In today’s lecture we discussed the economy and healthcare systems. We talked about how India’s economy is growing, and it is important to note that India is an aid-giver today rather than an aid-taker. With their growing economy they are able to invest more money abroad than they were able to before, but there is not as much investment in India from other countries. I believe that with their growing economy that there should be higher investment in the country as many of the jobs are being outsourced here. One of the flatteners brought up by Friedman is outsourcing. One of the main challenges we face in the U.S. with outsourcing is that people need to be educated so that they can add value to their firm, and also their job may not be outsourced then. Our guest lecturer that day mentioned that India is the world’s choice for BPO and KPO. With this new trend of outsourcing, India may become one of the leaders in the world economy.
As for healthcare systems, India has been working on providing better services to its citizens. Through our visit to Vikram Hospital and Heart Care, I learned and was able to observe how a hospital differs from that in the U.S. We discussed how specialty operations cost significantly less in India than they do in the U.S., and this is causing people from America and around the world to seek surgeries and other treatments in India. If it is cheaper to receive the same surgery in India, why not do it? There are concerns however over sanitation and this fears those from around the world. However, this focus on healthcare in India as opposed to other countries shows us an example of what Friedman calls offshoring. Doctors in the US may recommend to their patients to seek surgery in India because it is significantly less and this is the concept behind offshoring. The challenge that comes up with this, however, is if the US will then be able to sustain themselves in the healthcare business if they are suggesting to their patients that they go elsewhere for their surgical needs.
On the other hand, it was New Years Eve, and our buddies from SDM took us to Planet X for one good night! Some people got a little carried away with the champagne, but overall it was a fantastic night! What more could I ask for than being under the beautiful stars with fireworks that went for a half hour after it struck 12? I was with the most incredible people having one amazing night!
