Healthcare Industry

GROUP-4
Deepti Padmanabhan Prernaben Jadhav Nitika Panwar Priyanka Patel Ankita Mohapatra Raviinder Singh Butter

Introduction


The health care industry not only covers medical care but also all aspects of pro preventive care too. Also provides goods and services to treat patients with curative, preventive, rehabilitative or, at times, unnecessary care. The health care industry is one of the world's largest and fastestgrowing industries. Widely recognized as public goods, thus comes the requirement of well planned HRM.

Contd....
Health care industry generally consists of: 1. Hospital, Medical and dental practice 2. Medical clinics 3. Health insurance 4.Pharmaceuticals 5. Ayurveda 5. Other human health activities(physiotherapists, pathology clinics, yoga therapy, music therapy etc)

Importance
  

Consuming over 10% of GDP of most developed nations Cost effective operations Employment :40 million new jobs and around 200 billion increased revenues by the end of 2020 Favored destination ahead of countries like Israel, Philippines, Canada, China, Ireland & Russia Life span and improved health

Growth
    

Moving ahead neck to neck with the software industry of the country Engine of the economy Worth $17 billion, anticipated to grow by 13% every year Medical tourism FDI's coming in India:

EG: Healthcare chains such as Parkway and funds such as Avenue Capital, Apax Partners and Warburg Pincus Life Healthcare- South Africa's second-largest hospital chain: acquiring a 26 per cent stake in Analjit Singh-led Max Healthcare

Companies under this sector

1)Narayana Hrudalaya 2)Apollo hospitals 3)Fortis Healthcare 4)Quest Diagnostics 5)Max Healthcare Ltd. 6)Qunitiles 7)Novartis 8)Pfizer 9) HDFC 10) Biocon and many more..

Roles of HR in healthcare Industry:

To help the organization meet its strategic goals by managing the workforce effectively and efficiently. Talent management Evolving HR practices in healthcare Strategic planning process and formulating policies

Performance management Organize continuous learning & development programmes and career advice sessions

Contd.........


Compensation benchmarking and effective on-job training programmes. To increase equity and fairness. To improve the quality of services and patients satisfaction.

 

Challenges of healthcare industry:



Complexity of production like each patient require differen treatment Healthcare is still inaccessible for a large section of the Indian population Entry barriers to private players in the medical education sector

Contd.....
Inadequate supply of services High import duty on pharmaceuticals Lack of regulations or control over insurance provider behaviour-regarding quality, cost or data-sharing The Indian Medical Device industry largely relies on imports and capacity for local manufacturing is very low and thus the costs are huge

  

Recommendations:


lowering of import duty will help promote competition The approach should be value based not volume based Medical Council should permit corporate hospitals to set up training facilities. Control & regulation over insurance provider behaviour

Contd.....
Attracting & recruiting: much-needed talent & preventing them from migrating to greener pastures To develop their future leadership plan and train & groom talent in-house To strengthen supervision: to meet patients demand To design new courses: to cope with the rapidly changing disease profile and fostering an environment for quality in health care and patient safety


Conclusion
Proper management of human resources is critical in providing a high quality of health care. A refocus on human resources management in health care and more research are needed to develop new policies. Effective human resources management strategies are greatly needed to achieve better outcomes from and access to health care around the world.

Thank You.