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Indian Medical Transcription Is Back In The Pink

It was almost a cottage industry in the 90's, only to lose steam in 2000. But if you though the medical transcription (MT) industry in India is history, think again. Latest studies reveal that it is raring to take off yet again. And this time, the future is well chalked out.

When it took off in the '90s, anyone with a little space and enterprise opened a unit in their living room. Unfortunately, the boom didn't last and hit rock bottom in 2001. The reason : Too many entrants lack of entrepreneural skills and knowledge of industry and there are security issues. Many small players opted out.

But since 2004, the sector has slowly but steadily worked its way up. Now, it generates revenues worth $195 million. The figure is expected to go upto $647 million by 2010, according to ValueNotes. In fact, the study found that at present, India-based MT vendors employ around 18,000 people; by 2010, the numbers will go up to 52,000. A Nasscom study released confirms this move of the Indian MT industry. It says India has 120 to 150 MT companies which earn an annual income of $220 to $240 million.

The ValueNotes study says that by 2010, work worth $860 million will be offshored globally. "While intense competition has driven out hundreds of small players, several large players are aggressively expanding their capacity through acquisitions. The industry will witness further consolidation," says Neeraja Kandala, analyst at ValueNotes.

(Ref : The Times of India dated May 30, 2006)


GE Investing $250 Mn In Infrastructure, Healthcare

General Electric Company (GE) is investing $ 250 million in infrastructure and healthcare projects in India and expanding its industrial and financial presence in the country. Infrastructure projects are at the top of GE's agenda in India. In November 2005, GE announced it was reinvesting all of its proceeds from settlement of the Dabhol Power project - Valued at US $ 145 million in Indian infrastructure projects and in equity stakes of projects sponsored by GE's strategic customers.

Speaking to the Bombay Chamber of Commerce and Industry, Jeff Immelt, CEO of GE, said, "India is a market set to realize its potential. The next ten years are critically important for Indian in terms of infrastructure and economic development as the country progresses towards becoming one of the largest economies in the world. Success will require depth in areas where GE excels : infrastructure and technology."

GE will be a partner in Dr Naresh Trehan's Medicity project, a world-class Integrated Healthcare Facility in New Delhi. Beyond financial investment, GE will also provide end-to-end early disease prediction, diagnosis and monitoring tools like advanced medical diagnostics, Cathlabs, anaesthesia systems and partner in clinical research and education programmes.

GE investments will lead to future phases of co-operation where research, design, financing and service will take place locally in India, by Indians and for the Indian market.

GE is focusing on developing new products designed to meet specific Indian needs. For example, the "HF Advantage" X-ray system was developed at the John F. Welch Technology Centre in Bangalore. The HF Advantage is an affordable, general radiographic system providing outstanding image quality and diagnostic precision, while creating a safer imaging environment for patients and doctors with lower radiation doses. Another example is a hybrid technology model developed at the GE Global Research Center in Bangalore, which combines various forms of renewable energy to provide customized power solutions based on availability of local fuel resources. This is being used in GE's Rural Electrification Programme in India.

The John F. Welch Technology Centre - US $ 80 million state-of-the-art facility that is home to 2,200 scientists, researchers and engineers is uniquely positioned to help GE realize this goal. "We are privileged to have a terrific pool of scientists and technologists and we plan to unleash their talent for the benefit of India and GE in India," Immelt said.

(Ref : Chronicle Pharmabiz dated June 15, 2006)

 

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