As per IBEF May 2019 report, healthcare sector is the fourth largest employer. Indian healthcare sector is growing at CAGR of 16-17% which is 3-4 times the current growth GDP growth rate.
After pursuing, PDGM Healthcare Management, one gets employed in organisations in pharma, medical equipment manufacturing/traders, Health Insurance, Information Technology, Hospitals, Multispeciality Clinics, and Healthcare Consulting. Other segments of increasing employment opportunities are Medical Tourism, Wellness & Spa Management, Medical Writing, Journalism and Communication, and CSR/NGO Management. One can also venture in entrepreneurship and take up freelancing. The top 5 careers to pursue after PGDM in Healthcare Management are given below according to various functions within the healthcare segments mentioned above:
- Healthcare IT/Analytics/Consulting: The most common profile is of Business Analyst. In case of IT service providers, the Business Analyst interfaces between IT Services and customer (Hospital, Pharmaceutical, Health Insurance firms) to assess healthcare processes and determine requirements. There is an increasing demand of data analytics skills and roles involve delivering data-driven solutions and recommendations to customers and senior executives. In consulting firms, one gets a role of Research Associate/Consultant and is involved in business intelligence, key account management, and business development roles. The new roles in Healthcare include consulting for applications of technology such as Artificial Intelligence, Robotic Process Automation, Machine Learning, and BlockChain.
- Marketing/Sales/Product Management: Most positions start in sales & business development and move to product management & marketing after a couple of years. One can expect to handle domestic as well as international markets. There is a large scope in B2B sales in addition to B2C sales. With the pervasiveness of internet, digital marketing is an exciting area to work in.
- Finance/Insurance: Health insurance segment is growing rapidly and there are attractive options for Healthcare professionals. With clinical/medical background, one can get a position in Underwriting & Claims. Other popular roles in Insurance segment are in Business Intelligence, Business Solutions, IT and Branch Operations, and Analytics. In Banking, one can get employed in Healthcare Finance.
- Operations: In hospitals and clinical setups, common openings of Operations Manager post. In product development setups, openings are in Project Management Office as Project Manager. In manufacturing and service organizations, needs of Logistics and Supply Chain Specialist is increasing. Logistics is becoming an exciting area with the advent of Blockchain. Roles in Hospital planning and designing are also attractive.
- Human Resources Management: Most common positions are in talent acquisition, as domain specific knowledge in healthcare management helps in identifying relevant traits to look for in the future workforce.
The article has been contributed by Dr. Bhagwati Prasad, Associate Dean, Healthcare Management, S. P. Mandali’sWelingkar Institute of Management Development and Research (WeSchool)