Albert Einstein once said : “ In the midst of every crisis , lies great opportunity .”

So , while most businessmen moan and groan over the gradual slide in the ringgit , there is a silver lining in the cloud . Malaysia has become an attractive tourist destination . International tourists find it a cheaper option to visit compared to the US , Europe and many Asian countries .

Likewise , the prospects for medical tourism look good . This year , the Malaysian Health Tourism Council ( MHTC ) has forecast that revenue from this sector could earn the country RM24 billion .

In fact , Malaysia has been gaining traction as a haven for medical tourism in recent years , given not only its competitive pricing but also its high standard of private healthcare facilities and expertise in the region . The slide in the ringgit just helps make it more attractive .

Take a non-complicated Coronary Artery Bypass Graft ( CABG ) or heart bypass surgery , for example . It would cost an average of RM60,000 in Malaysia , while in the US , it could be a whopping RM200,000 .

Given that a greater push for tourism would come in with Visit Malaysia Year 2026 , private hospitals and healthcare facilities could be in for a windfall . Billions of ringgit have poured into a spate of mergers & acquisitions , expansions and new projects ( see sidebar ).

Association of Private Hospitals Malaysia ( APHM ) President Datuk Dr Kuljit Singh said the ringgit ’ s current value makes Malaysia an attractive medical tourism destination .

He emphasised the potential benefits of the weaker ringgit for medical tourism . He said : “ When they compare the cost prices that we give to the patient , then the other indirect costs like accommodation , the total expenditure in Malaysia will be less than when our currency was a bit stronger .”

ATTRACTING MUSLIM MEDICAL TOURISTS

This presents a unique opportunity for Malaysia to capitalise on its healthcare infrastructure and position itself as a premier destination for medical tourism .

EMIR Research ’ s Social , Law & Human Rights Head Jason Loh said : “ A low ringgit or any currency for that matter is generally a booster for exports , including invisible exports such as tourism and , by inclusion , medical or healthcare tourism .

“ Therefore , we can expect that the current exchange rate dynamics would be favourable to Malaysia to maintain our attraction as a well-known tourism destination .”

Malaysia has always been a well-known

Jason Loh

“ A low ringgit or any currency for that matter is generally a booster for exports , including invisible exports such as tourism and , by inclusion , medical or healthcare tourism .”

destination in the Asia-Pacific ( APAC ) region . In 2023 , the country welcomed over one million medical tourists , marking a notable increase of more than 15 per cent compared to the previous year ’ s figures , which exceeded 850,000 individuals . Indonesia remains the highest contributor to health tourism comprising 70-80 per cent of the overall numbers .

However , Malaysia ’ s appeal extends beyond its neighbouring countries , with health tourists from diverse regions such as Bangladesh , Australia , Japan , Hong Kong , the Philippines , Singapore , South Korea , the United States , and the United Kingdom . This diverse influx of international patients underscores Malaysia ’ s global recognition as a trusted healthcare destination .

Jason also highlighted Malaysia ’ s potential to attract Muslim tourists seeking healthcare services , referencing the MHTC Blueprint ( 2021-2025 ), which recognises Malaysia ’ s high potential to serve this specific market segment .

He pointed to the niche market for Muslim tourists regionally and globally , noting that Malaysia has a unique opportunity to position itself as a leading destination for halal medical and healthcare practices .

“ We should be fore-fronting and positioning the combination of our Nusantara version and contextualisation of Islam with the implementation of halal forms of medical and healthcare practices as a distinct offering and package to Muslim tourists .”

MAXIMISING POTENTIAL THROUGH COLLABORATIONS

The APHM recognises the potential benefits of a favourable exchange rate in attracting international patients . Dr Kuljit touched on the importance of collaboration between various stakeholders within the healthcare industry to capitalise on such opportunities .

While the APHM may not be directly involved in medical tourism initiatives , Dr Kuljit shed light on his dual role as a board member of the MHTC , providing indirect influence and input within the council . This unique position allows him to contribute to the strategic planning and decision-making processes concerning medical tourism in Malaysia .

Dr Kuljit emphasised the pivotal role of MHTC in orchestrating and overseeing the medical tourism landscape .

“ The membership framework established by MHTC categorises private hospitals into flagship , premium , or ordinary membership tiers . Each tier corresponds to a different level of assistance and support extended by MHTC , tailored to the hospital ’ s commitment to medical tourism .”

He sheds light on the dual marketing efforts undertaken by private hospitals , both independently and with the MHTC .

“ Some private hospitals have dedicated medical tourism divisions and conduct their marketing campaigns independently , while others opt for a collaborative approach , synergising their initiatives with MHTC ’ s expertise and global network .”