Healthcare industry in India

Expenses incurred by the Indian Government on health care are the highest amongst developing countries. India’s expenses on the healthcare sector comprise 5.25% of the GDP. Chances are that the health care market could experience a hike and attain a figure ranging between $53 to $73 billion with in five years from now. This in turn will reflect an increase in the gross domestic product to 6.2% GDP. The healthcare industry in India earns revenues accounting for 5.2% of gross domestic product.

Employment opportunities are provided to as many as 4 million people in the healthcare segment or other related sectors catering to the healthcare industry in India in some way or the other. Owing to the vast differences in medical expenses in western countries and that of India, India has become one of the favorites for healthcare treatment. Due to the progressive nature of the healthcare sector in India, several foreign companies are intending to invest in the country.

Existing healthcare organizations are expanding by opening hospitals in new service areas and new organizations are entering with state of art equipment latest technology and marketing strategies.

Consequently competition in the healthcare sector is on the rise. Hitherto available options were limited to healthcare consumers. But they have now more and better options. Added to this, increased incomes and awareness levels are driving the costumers to seek quality health care.

The providers in turn need to be more innovative in their approach and offer quality services at competitive prices. They are therefore increasingly confronted with the challenges to ensure cost effective quality acre at affordable prices. All this necessitates a specially trained cadre of professional management graduates in healthcare.

Until recently doctors without any professional training in management were managing the hospitals. This was not only tough but made it difficult to devote time for their patients. Thanks to rapid corporatisation, a lot of medical graduates are taking up further specialization in hospital administration. Even non-medical professionals are increasingly taking the mantle of hospital administration. Even the government is veering round to the view that public hospitals also need to be run professionally. Hence there is strong need for offering a course in healthcare management.

It is evident that there is a wide gap between supply and demand for gained healthcare managers/administrators to work for hospitals, pharmaceutical companies, health insurance and third party administrators and other health care provider organizations. There are bright opportunities even in the government sector. The National Rural Health Mission (NRHM) envisages appointment of health care administrators. The demands for health care professionals is envisaged to increase manifold in the years to come with more and more hospitals expected to come up in semi urban and rural areas.

In current times, the average age of the workforce in any hospital right from the middle level management to a senior level is 29-35 years of age, all handling pivotal and mammoth responsibilities. The entire administrative structure is turning over a new leaf wherein the human resources departments are on a spree of hiring individuals between the age of 28-32 at middle level posts to inject the much needed innovation, energy and vigor to the pulse of their organization. There is a strong conviction that it is this Gen X which will take healthcare to its next level. Moreover, this vibrant young lot is also equally eager to cash in on the boom in healthcare.

A management graduate who studies only general functional areas such as marketing production, finance will need to develop an appreciation of the healthcare domain to contribute meaningfully tot his sector. Similarly a health science professional lacks knowledge and application of management principles. The Healthcare program bridges the capabilities required to use and apply management principles in people management, finance, operation, communication and other areas to the Healthcare Sector.

A specialized program in healthcare ensures that participants are:

1) able to understand management principles and practices;
2) functional elements of management business environment and its influence on organizations in the Indian context;
3) prepare and implement business plans;
4) develop human relationship skills;
5) to provide theoretical and practical knowledge of Healthcare services, Hospital Organization – Operation and planning.
6) Address healthcare issues specific to the Indian context with exposure to real life cases/technical know how in the healthcare services sector and to give the student a starting edge in the healthcare industry.

Welingkar Institute of Management will soon launch an 11 month post graduate program in Healthcare management so that Health care Executives

1) Can ensure that their organizations have strong medical, operational and financial footing to serve the needs of parents their families and the communities.
2) Are skilled, trained professionals who care deeply about the quality of care patients receive. They partner with physicians, nurses, and other professionals to provide care.
3) Help in educating community members about important health issues
4) Ensure that hospitals and other healthcare organizations serve as safety nets in their communities by providing emergency and ongoing care, as well as accurate and timely information about public threats in times of crisis.

This program is ideal for MBBS, BDS, B. Pharma, BEMS, BHMS, BAMS graduates or B/ Com, B.A. BMS graduates with 1-2 years experience in healthcare sector.

To ensure multi faceted expert guidance , Welingkar Education has eminent personalities on the Advisory board from the Pharma sector, leading hospitals and the education sector.

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