The World Bank has recently pledged 1 billion dollars for India’s Public Healthcare Infrastructure.

Eventually, this loan will have to be repaid someday. That will only happen if the healthcare industry thrives in India. The World Bank believes it will; this blog will convince you too.

Investment in infrastructure is an extremely positive sign as it always creates more jobs for that particular industry (in addition to creating indirect jobs).

The sum is broken down into numerous loans. One of these loans will help in delivery of healthcare services to the masses in seven states including Uttar Pradesh, Tamil Nadu, Odisha, and Andhra Pradesh.

This is one of the many ways this investment will help the job market in India. More space will be opened up for new personnel to join the workforce and expand the footprint of organized healthcare in these states.

New jobs will only boost the massive growth that the healthcare industry has been experiencing in the past few decades in India.

According to NITI Aayog, the healthcare industry in India was projected to reach US$ 372 billion by 2022, growing at an annual growth rate of 22% from 2016. The healthcare infrastructure on the other hand was expected to reach US$ 349.1 billion by 2022.

It is now 2023, and the growth continues unabated.

While the usual factors like increasing population, rising income levels, improving healthcare infrastructure, and supportive government policies have been contributing to the growth of healthcare in India; there is something far more exciting underlying this massive growth.

Exponential Growth in Coming Years

Although this sector remains relatively small in size, it is contributing tremendously to the industry’s growth. That new emerging field is known as Healthtech. 

According to experts, the Healthtech space is expected to reach a valuation of 5.98 billion dollars by 2024. In 2018, it was valued at 1.4 billion dollars. That is tremendous growth for a previously uncharted field.

It gets even better. According to a report titled “Unleashing the Healthtech Potential” by RBSA advisors, the Healthtech market in India is expected to reach 50 billion dollars by 2033.

Combining health with technology has been a slow process. Health is an important subject in people’s lives and new technology always creates apprehension. That apprehension prevents people from trusting new tech in healthcare.

However, that hasn’t stilled the startup spirit in India. New companies are emerging that are revolutionizing the healthcare industry by using innovative technology, machine learning algorithms & advanced AI.

How Public Investment is Helping This Space

This emerging sector can be broken down into six segments: fitness, IT, e-pharmacy, wellness, healthcare and telemedicine. Startups like Jobizo have also started pioneering the use of machine learning algorithms to create a new segment. That of technology-driven healthcare recruitment.

In a nutshell, health tech aims to provide patients, faster, cheaper and more accessible care using technology.

It has seen wide adoption by private and public players across the world. In a conversation with Entrepreneur, Shubangi Rastogi­­­­–founder and CEO of Mind Alcove—shared that “there are government initiatives in place that provide support for startups working in the health tech space and have made it easier to establish a business in this sector”.

These governmental initiatives include Ayushman Bharat, National Digital Health Mission, Sanjeevani telemedicine platform, and Aarogya Setu app. They are improving public healthcare services by leveraging technologies like AI, cloud computing, Internet of Things (IoT), big data analytics etc.

Impact On Healthcare Jobs

Evidently, with huge growth come new opportunities for employment and entrepreneurship. As mentioned previously, there are huge swathes of land where healthcare services are yet to reach. That is going to change with public and private investment, which means huge demand for medical professionals.

According to the Ministry of Health and Family Welfare, the doctor population ratio in the country is 1:854. In developed countries like Sweden, that ratio is around 1:233; meaning there is huge potential in India for doctors and other healthcare workers.

Apart from direct, indirect employment is also generated. The healthcare BPO (Business Process Outsourcing) industry in India is growing rapidly, providing non-clinical services such as medical billing and coding, claims processing, and medical transcription to the masses. Moreover, the medical device market in India is expected to grow up to 50 billion dollars by 2025, creating scope for innovation and manufacturing.

Revolutionizing The Healthcare Industry One Recruit At A Time

The healthcare industry in India is poised for a bright future with its strong fundamentals, favourable demographics, supportive policies, and technological advancements.

Jobizo is a health-tech platform making a meaningful contribution to that growth by bridging the gap between medical employees and employers.

Through the use of advanced machine learning algorithms and AI, it automatically aggregates suitable jobs for a candidate based on their geographical location and experience.  

Employers can now post jobs and track metrics like received applications, scheduled interviews, etc. through an easy-to-use dashboard.

During Covid, it was evident that traditional healthcare recruiters cannot supply healthcare workers adequately. These institutions were unable to adjust to skyrocketing demands.

Jobizo brings that flexibility to recruitment. Employers can hire medical workers on an ad locum or permanent basis depending on current and future assessments of demand.

Additionally, employers need not worry about the credibility of candidates on Jobizo’s platform. The app automatically verifies the credentials of candidates before onboarding them on the platform.

Experience the power of this health-tech platform by downloading the app from your preferred app store today.  Visit https://jobizo.com/ to know more.