healthcare industry

What is the Future of Healthcare Industry in India?

Healthcare has become one of India’s largest sector, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.

Indian healthcare delivery system is categorised into two major components  public and private. The Government, i.e. public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of primary healthcare centres (PHCs) in rural areas. The private sector provides majority of secondary, tertiary, and quaternary care institutions with major concentration in metros and tier I and tier II cities.

India’s competitive advantage lies in its large pool of well-trained medical professionals. India is also cost competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe.

As of November 19, 2021, >115 crore COVID-19 vaccine doses have been administered across the country.

Market Size

The healthcare market can increase three-fold to Rs. 8.6 trillion (US$ 133.44 billion) by 2022. In Budget 2021, India’s public expenditure on healthcare stood at 1.2% as a percentage of the GDP.

A growing middle-class, coupled with rising burden of new diseases, are boosting the demand for health insurance coverage. With increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years. In FY21, gross direct premium income underwritten by health insurance companies grew 13.3% YoY to Rs. 58,572.46 crore (US$ 7.9 billion). The health segment has a 29.5% share in the total gross written premiums earned in the country. Recent developments. Indian medical tourism market was valued at US$ 2.89 billion in 2020 and is expected to reach US$ 13.42 billion by 2026.

According to India Tourism Statistics at a Glance 2020 report, ~697,300 foreign tourists came for medical treatment in India in FY19. India has been ranked 10th in the Medical Tourism Index (MTI) for 2020-21 out of 46 destinations by the Medical Tourism Association.

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Due to a sedentary life, heart disease, obesity, diabetes, hypertension and cancer have become a big burden for healthcare. The positive part is that research is doing in the above-mentioned area very fast. Inpatient and opd patients require quality treatment with the latest technology of science and qualified, competent and experience skilful doctors. The current scenario is changing towards the concept of the multispecialty hospital, wherein one roof patient can get services starting from registration, insurance diagnostic test and treatment with the high-class facility.

Scenario changing Healthcare in India  The data from registration, medical history to discharge details can be saved in difference smart app devices and software.  Marketing, international patient exposure, administration and management of different departments also create a vacancy for different stream competent health care managers and executives. Healthcare Industry in India comes with huge employment opportunities. Here are few opportunities that you may seek after completing your degree: Job opportunities that PG DIPLOMA courses in healthcare & hospital management lead to:

Hospital CEO plays a crucial role in managing the hospital. CEO’s manages all the finance related issues. In this position you have to take charge of:

  • Planning and budgeting
  • Negotiatingnew contracts with vendors
  • Figuring out cost-effective strategies
  • Select top executives for key hospital roles.

They work behind the scene to make every healthcare facility work as efficiently as it does. The work expectations include:

  • Hiring doctors
  • Developing budgets
  • Framing new policies for quality assurance and patient service
  • Promoting and implementing new medical treatments
  • Assuring compliance as per government guidelines

After completing a MBA course in Healthcare, you can be a Pharmaceutical Product Manager. You will be responsible for:

  • Analyzing investments
  • Reviewing market data
  • Planning new promotions for new drugs and devices

The work of the Medical Practice Manager is more like a hospital administrator but on a smaller scale. They have responsibilities like:

  • Budgeting and billing
  • Hiring and managing staff
  • Legal compliance
  • HIPAA compliance
  • Managing Schedules
  • Ordering Supplies

A Health Informatics Manager works with various health organization and hospitals and manages the flow of information. The tasks that assigned include:

  • Managing the data and ensuring its accuracy
  • Proper flow of data and information to other departments

Ensuring that all computers (hardware and software) are capacitated to process data properly.

ICRI Online Learning Academy provides PG Diploma and certificate courses in healthcare and hospital administration with 100% placement assistance.