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Specialist MBAs in healthcare sector are in high demand
In terms of revenue and employment, healthcare is one of the largest sectors in India and it is expanding rapidly. The Indian healthcare sector comprises of Medical care providers such as physicians, specialist clinics, nursing homes and hospitals; Diagnostic service centers and pathology laboratories; Medical equipment manufacturers; Contract research organizations (CRO’s), pharmaceutical manufacturers; and Third party support service providers ( catering and laundry)
The Indian healthcare sector is expected to reach US$ 280 billion by 2020, according to a report by an industry body. "Healthcare has emerged as one of the most progressive and largest service sectors in India with an expected GDP spend of 8 per cent by 2012 from 5.5 per cent in 2009. It is believed to be the next big thing after IT and predicted to become a US$ 280 billion industry by 2020," the report said.
As per a study by an industry body and Ernst & Young, India would require another 1.75 million beds by the end of 2025. The public sector however is likely to contribute only around 15-20 per cent of the required US$ 86 billion investment. The corporate India is therefore, leveraging on this business potential and various health care brands have started aggressive expansion in the country.
According to a report published by IBEF, some of the companies that plan to increase their footprints in the healthcare sector include Anil Ambani’s Reliance Health, the Hindujas, Sahara Group, Emami, Apollo Tyres and the Panacea Group.
Sahara Group is planning several healthcare projects such as a 200-bed multi-specialty tertiary care hospital at Gorakhpur in Uttar Pradesh, a 1,500-bed multi super-specialty, tertiary care hospital at Aamby Valley City and 30-bed multi-speciality secondary care hospitals across all the 217 Sahara City Homes Townships. Artemis Health Sciences (AHS), a health care venture of the Apollo Tyres Group, is also planning to establish four to eight multi-specialty hospitals in Punjab, Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana over the next three years.
The rural healthcare sector is also on an upsurge. The Rural Health Survey Report 2009, released by the Ministry of Health, stated that during the last five years rural health sector has been added with around 15,000 health sub-centres and 28,000 nurses and midwives. The report further stated that the number of primary health centres have increased by 84 per cent, taking the number to 20,107.
Frontier Mediville, first healthcare special economic zone (SEZ) in the country, is being set up by Frontier Lifeline Hospital. The first phase of the project, with an investment of around US$ 44.4 million, will come up at Elavoor, near Chennai.
The size of the Indian medical technology industry may touch US$ 14 billion by 2020 from US$ 2.7 billion in 2008 on account of strong economic growth, higher public spending and private investments in healthcare, increased penetration of health insurance and emergence of new models of healthcare delivery, according to a report ‘Medical Technology in India: Enhancing Access to Healthcare through Innovation’ released by PwC and an industry body.
India is very well placed to tap the growing potential of the healthcare sector. It has the relevant skill-sets with adequate human resources to become the preferred healthcare player in emerging countries across the globe.
Increasing urbanization, superior demographics, better health consciousness and higher life expectancy has enhanced the demand for quality healthcare. The notion is fast-spreading that Indian hospitals can provide world-class care at competitive rates. India today has big names in healthcare like the All India Institute of Medical Sciences (AIIMS), Fortis, Arvind Eyecare, Narayan Hridualaya, Max, Apollo Hospitals, which are recognised globally.
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