Healthcare companies have taken center stage on the global technology landscape like never before. Though technology is advancing at warp speed, the multi-trillion-dollar Healthcare industry has been slow to adopt newer technologies or explore newer use cases. Since technology has the potential to make healthcare more affordable, more accessible, and more effective, healthcare companies can’t afford to be laggards when it comes to technology adoption. From telehealth to wearable devices to leveraging technologies such as Artificial Intelligence (AI) to accelerate drug development, diagnosis, and personalize treatment plans, technology is transforming how healthcare is delivered and optimized across the value chain. Hence, continuous innovation is not only a necessity but an imperative if healthcare companies are to stay ahead of the curve.
Healthcare companies realize the value and expertise that technology experts can bring to the industry, and transform the way healthcare is delivered. And global IT talent is playing an increasingly critical role in helping healthcare companies navigate the challenges of a rapidly evolving technological landscape and deliver better patient outcomes. By tapping into the power of global IT talent, the healthcare industry has the potential to revolutionize patient care, transform insurance and billing processes, and ultimately, create a more transparent and accessible healthcare ecosystem for all.
According to the US Bureau of Labor Statistics, the employment of software developers is projected to grow by 22% from 2020 to 2030, much faster than the average for all occupations. This growth is expected to be fueled by the continued demand for software in healthcare. As healthcare organizations invest more heavily in information technology to improve patient care and efficiency, the need for skilled software developers will continue to rise.
To meet this demand, healthcare companies are increasingly expanding their search for talent beyond their own borders, to find the best candidates from around the world. This approach allows organizations to tap into a diverse pool of skilled professionals, that can bring new perspectives, ideas, and solutions to the industry’s challenges, while also helping them gain a competitive edge in the market.
One of the primary benefits of leveraging global talent is cost-effectiveness. With the ability to access talented professionals from countries with lower labor costs, healthcare companies can reduce their expenses while still finding top-quality candidates, without compromising on their innovation goals. This cost-saving aspect is especially significant for start-ups and biotech companies that may have limited resources to work with.
Global talent acquisition is not a new concept in the Healthcare industry. Companies such as Pfizer, Philips, GE, Novartis, and Johnson & Johnson have successfully leveraged global talent to develop innovative healthcare products and technologies that benefit patients around the world. Start-ups and biotech companies have also been able to harness the power of global talent to accelerate the pace of innovation and deliver better healthcare outcomes.
India is one country that stands out in terms of the intersectionality of biology, computer science, and mathematics skills needed to drive the next generation of health tech. To put things into perspective, India boasts of a 100K+-strong Global Capability Center (GCC) talent pool with new-age skills in areas such as AI & Big Data Analytics, Internet of Things (IOT), Cloud Computing, Intelligent Automation, Robotics, and Software Engineering. As a result, Indian IT professionals are in high demand, and many are working on cutting-edge health tech projects for companies around the world. Add to this the fact that India has 3,400+ higher education institutions, with 2.3 Mn STEM graduates per year, the subcontinent has one of the strongest technology talent pipelines in the world. Labor costs are relatively low, and the infrastructure is well-developed, making it an attractive destination for companies looking to optimize their operations.
Besides these, India also has a vibrant start-up ecosystem, which is the third-largest in the world. India’s innovation ecosystem has a large number of start-ups as well as accelerators and incubators working on cutting-edge healthcare technologies. This provides companies with access to new and innovative ideas and solutions that they can leverage in their own operations. The Indian government has also been actively promoting the growth of the Healthcare industry, with policies and initiatives aimed at encouraging investments and innovation in the sector.
This powerful combination of a large talent pool, cost advantages, a vibrant innovation ecosystem, and government support makes India an attractive destination for global healthcare companies looking to tap into new talent and technologies.
Existing global healthcare companies are also leveraging their GCCs in India to drive innovation and accelerate growth –
1. Research and Development: Many global healthcare companies have set up their GCCs in India to leverage the country’s strong scientific talent and research capabilities. These centers focus on developing new products and technologies for both India and other markets, conducting clinical trials, and improving existing products.
2. IT and Digital Transformation: Many GCCs in India are also focused on IT and digital transformation, providing technology solutions to healthcare companies worldwide. These solutions range from electronic health records (EHRs) to mobile health apps and telemedicine platforms.
3. Business Process Services: Global healthcare companies also leverage their GCCs in India for their business process services. These services include Operations support, Finance & Accounting, Human Resources, and Supply Chain Management.
4. Analytics and Data Science: Healthcare companies are also leveraging their India GCCs for Data Analytics and Data Science. These centers help in processing large amounts of healthcare data to derive insights and improve patient outcomes.
5. Innovation: Some healthcare GCCs in India are also focused on innovation, working with start-ups through dedicated accelerators and incubators to drive co-innovation and/or joint go-to-market on newer products/services.
Healthcare companies recognize the value of global IT talent and are increasingly leveraging it to drive innovation, improve patient care, and gain a competitive edge in the market. With the continued growth of the healthcare industry and the demand for software developers, companies that embrace a global approach to talent acquisition will be better positioned to meet their talent needs and achieve their business goals.
Are you a healthcare leader grappling with the current business and market volatility? Speak to our globalization experts to know how you can leverage global IT talent to accelerate healthcare innovation in your organization. Drop a note to [email protected].