Globalization Iba301

IBA301 International Business

1. A decade ago the idea that medical procedures might move offshore was unthinkable. Today it is a reality. What trends have facilitated this process? Is the globalization of health care good or bad for the American economy?

Advances in technology are a primary key to making the outsourcing of medical work possible in recent years. In particular, the Internet makes it possible to quickly transmit large amounts of data to countries such as India where the information can be processed and returned. In addition, the high cost of medical care in countries like the U.S. is prompting people to consider cheaper alternatives. Globalization has made this world level and almost all the products, procedures or process are moving overseas. This action has both advantages and disadvantages. First, the advantages are in the form of cost cutting, talent acquisition and speedy operation. Second, the disadvantage is mainly to the tune of reduction in quality of product and risk in losing the secrecy of the product or the procedure. Therefore, if we consider the negative in terms of retaining the quality as well as secrecy of the procedure globalization has an overall positive impact. It gives access to the company to market its product in different countries and thus achieve a global economies scale. Our current economy has a positive impact in terms of globalization of health care business. If we consider the manufactures of medication and the drugs companies. We can see why they are pioneer in drug making and have made huge investment in research and development. Resulting in expansion of their operation globally and reaping the benefits on a global scale.

2. Is the globalization of health care good or bad for patients? Who might benefit from the globalization of health care? Who might lose?

Outsourcing of medical procedures to nations where salaries of medical professional are lower such as in Singapore and Thailand,...