With its large talent pool of healthcare professionals, the Philippines is expected to generate revenues close to $2.4 billion in 2016 - putting it at the top of the global healthcare outsourcing sector.
According to David McKeering, public sector and healthcare leader at PwC South East Asia Consulting, the Philippines has the potential to become a leader in healthcare outsourcing services in the coming years.
In one of the events of the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP), McKeering said with the country’s sizeable workforce, qualified nurses, and rapidly developing economy, it can take advantage of the opportunities that the global healthcare sector presents.
Josefina Lauchangco, President of HIMOAP, further noted that they aim to have 120,000 full-time employees and hit $2.4 billion in revenues from the healthcare information management services sector by 2016. The global healthcare information technology industry is anticipated to reach $162 billion in 2015 at a growth rate of 10 percent.
According to Lauchangco, one of the Philippines’ strongest characteristics is the large talent pool. Other countries do not have workforce resources that come close to the country’s 250,000 nursing graduates. This will help improve the country’s image to investors as a premier outsourcing hub for healthcare management services.
During the last few weeks of 2013, the industry posted revenues of $988 million and employed 66,000 full-time employees.
However, Lauchangco pointed out that training programs for future workers should be rolled out so the Philippines can claim the top global spot in the segment.