The last frontier of globalization: Trade and foreign direct investment in healthcare.

Internationalizing far later than other sectors, healthcare has seen trade and foreign direct investment (FDI) grow in recent years. While part of the service economy, healthcare has unique features that distinguish it from other service sectors and imprint on its globalization and spillover patterns. In this paper, we review the trends in healthcare internationalization, its drivers, and the obstacles standing in the way. We outline the special characteristics of the healthcare sector and how they affect the positive and negative spillovers from trade and FDI for home and host-countries. Implications for international business theory, research, and policy are delineated.