PH Sees $5-Billion Healthcare Industry Service Market by 2022 – Coronel
September 20, 2016
Makati City, Philippines. “Philippine Health Care Industry is enjoying unprecedented growth.” This was how Beng Coronel, HIMAP and Pointwest President, described the Philippine healthcare industry in the Healthcare Information Management Services (HIMS) Conference at the Makati Shangri-La on 15 September 2016.
In the President’s address, Coronel said that revenues in the healthcare industry will quadruple to $5 Billion by 2022 from $1.9 billion in 2015.
“In the next five years, the HIMS industry could be making $5 Billion in revenues with 210,000 direct employment or 14.8% growth”. Beng Coronel, Pointwest and HIMAP President
Having solidified its status in the economy as the fastest growing industry and one of the biggest contributors to GDP growth, the Philippines has seen dynamic opportunities as the global healthcare industry is also expected to grow after the implementation of the Affordable Care Act (ACA) – commonly called the Obamacare, ICD-10 Coding system, penetration of insurance, and other growth boosters for healthcare IT-BPM Market.
“Changing landscape creates new opportunities.” she asserted.
In “future proofing” the healthcare industry, Coronel noted new and expanded types of services of the industry – Telemedicine, a remote diagnosis and treatment of patients by means of telecommunications technology. This will allow patients to access medical expertise remotely, providing convenience and a potential cost savings for the patient.
Aside from Telemedicine, the Pointwest and HIMAP President also cited that the bulk of work in voice, non-voice, information technology, analytics, and training programs will be coming from the pharmaceutical businesses, health IT, and from the provider-and-payor-centric processes.
“Technology development will impact our industry and to future proof our industry we need to level up our service portfolio, broaden our market base and up skill our talent base.”Beng Coronel, Pointwest and HIMAP President
2016 HIMS Conference
The HIMS Conference 2016 with the theme: “Global Convergence enabling inclusive care and innovation” paved the way for trends in healthcare system, healthcare solutions, and the convergence of the global market and local services. The conference serves as a venue for industry players, training institutions, vendors, larger business communities, and other stakeholders in identifying key factors and programs that contributes to positioning the Philippines as the leading destination for quality healthcare information management services.
The Healthcare Information Management Association of the Philippines (HIMAP) led the organization of the conference. The Department of Information and Communication Technology, Pointwest Technologies, and a handful of select Healthcare IT-BPM companies across the country co-sponsored the successful event.
Founded in 2003 by pioneers of the Philippine Global Sourcing industry, Pointwest creates value for its list of satisfied clients — including top Fortune 100 and local companies — with world-class IT and BPM services backed by international-standards methodologies and innovative practices.