Free Trade Agreements are useful for opening up of the markets. These agreements are known to benefit the various countries that are involved in the FTA. Free Trade Agreements have also become a part of the medical tourism industry, and have integrated various portals, aiming to make quality healthcare available to all. These agreements provide the opportunities to U.S. hospitals and practitioners to practice and provide their services in foreign nations. This largely increases global opportunities for the medical tourism industry.
The array of opportunities in global medical tourism:
People from the United States often travel abroad for availing medical treatments, owing to the various reasons that make treatment in the US an unviable option. Increasing costs and long waiting schedules make people travel for medical reasons and thus, they largely contribute to the medical tourism industry. Free Trade Agreements have been a major driver for the improvement of health care services around the globe. FTA aims on capitalizing on the following opportunities:
- Covering the uninsured patients in the united States
- Covering those residents who do not possess dental insurance
- Estimating the number of travelers having a probability to travel on health grounds
- People flying to the US to avail medical treatments
FTA and its rights:
The United States has signed Free Trade Agreement for the medical tourism industry with some Latin American Countries like Mexico, Chile, Cambodia, and Peru. FTA is subject to various rights, which have to be duly performed, so that these trade agreements prove to be beneficial for the countries between which it is signed.
Various FTA rights that have to be executed are:
- Easy export has to be maintained to the countries between which the agreement is signed
- US will possess the right of National Company
- The US will have the right to bid for government procurements, in the country with which FTA is signed
- The US investors are subject to compensations for investing in the FTA partner country
- FTA partner country has to protect American owned intellectual property
These rights have to be accepted, before nations enter into a Free Trade Agreement with the United States.
Global opportunities for medical tourism:
Free Trade Agreements have increased the prospects of the medical tourism industry globally. FTAs have significantly known to increase business opportunities for the countries involved in the agreement, this becomes a source of revenue for the states. The increase in FTAs has led to the increase in joint ventures, to seek the monetary benefits. Insurance companies have also benefited with the help of FTAs, as it identifies the uninsured patients. Medical tourism facilitators have also largely benefitted through these free trade agreements as their business has increased with the increased prospects to avail medical treatment anywhere around the globe.
Free Trade Agreements has connected various parts of the world into one. Healthcare industry has benefitted to a great extent through these FTAs. Today, medical tourism industry is one of the major contributing industries in various nations. It has rather become a backbone of various economies. Influx of patients means revenue generation, and this has only been possible due to liberalizing medical tourism prospects and mutual understanding of Free Trade Agreements. These agreements have a lot of potential to take the healthcare industry to newer heights. FTAs have been a major reason for the improvements in the local health care systems. It earns increasing revenues for the hospitals and keeps the economies rolling. Free Trade Agreements have become drivers of growth and development for the economies.
Free Trade Agreements have increased global prospects for the medical tourism industry by linking various countries to one another. These have helped various economies to grow and develop.