Top 10 Reasons Why A Dentist In USA and Europe Earns 10 Times More
As per Forbes dentistry is one of the highest paying jobs in the world for three straight years 2013, 2014 & 2015. In 2016 & 2017 it was among the top 10. Of those insanely high earning dentists 90% are from USA & other major European countries.
They make millions and are one of the largest taxpayers in their country and the world. Now when the Forbes considers the world – it’s taking an average of the leading countries – the United States, European countries & Middle Eastern countries like Dubai, UAE and Abu Dhabi.
And it’s a fact that the dentists in the USA, Europe & Gulf Countries, starting from a general dentist to specialist dentist, all have a very financially healthy professional life and maintain a high living standard.
But is it the same in Asian Countries or Other nations outside USA & European Union?
I guess not.
In the current times, dentistry as a profession and earning opportunity is on a decline in many South Asian Countries like China, India and the rest.
Dentistry is no more considered as a lucrative option financially or as a long-term career proposition. (as it was considered a few years back). In a shocking trend, many fresh dental graduates (rather than entering into professional practice or higher dental education) are trying to opt for other qualifications so that they can gain entry into the MNCs. In many Asian countries, particularly India, the failure rate of dental practices is on a rise.
It’s a fact that even dental hygienists or technicians in
USA and European countries make more money than a new Dental graduate in India or China.
If you check out the list of the richest dentists in the world for the year 2017, you will notice that almost all of them are from the USA or Europe and the Middle East. Hardly any notable name from South Asia or India. Read the list of richest dentists below:
In Pictures – Dentist in the USA
Situation of New Dentists in India, China & South Asia
In this post, we will try to know why there is such a difference between the dentists in Western World and South Asian Dentists.
Here are the Top 10 reasons why a dentist in USA/EUROPE earns ten times more.
The reasons are simple. You will Laugh at it and think why it is not possible here in your country
Next slide to read the 1st reason to know whey dentists in USA/Europe earn ten times more?
1. Increased awareness among the citizens
It’s a fact that residents of the western world and are much more aware of their oral health status than an average Indian.
However, for a majority of Indian and South Asian consumers, a visit to a dentist is at somewhere low on the list of priority.
The visit to a dentist is required only when there is a pain in the tooth.
In the USA and European countries, the need for patients has moved beyond just reducing the dental pain. People there are now looking at dentistry as a necessary cosmetic improvement with pain management. People want to look good & attractive. In those scheme of things, dentists have well sought after.
Thinking of abroad patient
In India and majority of South Asia, barring the urban locations to some extent dental awareness is only limited to pain management and extraction. It is not yet being looked as a tool to improve the overall personality and health. Thus the pay is low.
Patients are not comfortable paying the correct amount which they feel is very high. The picture below states the normal view of Indian/Asian patients.
Oh … Preserving tooth by RCT is too high.
… Doc, I want to extract my tooth.
It is where the New Generation Asian/Indian Dentists are losing
See Next Reason, Why the USA & Europe Dentists are at TOP?
… It’s a Numbers Game …
2. Excessively Huge Number of Dentists in India and Asian countries working in Urban areas
It is the cause why new generation Indian Dentists are suffering.
The sheer number dentists coming out is HUGE !!!
Per year Minimum 30,000 Dental graduates
(Govt + Private Combined)
Private /Government dental colleges in last decade have produced so many dental graduates that have now become a huge problem as almost all the dentists (new & old) are trying to establish their practice in Urban areas.
In 5 years there are 1.5 million Dental graduates fighting for their space in urban locations. This fierce crowding leads to an immense struggle to grab dental patients and to excel as a dental surgeon.
” Where are the patients “
Where is the market to accommodate all the dentists in Urban areas ???
It results in a decrease in valuation. It is simple logic.
You over-flood the market with a product. What will happen ??
The prices will decrease.
Recently we completed a survey taking opinion from more than 1000 dentists. Our goal was to assess that for dentists – which is the prime practice target area. It was surprising to know that in spite of many benefits in practicing in small towns, dentists were still willing to struggle in the urban areas.
Where to Set Up Your Dental Practice – Urban Areas vs Small Towns?
In this post, we will explore the possibilities and advantages/disadvantages of opening a dental practice in a small town compared to much wanted urban areas. Therefore, this post is aimed at both new dental graduates and also for experienced dental practitioners who wish to expand further.
To survive in this crowd, Indian and South Asian dentists have now resorted to many negative tactics like name shaming the fellow dentists and reducing the treatment costs below expected levels.
Due to the vast number of dental graduates the prices of treatments are ever falling. And to add to the domino effect, the unwillingness of dentists to practice in small towns and rural areas in adding to this pressure.
In the urban areas, it has now come to a stage akin to bottleneck effect where every dentist is trying to jump out of the bottle through the narrow opening.
To retain the patient dentists are willing to compromise on the prices. Patients are bargaining with new upcoming dentists taking advantage of their insecurities.
In contrast, the scenario in the USA and European countries are diametrically different. Thus, it is no surprise that they maintain such a high living standard.
The thought process of young dental graduates in the USA & European countries.
I am going to be a dentist and in demand:)
So, why dentists are limited in number in the developed countries?
The cost of dental education is extremely high (much higher than the cost prevalent in Asian Countries), and the selection process is very stringent.
Unlike India & other Asian countries where anyone can become a dentist in the USA/Europe very few get selected to be a dentist. In fact, very few people even apply for a Dental school owing to the prices of completing the dental education.
Apparently, when they pass out, they are in a situation which is better than the fighting situation among dentists in Asian countries and in India.
Also, dentists in the USA and Europe maintain a uniformity of price. They hardly ever go down below a certain average unlike in India where there is almost a war of which dentist can provide the treatment at the cheapest price.
It naturally leads to a real income as a professional. Therefore the dentists in the USA and Europe are having much higher Annual or monthly income than dentists from other parts of the world.
See Next Slide
Quacks taking away millions of Dentist’s money
(That’s one Hidden reason that’s adversely affecting Dentistry in South Asian Countries)
3. Market with Quakes and Careless Attitude of Dentists
You won’t believe Indian, Chinese & many others South Asian dental markets are filled with dental quacks till today. They are not visible, but they are still there and slowly eating away the revenue of certified dentists.
You can say “Oh, we should just root them out. But it’s not easy. The dental quacks have also evolved.
From roadside dentistry, they have started taking furnished rooms with AC and TV 🙂
Every year they are making millions of money in fees that should go to the certified dentists.
And because of ” Careless ” attitude of ours … nothing serious is being done about this issue.
Old Generation Dental Quacks
New Generation Dental Quacks
In one of the previous articles, we have extensively covered the issue of dental quackery in India/Asia, how it is affecting the dentists and what can be done to control this menace. (The article has some real-life pictures of roadside dental procedures)
ROAD SIDE DENTISTRY IN ASIA – REAL LIFE STORY AND PICTURES
(Before we start – Its an issue that we all including the Govt. ignores. You might not even go till the end of the article covering all 5 slides as it’s not very glamorous. It’s the unclean side of dentistry. But this is one of the major termite eating away the future of new generation dentists.
In Western & Gulf countries this rule is very strictly implemented.
Anybody practicing dentistry without a degree is put behind bars for a long time.
It has helped to streamline the entire dental industry that ultimately is benefiting the dentists.
Next Reason Why USA/European Dentists are richer
: No Unity Among Dentists in Asian/Indian Markets
We are analyzing why the dentists in the USA and European countries are 10 times richer than the dentists in India and other South Asian countries.
4. Unity Among Dentists
It is one major point that is almost absent in the Indian/Chinese & Asian dental market.
Asian dental market has two sections – seniors practitioners & young fresh professionals.
You have to understand that the Indian mentality is such that the longer you are sitting in the market, the bigger you are as a dentist. Patients start flocking your practice for treatment, and the dentist ends up making enough money. It is the case with all the senior dentists who had passed dental degree 10 to 15 years back.
But for the new dentists, the scenario has changed completely.
Lifestyle cost has increased, and they have to compete with hundreds of other new dentists.
In all this internal competition there is no uniformity in the profession.
The prices for treatment vary a lot.
Some keep it too cheap and to compete with the low price another dentist also reduces the price even lower.
All this doesn’t affect the senior practitioners as they are already well established as a brand. They just don’t care anymore as they are now reaping the benefits of their long years of being in the market.
They keep their prices (different and higher from young dentists) which patients pay them without any question, and the young graduates are left to fight the battle within themselves. As a result, the young dentists are making life difficult for each other.
In western countries, there is a proper governing body that keeps regulation on the prices of dental treatment. So, that the patients are not exploited, and the dentists also get their due. Dentists do not get into the habit of reducing the prices below the minimum acceptable level. That is why dentists over there lead a very low-stress life compared to Asian dentists and earn a lot more.
Next Reason: Price Comparison in Treatment Prices in USA & Asian Countries/India
See Next Slide
5. Price Comparison Between the Dentist Prices in India & USA
After all the previous points now it’s time to compare the prices of the various dental treatments to give you a complete picture.
The difference in prices are mind-boggling 😀
Below you will see the comparison of the dental treatment prices in the USA with India.
In the USA and European countries, the cost of almost all the dental treatment procedures is around 10 to 15 times more than the average prices in India.
What’s the Solution to this high price difference?
The Solution is not that simple. It has something to do with the nature of market prevalent in India and other South Asian countries.
India/China & other South Asian markets are very different from other countries. It’s vast with lots of different languages, traditions and class divisions. There is a deep-rooted class group division in the society. In general between the rich & the poor.
So what works in the USA and developed European nations, might not work in Asian countries.
But Asian dental regulatory system can learn a lot from Western and Gulf countries on how to manage and streamline the dental sector.
Who Told You Dentistry Doesn’t Have Money?
MEET THE TOP 6 RICHEST & MOST POWERFUL DENTISTS IN THE WORLD
It’s a game of millions & billions & lavish lifestyle.