As per my belief, in times of economic instability, even the footing of the medical industry becomes rickety along with other sectors but that does not coax me to deem Health sector vulnerable to recession. By putting forth the reference of statistical data, I would like to highlight the fact that the pharmaceutical division of our country saw an estimated 24 percent growth when it came to hiring professionals in the medical sector. And seeing this trend, our country can only expect this percentage to rise in the near future. As a matter of fact, I strongly consider the pharmaceutical sector of our country as an active recruiter now and even in the near future.
EXPANSION OF MAJOR PHARMACEUTICAL FIRMS
Let us throw light on the fact that some of the heavyweight medical firms of our country have immensely opened their wings and have expanded their operations to other parts of the world. These very firms have affirmed their presence in the medical sector with the help of plethora of acquisitions as well as migrants which in turn, has resolved in the opening of surfeit of jobs in the health industry. One of the primary factors which play an instrumental part in the progress of major pharmaceutical firms is the growth rate as well as the strategies for expansion across other nations. The growth rate of major healthcare firms has always been robust in our nation and these firms have always been coming up with lucrative expansion plans. This in turn has made the health industry of India, a billion dollar enterprise.
Let us throw light on the growth in the export market. Over a period of 5 years, statistics tell us that the export of medical products of multi-national pharmaceutical organizations based in India has increased from a staggering USD 6.23 billion to USD 8.7 billion. Thus, this clearly shows a 21 percent increase in the annual rate of growth for the industry. So if we have seen an impressive increase in the revenue generated from exports, then it is quite evident that more jobs have opened up in the health sector.
The pharmaceutical industry of our country has grown by leaps and bounds over the past decade which drives us to believe that our country's health sector will be included in the top 10 global markets tentatively by the year 2020. Healthcare is a sector that can never degrade owed To the rising medical demands of our population. The capital profits generated by healthcare heavyweights such as Ranbaxy is immense which is why, the healthcare sector as per my faith is quite invulnerable to recession.
HEALTH INDUSTRY ON THE RADAR OF MULTINATIONAL COMPANIES
Over the past decade, we have witnessed our country growing under the strong influence and tutelage of globalization. India certainly happens to be one of the most revered global markets in the present day and age which is something that has stolen the attention of well-known Multinational Corporations. The revenue of healthcare corporations has increased at a skyrocketing rate over the past decade after numerous mergers and international acquisitions by major Indian pharmaceutical firms. As a result of multiple mergers and acquisitions, the pharmaceutical sector of our nation has grown leaps and bounds sinceforth, giving rise to ample jobs in the medicare sector.
IMPACT OF INDIAN HEALTHCARE FIRMS ON AFRICAN NATIONS
Not only has our country been a disciple of globalization, but the healthcare industry of our country has taken the form of Godfather for a few of the African nations as well. It is a well known fact that the continent of Africa has been plagued with more diseases than any other continent in the whole world. This is one of the primary reasons why Africa at present is a hotspot for major healthcare firms who have expanded their wings deep within the continent. Surfeit of domestic Healthcare companies from India have made their way to Africa over the past few decades which has assisted in their growth and added more revenue.
HEALTH TRACK RECORD OF OUR NATION
Our nation has had its share of healthcare calamities but owed to the introduction of modern medical treatments and amenities, the situation has been tackled and brought down to a great extent. Healthcare has found its way to inaccessible topographical locations of our country and people residing in these locations have witnessed hospitals being constructed first-hand. This has not only brought healthcare facilities to rural and inaccessible nations but has also created plethora of jobs for people residing in those territories.
Healthcare plays the most imperative role in shaping the economy of a nation. Furthermore, it is one sector of the economy which remains unhindered even if the economy falls as healthcare claims have always been steady or have increased at a steady pace.
If statistical data is to be relied upon, then we will know that major cities such as Mumbai, Hyderabad, Bangalore, New Delhi and Vishakhapatnam have shown a reliably higher rate of Human Resource (HR) demands over the course of one year. Major hospitals have emerged in these cities giving rise to multiple prospects of employment in the health sector.
OPENINGS IN PHARMACEUTICAL PRODUCTION INDUSTRY
At present, the prospects of employment for mid-level professionals as well as junior professionals is immense in the field of healthcare due to the fact that the pharmaceutical magnates of our country are robustly and robustly oriented towards increasing the manufacturing rate of pharmaceutical products that can Be exported to different parts of the country as well as to other nations across the world. There used to be a time when healthcare was not viewed from the aspect of business but over the course of a few decades, many major healthcare firms have developed a greater understanding and have been seeking inspiration and brainwave than other multinational healthcare firms which have expanded their Operations across various continents.
ASPECTS OF MANUFACTURING PROCESSES OF HEALTHCARE COMPANIES
Let us consider various aspects of the manufacturing processes that every healthcare enterprise employs.
1. Product Development: – (htt1) The survival as well as growth of any healthcare firm chiefly lies in its ability to produce products that can be widely accepted by the population. Not only should the product be effective enough to be accepted but it must also carry a justifiable price tag. An exorbitant price tag will have relatively fewer takers than a reasonable one. Every pharmaceutical company must come up with a well defined process oriented towards giving shape to new product ideas. This does not end the story as the product needs to be channelized into the market in such a way so as to generate money-spinning revenue for the company so that it can increase its production. The aspect of innovation in technology has always been high in the field of healthcare which is one of the reasons why money always keeps flowing through health sector.
2. Inventory Management: – (htt2) Owing to the booming revenue of medical institutions, there are no compromises when it comes to inventory management. Furthermore, in order to manage and safeguard inventories, we need professionals who can handle these equipments. This is where the door opens to a new niche of employment. A hospital can provide employment in the most diverse niches than any other sector which is one of the primary reasons why the profit rate of healthcare is always booming.
3. Sales & Marketing functions: – (Wolper, 2004) The sales and marketing divisions of major healthcare firms are the dark horses that have played a vital role in instigating a strong presence of the firm on a global platform which in turn has made the Healthcare sector immune to any form of recession. The expansion of marketing function in the healthcare industry is possible only when the whole structure of economics in the pharmaceutical sector of a company is rigid and strong. Here is the reason for the fact that sales and marketing of pharmaceutical products are a long way in ascertaining a profitable track record for healthcare firms, there are few prospects of any downfall in the healthcare sector.
In the present day and age, the health care sector is highly seeking the assistance of senior-level professionals apart from juniors and mid-level workforce. Pharmaceutical scientists, clinical research specialists as well as radiologists are nowdays in high demand due to the fact that they are actively involved in giving shape to new form of drugs that can bring about a groundbreaking change in the whole dimension of health care in the country. Multinational companies are heavily investing in the health care sector especially in the field of collaborative research so that more and better drugs can be discovered for the betterment of the population.
Hereforth, the health care sector is recession-proof as per my belief.