How Demonetization Is Affecting The Medical Industry?

How Demonetization Is Affecting The Medical Industry?

    On 9th November 2016, India lost above 80% of its monetary power.  With a single step, the Prime Minister attacked parallel economy and terror financing. With this major hutch, he has improved his value as a strong leader.

    But, the cash flow is affected in the short run until the new currency is widely spread, specific sections of the industry are facing short term problems in conducting their transactions such as:

    • Small traders
    • Services sector
    • Households
    • Professionals such as hair transplant experts, doctors and utility service providers

    India is a large cash economy and the cash transactions in this economy are more than electronic transactions performed on the daily basis. The problem is that investment is not occurring in the economy and the growth rate of capital development is low. Only with fund increase the investment can be made that will bring the cost of capital down.

    Effect demonetization on the medical industry

    1. Demonetization has severally affected the medical tourism. People across the world arrive at India for hair transplant. As you know, overseas patients can receive only 5000 new notes from the airports. It is not possible to receive the hair transplant procedure with this sum of money.
    2. Tourists do not possess adhaar card, voter card and other verification documents so it is hard for them to visit banks for currency exchange. They totally depend on travel agent or currency exchange agencies.
    3. Cost in the dermatology sector is totally shaken and many units are about to fall particularly for sales of their services because the major part of the transaction is performed by cash, instead through online transfer or cheque. In the mean time, however the price in this sector could redevelop the balance.
    4. India is a leading country for receiving the hair transplant procedure because of the economical cost of the transplant. But due to demonetization, tourists and local customers are suffering low cash problems. Because of insufficient cash they are unable to receive the treatment. The problem is more severe for overseas patients who fly over to India to get the transplant and when they reach here, they are unable to exchange the required amount of currency.

    Despite of the demonetization problem, you can still receive the desired hair transplant as at Satyam Hair Transplant Center you can pay through online banking, debit card and credit card. So, the cash problem can be easily overcome at Clinic. All you need to focus is to consult with our surgeon about your hair loss concerns. He will evaluate your scalp and your health background to find the possible cause of hair loss before beginning the procedure. So, contact us at any time as per your convenience.