This thesis deals with Value chain of Health care Industry and its various components in the value chain. What are the standardization done till date. What are the various Health care plans in different countries and how they are related to health care insurance? From technology point of view what is Electronic Medical Record (EMR) and how the technology can use to boost future businesses with focus on Service innovation. With Health care Service innovation using several models in place, Medical Tourism is explored and what have other countries done and what has made two countries popular in this field, namely Thailand and relatively new entrant India. How standardization plays an important role throughout the value chain thus improving Medical Tourism ultimately.