As south-east Asia develops and its peoples become richer, the demand for good health services naturally grows. But even the sick are mobile now, and giving them a choice of healthcare is becoming very big business. And Penang is getting things right – very right.
Nearly four years ago, a CNBC special report highlighted Malaysia’s rapidly expanding medical tourism sector. It was a surprise for many viewers that the US-based network focused on Penang’s private hospitals considering that Malaysia’s capital has 24 private hospitals compared to Penang’s 121. However, in 2009, Penang hospitals accounted for over 75% of the country’s medical tourism market, a market share it still holds today.
Penang’s edge lies in its modern private hospitals, highly trained medical personnel, competitive pricing and simply being in the right place at the right time. “When the CNBC report came out, health tourism was in a real buzz phase. We even had some US patients travelling to Penang for treatment. When Obama came into office, the numbers started to drop though!” said Ronald Koh, CEO of Gleneagles Medical Centre. He also noted that the National Economic Advisory Council (NEAC) has highlighted the potential of medical tourism as a significant contributor to the local economy and an important source of foreign revenue.
