tourism to
    Western Europe
  • Lower prices are a major argument to travel for
    treatment to Central and South Eastern Europe

16
EU Society for Human Reproduction and Embryology
Studies (1)
  • An online survey of over 300 patients last year
    found that 76 would consider going abroad
  • The vast majority of those who went (88) were
    happy with their treatment

17
Cyprus and the Medical Tourism continuum
18
Cyprus Strengths Weaknesses
  • Strengths
  • Close proximity to over 110 million European Baby
    Boomers
  • Increasing perception of quality
  • Low cost infrastructure (personnel, legal, etc.)
  • Beautiful tourism destination
  • Weaknesses
  • History of turmoil/political issues
  • Known more for recreational tourism
  • Lack of a Medical School or specialized
    institutions focused on health tourism or engaged
    in health tourism

19
Offer a Continuum of Services
20
Marketing Recommendations
  • Create and Market a Medical Tourism Brand and
    Brand Image
  • Use a Brand Personality framework (Aaker 1997)
  • 5 Dimensions
  • Sincerity, Excitement, Competence,
    Sophistication, and Ruggedness
  • Manage Customer Expectations
  • Avoid service quality gaps, i.e., difference
    between perceptions and expectations of service
    quality
  • Associate the Provision of Medical Tourism
    Services with Personal Values
  • Being a medical tourist is more than just a trip
    abroad for healthcare for some it is a 'journey'
    or a 'wish fulfillment' effort 

21
Questions
  • Thank you!
  • Contact Dr. David Vequist, Founder and Director
    of CMTR at vequist_at_uiwtx.edu
  • Contact Dr. Michael Guiry at guiry_at_uiwtx.edu

22
EU Society for Human Reproduction and Embryology
Studies (2)
  • Another study was carried out in six countries
    during the course of one month
  • Belgium, the Czech Republic, Denmark, Slovenia,
    Spain and Switzerland (1,230 patients)
  • Greatest numbers were Italy (31.8), Germany
    (14.4), the Netherlands (12.1) and France
    (8.7)
  • Most traveled to bypass legal restrictions
  • 34 of those from the UK said they went abroad
    because of difficulties of access to treatment.
  • The average age was over 37 but 63.5 of the
    British patients were over 40

23
Medical Tourism Country Investments (Potential)
Investments in High Tech and Commercial
Research (e.g., Pharma, Energy, etc.)
Higher
Higher
Higher
Investments in HC Medical/Retirement Tourism
Investments in Technology Manufacturing/
High-end Consumer/Commercial Products
Intensity of the Regulatory Changes Required
Investments in Service Outsourcing
Intensity of the Current Competitive Environment
ROI
Investments in Basic Tourism Activities
Investments in Low-end Consumer/Commercial
Products
Lower
Lower
Lower
Estimates based on the CMTR
24
Cyprus ROI and Investments
  • ROI described
  • Job growth (great jobs too!)
  • Brings opportunities for new direct (and
    indirect) revenue streams
  • Fills a community need
  • Ask yourselves, based on the economic and
    environmental factors- Will there be a time in
    the next 20-30 years when great healthcare will
    not be in demand?

25
Recommendations
  • All-
  • Prepare to create and market a medical tourism
    brand!
  • Government-
  • Create a good business environment!
  • Tax incentives, tax holidays, prioritize
    infrastructure and regulatory improvements
  • Education-
  • Get universities involved!
  • Private Industry-
  • Prioritize investments in this area and invest!
  • Healthcare facilities and particularly retirement
    tourism-aligned developments

26
Dont Believe Me?
  • IFC is
  • the private sector arm of the World Bank
  • invests in private sector projects in developing
    countries
  • worlds largest multilateral investor in the
    private health sector
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