Healthcare BPO (business process outsourcing) is a process of hiring an external contractor (third-party organization) to handle non-clinical and/or non-core activities of the healthcare organization. Several hospitals, clinics, and other medical facilities around the world outsource work instead of performing the tasks in-house to improve patient care, provide greater access to specialists, lower costs, lessen critical mistakes, and to offer more services.
Market Dynamics:
Growing burden of chronic disease, growing geriatric population, growing adoption of healthcare IT solutions or BPO services, rapid increase in Clinical Process Outsourcing (CPO), growing trend of outsourcing, increasing R&D in the healthcare industry, and rapid growth of the pharmaceutical industry are major factors expected to drive growth of the global healthcare BPO market.
For instance, in May 2023, Optum, American healthcare services provider, planned to invest some P800 million in medical business process outsourcing (BPO) in the Philippines. Optum, in March this year, have already met with the Board of Investments (BOI) to discuss details of their planned new project in Davao and queries on the importation of equipment.
Moreover, according to India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market stood at US$ 42 billion in 2021 and is expected to reach US$ 65 billion by 2024 and US$ 120-130 billion by 2030. This in turn is driving the growth of the market.
Key features of the study:
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