Opportunities in India for Global Healthcare Industry
The healthcare industry is one of the largest and fastest-growing industries in the world. According to a report by the World Health Organization, the global healthcare market was valued at around $8.45 trillion in 2018 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2019 to 2026.
This growth can be attributed to factors such as an aging population, increasing prevalence of chronic diseases, advancements in medical technology, and rising healthcare spending in both developed and developing countries.
The pandemic has resulted in a significant increase in the burden on organizations across the globe. Healthcare facilities face immense pressure to create a well-coordinated environment where all clinical devices are connected internally, and the organization operates in coordination with other healthcare units.
The spread of COVID-19 has boosted the demand for hospital capacity management solutions, telehealth and mHealth solutions, e-prescribing, and EHR Solutions. Globally countries experience a shortage of skilled personnel that impacts the adoption and usage of Healthcare IT (HCIT) Solutions. Furthermore, cost issues are one of the major obstacles to the adoption of HCIT Solutions.
With the rapid growth there is also a need to centralize the core business functions to enable cater to all the locations. This service focuses on creating customer-centric, digitized end-to-end process flows across functions and geographies/offices.
A good business service aligns IT assets with the needs of a company’s employees and customers and supports business goals, facilitating the ability of the company to be profitable. Global Business Services (GBS) is a proven centralized business model designed to deliver end-to-end enterprise services (like finance, HR, IT, customer service, procurement, and operations including logistics, supply chain, etc.) from a single unit/location for large organizations that operate across multiple countries. GBS is a comprehensive suite of services that helps companies to streamline their operations, improve efficiencies and better serve their customers — regardless of location. GBS allows improved organizational flexibility and adaptability, simplified management and governance, and risk management.
India has already established itself as a hub for outsourcing various business practices for the global healthcare industry. Many MNC’s have set up global shared service centers and are successfully operating in India. Availability of affordable talent, and various government initiatives has helped business to establish their GBS in India. There are lot of R&D activities being outsourced to India by the international players due to its relatively low cost of clinical research.
Krehsst, with their proven experience in helping companies set up GBS, can assist them in hiring for their teams. Krehsst has a team of experts who understand the nuances of the healthcare industry and can help in identifying the right talent for the GBS centers. Krehsst’s services include talent acquisition, HR consulting, and training & development.
In conclusion, India’s emergence as a hub for the global healthcare industry has created immense opportunities for the industry. With the GBS model gaining traction, companies can leverage the benefits of uniform service delivery models and streamlined processes, enabling them to focus on their core competencies. With Krehsst’s expertise in GBS, companies can be assured of hiring the right talent and setting up successful GBS centers.
