A Master of Business (MBA) degree in healthcare management? Yes, that’s the way to go if you are a graduate or postgraduate student from life science. Simply put, if you have a degree in MBBS, BDS, BHMS, BPT, BAMS, and BSc (Nursing), or a science graduate, you can consider signing up for an MBA in healthcare management. The reason why an MBA degree is very important today is because the healthcare services have moved beyond the traditional ways of looking into public health.
Hospitals across the globe are upgrading with better management processes, and to keep abreast in the healthcare sector in terms of business aspect, it has become necessary to work for a management degree. Also, the burgeoning medical tourism sector in India is attracting foreign patients. With travelling expenses getting cheaper, people from across the globe travel to other countries to get medical, dental or surgical care; they also visit the local attractions of that country.
The Indian healthcare market is pegged at $ 100 billion. It is expected to grow to be $280 billion by 2020. Healthcare delivery that includes hospitals, nursing homes, diagnostics centres, and pharmaceuticals, constitutes 65% of the overall market. Rural India, that constitutes 70% of India’s population, will come up as a potential market.
The Indian medical tourism industry is pegged at US$ 3 billion a year, with tourist arrivals estimated at 230,000. The industry is expected to reach $ 6 billion by 2018.
Also known as health and wellness tourism, the sector caters to about 1.27 million tourists from countries such as the US, UK, Canada, Bangladesh, Sri Lanka, Africa and China. Besides medical tourism, online healthcare companies such as 1mg, Practo, Medicator, Superdoc have expanded the gamut of medical services and have made it easily accessible to patients.
There is a big supply-demand gap in the healthcare sector. India faces a shortfall of 2 million doctors and 4 million nurses. Estimates by NATHEALTH say that India’s doctor-to-population ratio is at an abysmal 0.65 per 1,000 as against WHO benchmark of 2.5.
MBA degree in healthcare is a 2-Year Post-graduate level Management course and is recognised by the UGC. ICRI is a premier institute in India that offers full-time MBA courses in healthcare. The admission process into an MBA course in ICRI is fairly detailed. It is followed by Group Discussion and Personal Interview conducted by ICRI.
Healthcare is the third largest service sector, calculated at $35 billion in India. It’s likely to double and reach $75 billion in the coming five years. Of all the hospital expansions in the near future, the private sector will account for 80% of this expenditure. India will need over 1 million healthcare management professionals by 2018. By 2021, the industry will need over 250,000 professionals.
The scope of job opportunities naturally escalates if you are armed with an MBA degree. Among various other roles, the top jobs that you could land at are: Hospital CEO, Hospital Administrator, Pharmaceutical Project Manager, Operations Planner, Policy Researcher, Healthcare Business Consultant, Health Policy Analyst, and Heath Information Manager, and many more.
Some of India’s top recruiters in the clinical research filed have chosen candidates from ICRI. Students of ICRI have been placed with leading players, such as Apollo Hospitals, Fortis Hospitals, Johnson and Johnson, Cadilla, Max Hospitals and many more.
ICRI offer a contemporary, sectoral MBA programme, supported by rigorous field work and academics, propping up students for managerial positions in the health Industry. In ICRI, First Year of MBA in health care is spent on deriving the basic knowhow of management sciences, while the Second Year is spent in drawing specialization in healthcare-related subjects
Management, ensuring that besides the technical aspects of running a hospital, they also learn about the managerial aspects, such as administration, team handling, customer care, marketing, etc. The second year of the MBA degree programme sends students as trainees in hospitals and medical tourism companies; because ICRI believes that nothing can replace a hands-on experience.
During the last placement offers, ICRI toppers were hired by Fortis Research Center as Research Analysts. The top salary packages start at Rs 4 lakh monthly, and ICRI alumni joined in various roles: Supply Chain Study Manager in the UK, Strategy & Business Support Manager in Switzerland, Pharmacist in Tanzania Health & Social Welfare.
The imparting of education in ICRI is students-inclusive and interactive. Eminent faculty members deliver lectures here. There are also regular workshops for skill enhancement so that students get a heads-on experience on problem-solving through interaction and exchange of information.
Top players have tied up with ICRI. Several students from this institute have clinched lucrative offers in the past. If you are looking for sky, ICRI is the place to be.