Here’s why you should study MBA/PGDM in Healthcare Management

In today’s world, higher education is important to enhance one’s career and job prospects. Management education or MBA/PGDM course is one such degree that prepares students for corporate life and develops leadership and management qualities in them. These management courses in Healthcare Management are gaining popularity and are becoming one of the preferred specialisations for most management education aspirants.

As per the market research report of the India Brand Equity Foundation (IBEF) in November 2020, the Indian Healthcare market is expected to reach US$ 372 billion by 2022 and is growing at a compound annual growth rate (CAGR) of more than17 per cent. The Healthcare sector is also called a “Recession free” sector. The growth in the healthcare sector is driven by the rising income of people, better health awareness among people, increasing lifestyle diseases, and increasing access to insurance. Further, Covid-19 pandemic has made healthcare the central and most important focus of our lives. It has opened more doors for the healthcare sector to grow exponentially.

Management education or MBA/PGDM course is one such degree that prepares students for corporate life and develops leadership and management qualities in them.

The healthcare industry is primarily divided into six broad segments:

1. Hospitals
2. Health Insurance
3. Medical Devices
4. Lifesciences
5. Healthcare IT
6. Pharmaceutical

Each of the sectors is on the growth spurt with CAGR of 10 per cent – 25 per cent despite Covid-19 pandemic and has made healthcare the most promising sector worldwide. Below are some of the benefits of doing MBA/PGDM Healthcare.

1. The healthcare sector promises growth & stability

The Healthcare sector in the past was occupied by medical/clinical professionals, but with corporatisation of the Healthcare sector, various administrative and operational roles have also emerged. This allows one to grow and develop a career in the management and administration side of healthcare organisations. Students with domain knowledge of healthcare and general management skills are preferred by healthcare companies and continue to grow in the organisation over a long period of time. The Bureau of Labour Statistics in 2020 projected that the growth in employment of healthcare services is estimated at 32 per cent from 2019 to 2029. Hence, anyone joining the sector will grow at a fast pace and yet can expect a stable career.

2. Innovation and the latest technology

The healthcare sector is welcoming and is changing progressively towards the adaption of modern technologies such as Artificial Intelligence, Robotic Process Automation, Blockchain, Augmented Reality, Drones, etc. Exposure to emerging technologies is in-built in the curriculum offered by most of the reputed management institutes. Healthcare organisations seek innovative products and processes by organising hackathons at the college, national and international levels. Students who pursue their Management degree in Healthcare get opportunities to participate in such Hackathons and open-source innovation challenges which enhance their ability to think collaboratively, innovatively and creatively.

3. Service driven sector

Healthcare is one of the noble sectors where an individual’s profession also serves society at large. The sector includes companies that provide preventive, diagnostic, therapeutic, palliative, wellness, vaccination, medical tourism, nursing care, mental health services and products. Everyone working in the healthcare sector directly or indirectly serves the community to become and remain healthy and adopt a healthy lifestyle. This sector provides the most satisfying jobs due to its effect on lives and ability to serve the community at large.

4. High paycheques

The salaries in the healthcare industry are competitive with other sectors. As you learn the healthcare industry policies and specialise yourself in one of the healthcare segments, your salary increases and your market value keeps on increasing resulting in higher paycheques over time. High job satisfaction and paycheque is a wonderful combination one can expect in the Healthcare sector.

5. Procedure & process optimisation

The Healthcare manager's role is as vital for improving health outcomes as that of clinicians. Streamlining the operations of a healthcare organisation results in better product/service delivery, efficient use of resources, cost-saving for the organisation, decreasing cost for the patient, and overall improving health outcomes. A degree in Healthcare management prepares the students well for success in healthcare and allied sectors from a speciality and business point of view.

To summarise, the healthcare sector is one of the fastest-growing, recession-free, innovation-minded, and promising sectors. The benefits of being in the Healthcare industry are many and it is worth spending your time and money pursuing MBA/PGDM in Healthcare Management.

Note: The views expressed in this article are that of the institute (WeSchool Mumbai - Welingkar Institute of Management) and do not reflect/represent those of Shiksha