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Role of Healthcare consulting firms in strategizing policies for foreign companies

 

India is the third most active investment destinations for companies all around the globe with the Indian Healthcare Industry at its boom.  Healthcare is an essential sector with substantial growth prospects in future. There are many healthcare consulting firms set up to simplify the entry of global companies into the Indian healthcare sector. The business consultants devise ways of increasing the efficiency and the profits for global companies as well as Indian companies by using their valuable analysis reports. Please read further to get a brief insight into the Indian healthcare sector and, foreign companies are making way to the industry using advice from top strategy consulting firms 

What are the key factors which form the healthcare industry? 

•    The rising income levels of middle-class strata of society have led to an enhancement into the affordability factor of healthcare facilities. This emerging market economy has shifted the expenditure on infectious diseases to lifestyle-related diseases.  
•    The rising rate of literacy, increase in workforce and awareness among patients has made healthcare provider more attentive and opt for customer segmentation to provide better services. 
•    The increased cost of healthcare in the West has encouraged medical tourism in India hence making healthcare consulting firms in India active. 
•    The rise in health consciousness has led patients to choose as, and innovative packaging of services is in demand.  
•    The alliances among healthcare providers form a network which ensures efficiency and quality service in the new markets.  

Why should global companies invest in the healthcare industry of India? 
India is one of the largest providers of generic drugs in the world and aims to become one of the best healthcare industries in the world. The healthcare sector of India offers many benefits, such as: 
•    Boundless Opportunities- The Compound annual growth rate (CAGR) in the hospitality sector of India is expected to grow by 16 to 17 percent by the year 2030.  
•    Increasing workforce- According to the statistics provided by the medical council of India, there were 8, 27,006 number of doctors in India in 2010 which has increased to 8, 41,104 in 2017. 
•    Strong demand- The increased the level of incomes, general awareness, improved and secure access to health insurance is another reason. 
•    Government support- Ayushman Bharat, National Health Protection Scheme launched in India on 28th September 2018.  

Why does a role healthcare consulting firm play for Global companies?  
Global companies seeking to enter into the healthcare sector opt for healthcare consulting firms in India to obtain and establish an ideal market entry strategy in India. The top strategy consulting firms in India have a dedicated team of professionals who skilled to offer multiple solutions in the following domains: 

•    Cost optimization 
•    Global staffing model 
•    Clinical performance improvement 
•    Strategy development 
•    Health information technology (it) 
•    Marketing strategy 
•    Infrastructure planning  
•    Business report  
•    Facility planning 
•    Branding  
•    Market development 
•    financial management 
•    Digital innovation 
•    Transformation at digital platform 
•    Commercialization 
•    Organizational development 
•    Merger and acquisitions  
•    Operations management 
•    HR planning 
•    Tax Management 

The business consultants or the management analysts at healthcare consulting firms aim at examining the profits, organizational structure and the efficiency of global companies. These reports help consultants to offer methods of developments and suggest the best possible ways of entering into the Indian market and establish their business operations.   

References: 
https://www.ibef.org/industry/healthcare-presentation 
http://www.forbesindia.com/article/nasscom-ilf-2017/the-three-key-challenges-faced-by-indias-healthcare-industry/45955/1  

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