Korean medical tourism industry gets an injection of optimism

The recent revision of the Medical Service Act in May 2009 has allowed hospitals in Korea to promote medical services to foreign patients. Due to this changing environment, the number of foreign patients at six leading Korean hospitals jumped 41% year-on-year in May 2009, higher than the 32% gain between January and April 2009. An indication of the change is that the country's first profit-making hospital, backed by foreign corporate capital, will be set up in Jeju. Previously, only non-profit corporations and certified doctors were allowed to open and operate medical institutions.

To further boost the industry, the Korean government is now working to create systematic support for medical tourism network, sufficient promotion overseas, as well as standardization of services and distinctive role distribution among the government, municipalities and hospitals. With its impressive treatment rates and relatively low expenses, Korea appears poised to become one of the popular destinations for medical travel seekers. The country is now looking beyond Asia and into untapped markets such as Europe to promote its medical expertise.