Bangladesh’s health ins industry has great potential to flourish

Bangladesh's health insurance industry has great potential to considerably grow as currently only 0.1 per cent of its people pay out of insurance money for medical treatments, a top official of Malaysian healthcare promoting agency said.
"Presently most Bangladeshi people pay out of their own pockets for medical treatments. …hence, we believe there is great potential in the health insurance sector in Bangladesh," Sherene Azura Azli, CEO of Malaysia Healthcare Travel Council (MHTC), told the FE in an interview over e-mail recently.
The sector is gradually growing here, she said, adding that under Green Delta Insurance Company (GDIC), GD Health is the first ever comprehensive insurance scheme offering global emergency medical evacuation services to corporate professionals and entrepreneurs.
In this connection, some top level hospitals in Malaysia partnered with GD Assist, a subsidiary of GDIC, which launched GD Health insurance scheme for the Bangladeshis seeking treatment in Malaysia
Malaysia Airlines are also giving special discount to Bangladeshi patients, who will go Malaysia for treatment through GD Assist, she said.
Thanks to the partnerships, "We look forth to receiving more Bangladesh patients to our country," Ms. Sherene said.
She also assured of providing hassle-free, convenient and quality healthcare to the medical tourists going to Malaysia.
Quoting a study posed on the website of US-based National Center for Biotechnology Information (NCBI), Ms. Sherene said, "Only 0.1 per cent uses pre-payment methods (insurance) under the National Health Accounts of Bangladesh. Hence, we believe there is great potential in the insurance sector in Bangladesh."
MHTC eyes to harness the opportunity of untapped large healthcare tourism market and promote it in Bangladesh with its local partner, she said earlier.
"The development and promotion of healthcare tourism in Malaysia is under the responsibility of MHTC. It ensures that the industry is well-governed and its members (healthcare providers) adhere strictly to the government's regulations, safety standards, and legal governance," she said.
Healthcare in Malaysia is basically nurtured through active Public-Private Partnerships, she added.
With top notch medical personnel trained in highly reputable institutions from Malaysia, UK and Australia, Malaysia strives to offer quality care, she continued.
To ensure a level playing field, prices are capped as the costs are determined by the Ministry of Health (MOH) and Malaysia Medical Association (MMA).
Malaysia has been seeing a consistent growth in medical tourism since 2011 receiving more than three quarters of a million healthcare travelers, she said.
She further said that Malaysia is named the best country in the world for healthcare, as indicated recently by the International Living Asia 2015, Global Retirement Index.
"The halal factor is a strong concern. We have the assurance that our halal standards will soothe worried minds," Ms. Sherene said.
Malaysia offers halal alternatives for medical treatments such as halal hospital food, halal sutures (manufactured locally), drugs that are gelatin and porcine free etc, she said.
Post-care services such as rehabilitative facilities are sufficiently made available and are considered to be just as important here, she said.
"Tourists seeking extensive post-care services have peace of mind as we provide visa extensions of up to six months for medical tourists," said the MHTC CEO.
Governed by laws, regulations and guidelines to ensure high quality care for a seamless end-to-end service, the Malaysia's healthcare industry is poised for the next phase of growth in the healthcare industry, added Ms. Sherene.
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