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)