Global Business Services

Global Healthcare Services

Opportunities in India for Global healthcare Industry

Opportunities in India for Global healthcare Industry 800 800 Krehsst

Opportunities in India for Global Healthcare Industry

The healthcare industry is one of the largest and fastest-growing industries in the world. According to a report by the World Health Organization, the global healthcare market was valued at around $8.45 trillion in 2018 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2019 to 2026.

This growth can be attributed to factors such as an aging population, increasing prevalence of chronic diseases, advancements in medical technology, and rising healthcare spending in both developed and developing countries.

The pandemic has resulted in a significant increase in the burden on organizations across the globe. Healthcare facilities face immense pressure to create a well-coordinated environment where all clinical devices are connected internally, and the organization operates in coordination with other healthcare units.

The spread of COVID-19 has boosted the demand for hospital capacity management solutions, telehealth and mHealth solutions, e-prescribing, and EHR Solutions. Globally countries experience a shortage of skilled personnel that impacts the adoption and usage of Healthcare IT (HCIT) Solutions. Furthermore, cost issues are one of the major obstacles to the adoption of HCIT Solutions.

With the rapid growth there is also a need to centralize the core business functions to enable cater to all the locations. This service focuses on creating customer-centric, digitized end-to-end process flows across functions and geographies/offices.

A good business service aligns IT assets with the needs of a company’s employees and customers and supports business goals, facilitating the ability of the company to be profitable. Global Business Services (GBS) is a proven centralized business model designed to deliver end-to-end enterprise services (like finance, HR, IT, customer service, procurement, and operations including logistics, supply chain, etc.) from a single unit/location for large organizations that operate across multiple countries. GBS is a comprehensive suite of services that helps companies to streamline their operations, improve efficiencies and better serve their customers — regardless of location. GBS allows improved organizational flexibility and adaptability, simplified management and governance, and risk management.

India has already established itself as a hub for outsourcing various business practices for the global healthcare industry. Many MNC’s have set up global shared service centers and are successfully operating in India. Availability of affordable talent, and various government initiatives has helped business to establish their GBS in India. There are lot of R&D activities being outsourced to India by the international players due to its relatively low cost of clinical research.

Krehsst, with their proven experience in helping companies set up GBS, can assist them in hiring for their teams. Krehsst has a team of experts who understand the nuances of the healthcare industry and can help in identifying the right talent for the GBS centers. Krehsst’s services include talent acquisition, HR consulting, and training & development.

In conclusion, India’s emergence as a hub for the global healthcare industry has created immense opportunities for the industry. With the GBS model gaining traction, companies can leverage the benefits of uniform service delivery models and streamlined processes, enabling them to focus on their core competencies. With Krehsst’s expertise in GBS, companies can be assured of hiring the right talent and setting up successful GBS centers.

India the next hub for Global Shared Services (GBS – Global Business Services) and Centre of Excellence (CoE)

India the next hub for Global Shared Services (GBS – Global Business Services) and Centre of Excellence (CoE) 800 800 Krehsst

India the next hub for Global Shared Services (GBS – Global Business Services) and Centre of Excellence (CoE)

In recent years, India has emerged as a key player in the global business services (GBS) industry, with the potential to become the next hub for GBS and center of excellence (CoE) worldwide. The country has a vast pool of skilled professionals and a favorable business environment that makes it an attractive destination for GBS and CoE operations.

One of the significant factors contributing to India’s rise as a GBS and CoE hub is the availability of a large pool of skilled and talented professionals. India has a robust education system that produces a large number of engineering and management graduates each year. These graduates possess the necessary skills and knowledge to work in various domains, including IT, finance, engineering and design, research and development, new product development, customer service etc. As a result, companies can easily find and hire qualified professionals for their GBS and CoE operations in India.

Another significant advantage of India as a GBS and CoE hub is its favorable business environment. The Indian government has taken several measures to attract foreign investment, including the introduction of policies that make it easier for companies to do business in the country. Additionally, India has a large domestic market, which makes it an attractive destination for companies looking to establish a local presence.

India’s cost advantage is another factor that makes it an attractive destination for GBS and CoE operations. The cost of labor and infrastructure in India is relatively lower than in other countries, allowing companies to reduce their operating costs significantly. Additionally, the country has a stable political environment and a well-developed legal system, which provides companies with the necessary regulatory support to operate efficiently.

Currently, according to the report, ‘GCC value proposition for India,’ India is home to capability centers of over 1,300 global organizations. There is a marked shift from services to building global R&D centers and digital tech CoEs. This increases the role of GCCs in posing India as a strategic hub.

Digital transformation across sectors encouraged companies to think about technology units and India is a preferred destination for companies globally processes like sales, digital transformation, analytics, or legal capabilities.

In conclusion, while Indian GCCs have moved towards roles like capability development, R&D, and market and business development, there is scope to do much more. This increases the need to have proper guidance in the talent market. Over the past two decades, we are assisted many large multinational and Fortune 500 companies to streamline their GBS and CoE operations by hiring talent across Information Technology, F&A, sales, business analytics, marketing, etc functions for their organizations.