Why Healthcare Is The Next Big Industry?

 

Do you know the Healthcare industry in India is projected to reach $372 bn by 2022? It seems like a fun fact, but this is a truth discovered within the current situation and analysis. 

Due to COVID-19, there has been an inevitable loss to several fields out of which medical line is the one. The Healthcare industry in India comprises hospitals, medical resources, clinical trials, outsourcing, telemedicine, medical tourism, and health insurance. Therefore, one can conclude how great this domain is to work. 

For more excellent wage opportunities, job prospects, a secured future, and much more, the difference can be made here. 

With the aspects of novel Coronavirus, Healthcare is the only industry that is going to expand through strengthening coverage, services, and expenditure for both the public and private sectors. Here are a few points that ensure healthcare is the next big thing and a great choice to join:

1.     The ageing population in India

If we investigate the population graph of our country and the age demographics, it has been increasing since 1955. India stands globally at 2nd rank when it comes to population. Out of which, 6.38 per cent of people are over 65 years of age. This implies that the old age population in India still stands strong with traditional goodness. 

According to the United Nations, older people count 60+ years of age in India are projected to increase by 20% until 2050. The ageing population does require medical facilities with age. Hence, we can conclude this will advance medical needs too for allowing seniors to live longer than before. 

2.     Diverse needs for ample opportunities

Healthcare is a vast sector with diverse opportunities in many areas. There are plenty of thriving medical jobs that require continuous education. Still, you can also start while being in healthcare management courses. The requirement of health service managers, hospital administrators, etc. are foreseen to grow 18% from 2018 to 2028, which is quite faster than the average of all occupations. Allowing people to work in hospitals, clinics, and government health centres while pursuing further education in nursing, higher managerial services, patient care, or any other related field will turn up to be a boon. 

Also, there are other healthcare careers, like home health aides, diagnostic medical sonographers, occupational therapy assistants, and physical therapists, where one can choose to work. So far, all these careers must boost growth rates of 41% over the 2012 to 2022 decade. 

3.     Higher wages than average areas

For the individuals, who seek for the generous and stable income, can go for healthcare without any doubt. It is an excellent career option that can give substantial increments and handsome wages with every passing year. 

An average pay scale of a community healthcare worker is usually between 32000-45000 depending on the specialization area and city where the person is on duty. 

4.     Various job prospects to select

Medical is not just limited to doctors and nurses. It’s a massive sector with varying jobs and roles according to the specialization of the person. Even the hospitals are divided into different working sections where there’s a need for healthcare managers, hospital administrators, clinical lab technicians, medical assistants, pharmacists, surgeons, general practitioners, radiation therapists, and much more. There are plenty of errands to choose from and acquire the degree for it to earn the opportunity. 

5.     Sustainability in the future

With different job outcomes, patient care aspects, and several other things, healthcare is imperishable. Professionals working in the medical sector, do have a secure future and a growing career for life span. Never-ending work, upgrading medical facilities, etc. gives a long-run continuity to this field. 

6.     HealthCare IT

 HealthCare IT has bringing lot of changes in managing hospital, health, pharmacy. The Artificial Intelligence, Machine Learning, Deep Learning started to perform the Evidence Based Medicine in practice. Telemedicine has been pushed in large scale. By all these due factors, which will create a lot of Job Opportunities for budding youngsters.

 

 

Impact Of Covid-19 on the Healthcare Industry! Analysing the positives and the negatives!

According to WHO data, over 7.5 million people have been infected across the globe by Coronavirus. In India, cases came to rise from the month of March and reached as high as  2.9 lakhs individuals within three months. This count has led to the thinking that will it ever come to an end or will the pandemic  continue to be a scourge  for the economy and social world. 

Currently, it is  a hard time for all  sectors  to revive and pick up the path of recovery on an economic level. Every field is affected in some way or the other and this includes the healthcare industry as well. The traditional health or medical sector has been considered as every steadfast, recession-free and holding a secure future over the years but things now seem to indicate otherwise.

However, it is  hard to conclude whether the healthcare industry is affected by Covid-19 in a negative or positive way! While one would estimate that the stress on the health sector including health professionals has been high off late during this crisis, there are speculations on the other hand that much improvements and resilience of the health sector may lead to a resurgence in the sector in the aftermath of Covid-19.

Here are a few impactful salient features of COVID-19 on healthcare that have been highlighted since the onset of a virus. 

 

1.  Opportunities for new technologies and new regulatory pathways

 

To date, analysis reveals that new research, pathways, and an enormous expansion in healthcare opportunities are predicted in the aftermath of Covid-19. There have been short-term changes due to COVID-19; however, in the long run, a considerable impact is predicted for the medical industry's repurposing. With the supply of appropriate new age pharmaceuticals, diagnostic equipment, ventilators, masks, PPE kits, and several other sophisticated technology, the raised standards can contribute to better treatment, management and lead to an upsurge in the submarkets for health. Since healthcare is global, the current pandemic has attracted more focus on clinical, financial, and several other operational aspects connected with the field.  

 

2. Co-working of Private and Government sectors

 

Private healthcare providers along with public facilities have come together to fight the pandemic. The private sector has risen to the occasion by offering the government all the support it needs, whether it is testing support, preparing isolation beds for COVID-19 positive patients, or deploying equipment and staff in identified nodal hospitals. There was initial reluctance and resistance but these have been now overcome to ensure both taken on the pandemic together. However,  we now see both public and private hospitals and staff dealing with investment in resources, losses in the current scenario and still striving to offer the best patient care to the corona positive patient along with managing regular patients. 

 

3. Growth in Digital Health

 

Virtual care, telemedicine, AI in healthcare, clinical trials, remote diagnostics, XaaS business models, and patient engagement are now emerging as the new normal. With the pandemic spreading and increase in the number of cases, virtual care is now being considered the mainstream of the healthcare economy. 

 

4. More demand for management healthcare workers

 

With the sudden increase in requirement of health workforce, there has been a huge demand for qualified and skilled healthcare professionals. In healthcare management, whether one is a doctor, lab technician, nurse, or pharmacist , there is a constant requirement of medical experts in these critical times. Hence, Covid-19 has exposed gaps in the health system, exposed deficiencies in the system and at the same time is providing the much needed impetus to pull up the socks and invest in future opportunities. Many medical equipment organizations are looking at manufacturing of medical devices and expanding their horizon of work while hospitals at the front end are investing in improving their staff resources and exhibit better dedication, work, and care for the patients. 

 

5. A temporary shortage of finance

Hospitals just as other establishments are witnessing a dip in their revenue right now and this trend is foreseen to continue for at least 4-6 months at the present time. There is a severe impact on cash flows, and it is likely to continue until 2021. However, in the long term, healthcare will look to expand and grow steadily and will depend also on the government’s fiscal stimulus package. However, awareness of the need for healthcare has increased and the importance of having a strong health system with qualified and skilled healthcare management professionals is one of the positive impacts of COVID-19. 

There have been many negative aspects of the pandemic too and the nature of spread and intensity has affected economies and exposed the lack of preparedness and  lack of medical resources to treat the positive cases in this time. Another aspect has been the acute mental stress felt by people due to the lockdown apart from job insecurity and loss of livelihood. However, as we imagine a day when Covid-19 would be a thing of the past, we must look ahead with hope and the positive impacts of the pandemic such as keeping the family at home and spending more time with loved ones is something that we can treasure at this moment!