The Healthcare industry in India is projected to reach $372 bn by 2022. Healthcare industry in India comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players.
- The hospital industry in India, accounting for 80% of the total healthcare market, is witnessing a huge investor demand from both global as well as domestic investors. The hospital industry is expected to reach $132 bn by 2023 from $ 61.8 bn in 2017; growing at a CAGR of 16-17%.
- The Indian Medical Tourism Market is expected to grow from its current size of $3 bn to $7-8 bn by 2020
- The diagnostics industry in India is currently valued at $4 bn. The share of the organized sector is almost 25% in this segment (15% in labs and 10% in radiology).
- The primary care industry is currently valued at $13 bn. The share of the organized sector is practically negligible in this case.
- 70,000 Ayushman Bharat centres, which aim at providing primary health care services to communities closer to their homes, are operational in India.
- Health insurance contributes 20% to the non-life insurance business, making it the 2nd largest portfolio. The gross direct premium income underwritten by health insurance grew 17.16% year-on-year to reach $6.87 Billion in FY20.
- Growing incidence of lifestyle diseases, rising demand for affordable healthcare delivery systems due to the increasing healthcare costs, technological advancements, the emergence of telemedicine, rapid health insurance penetration and government initiatives like e-health together with tax benefits and incentives are driving the healthcare market in India.
Outline of the Program
- Introduction to hospital management including a focus on recent trends in healthcare and hospital management.
- Understanding of Hospitals operation management (clinical and support Service), patients service management, Hospital quality management, Medicine and paediatrics, Hospital Pharmacy and Basic Concepts of Epidemiology.
- Exposure to Hospital inventory and stores Administration, and Supply chain management.
- Thorough knowledge of bio-medical waste management, Hospital Hazards and Disaster Management.
- Working knowledge of Information Technology in Hospital services
- Fundamental of Life Insurance Underwriting
- Audit in Hospitals and Basic legal aspects in Hospitals
- Stress and Coping Strategies
- Foreign Language
- 6-8 weeks of summer internship in a corporate hospital after the fourth semester during May-July.
- Dissertation/Live Project during the sixth semester on a topic chosen from the area of specialisation and possible career domain.
Careers Opportunities
BBA in healthcare opens doors to lucrative careers in four areas: providers of medical services, suppliers of equipment and pharmaceuticals, insurance companies and administration of healthcare facilities. Each area includes hundreds of job opportunities that range from hospital administration to formulating policies for governmental and health departments.
- Hospital Administrator
- Pharmaceutical Project Manager
- Policy Analyst or Researcher
- Health Services Managers and Administrators
- Medical Entrepreneurship
Salaries and Job Satisfaction of Healthcare Business Management
Healthcare management careers are among the highest paid, most popular and most rewarding of professions. Five very different career opportunities available to people with a BBA in Healthcare and Hospital management include:
1. Hospital Administrator
Hospital administrators run community hospitals, clinics, medical centres, research hospitals, nursing homes and other facilities. All management occupations should grow by six per cent through 2024, according to the Bureau of Labour Statistics. However, the prospects for growth in medical management are better, because of the explosive growth in medical services, managed care and health technologies. A hospital administrator’s duties include hiring doctors, implementing new medical procedures, public relations, developing budgets and ensuring compliance with government security requirements for handling sensitive electronic health records.
2. Pharmaceutical Project Manager
Pharmaceutical project managers oversee developing new drugs, launching advertising campaigns and assembling teams to study the benefits and side effects of drug therapies. Most pharmaceutical firms hire people who have a BBA in Healthcare and Hospital Management, strong IT skills and the ability to work with multiple stakeholders that include biochemical engineers, chemists, technicians, physicians and marketing professionals. Your duties might include developing promotional plans for drugs, arranging for clinical trials, conducting market-penetration studies and analyzing investments.
3. Policy Analyst or Researcher
Policy analysts and researchers work with government agencies, insurance companies and private enterprises to test policies that guide decisions in health care and to assist in developing new programs and policies to keep pace with rapidly changing healthcare best practices and new technologies and treatments. Policy consultants often generate major changes in the way that people receive and pay for health care. These healthcare professionals compile and curate data from many sources to recommend health policies and design models that show the consequences of changing programs for governments, non-profit organizations, multinational companies, community groups and political action committees.
4. Health Services Managers and Administrators
These professionals plan, manage and coordinate health services for medical practices, groups of physicians, universities, insurance companies, private companies and government agencies. These medical professionals protect people and communities with insurance coverage, education, health services, healthier lifestyles, research and new programs to prevent disease and promote better health. Combining business savvy, healthcare trends and IT knowledge, today’s managers and administrators work to ensure regulatory compliance and plan for the increased medical services and staffs that will be needed to care for the people who live longer life spans. A BBA, greatly improves any student’s prospects of finding desirable employment in the field.
5. Medical Entrepreneurship
Medical technologies are among the fastest growing and most lucrative industries, and getting a BBA in healthcare and hospital management could qualify you to start or lead a medical technology company that manufactures equipment or develops new treatments using the latest biologic technologies such as those that create drugs from living cells. Companies are racing to develop biologics in one of the biggest trends in pharmaceuticals. This kind of medical entrepreneurship has been credited with decreasing prostate cancer deaths by 25 per cent and accelerating research to find other cures for diseases like Alzheimer’s, cancers, HIV/AIDS and many other medical conditions.
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