Philippines is poised to become the global leader in the healthcare outsourcing industry in the next few years with revenue growth seen hitting $2.4 billion in 2016 backed by a massive qualified workforce in the country.
David McKeering, PwC South East Asia Consulting public sector and healthcare leader, said the Philippines can become the top provider of healthcare outsourcing services in the world in the next few years.
“The Philippines right now has a unique advantage. We got workforce, we got nurses, and we got developed economy that can deliver this kind of services,” McKeering told reporters on the sidelines of Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) conference held in Makati on Thursday.
HIMOAP president Josefina Lauchangco added that the local healthcare information management services industry will reach $2.4 billion in revenue by 2016 and about 120,000 full-time employees. Globally, the healthcare information technology industry is estimated to grow at a steady pace of 10 percent year on year and is expected to hit $162 billion in 2015.
“We can be the leader because one of things that most countries don’t have is the sizable talent pool. We have 250,000 nursing graduates, no other countries have that workforce resources,” Lauchangco said in a separate interview.
“The Philippines having the sizable talent pool of nursing graduates will drive the interest and will attract a lot of investors and companies to come here in the Philippines,” she further said.
As of end-2013, the revenue of the industry stood at $988 million with 66,000 full employees in the market.
Lauchangco, however, said that for the Philippines to claim the top global spot industry leaders should further develop the skills of the existing and future workers.
“One thing that we need is to enable this talent. Create programs that would provide them the necessary skills. Programs that we have now is very limited, we have to expand this later on,” Lauchangco further said.
She also said that there’s a need to build partnerships with private and government institutions to build up the manpower needed.
HIMOAP recently reported that the healthcare information management service industry expanded by about 114 percent from 2012 to 2013 to almost $1 billion in revenue.
The growth is equivalent to a 47-percent increase, the largest employment growth rate in the business process outsourcing (BPO) industry.