The globalization of the health-care industry: Opportunities for the Caribbean

The globalization of the health-care industry is proceeding. It is being driven by the high cost of health care in the developed countries, compounded by the steep rise in demand for health care as a result of the ageing of populations in these countries and the increasing availability of health-care services in developing countries at less expensive rates than in developed countries. Increasingly, patients are sourcing health care globally and opting for the most affordable treatment. In a growing number of fields of treatment, the most cost-effective option is travelling to a developing country. The provision of health care has significant potential for those developing countries that can provide world-class services and facilities at internationally competitive prices. The proximity of the Caribbean to the United States gives it an additional advantage in meeting the rapidly growing demand for health care originating in that country.