Expenses incurred by the Indian Government on health care are the highest amongst developing countries. India's expenses on health care 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 five years from now. This in turn will reflect an increase in the gross domestic product to 6.2% GDP. The health care 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 health care segment or other related sectors catering to the health care 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 health care treatments. Due to the progressive nature of the health care sector in India, several foreign companies are intending to invest in the country.
Existing health care 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 health care sector is on the rise. Hitherto available options were limited to health care 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 care at affordable prices. All this necessitates a specially trained cadre of professional management graduates in health care
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 a strong need for offering a course in Health Care Management.
It is evident that there is a wide gap between supply and demand for trained health care 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 demand 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 vigour to the pulse of their organization. There is a strong conviction that it is this GenX 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.