With an aggressive goal of hitting $6.7 billion revenues and 290,000 full-time employees by 2028, the Health Information Management Association of the Philippines (HIMAP) eyes to increase the sector’s sale of export services to the United States which accounts for more than half of the global health information management services (HIMS) market valued at $406 billion in 2022.
Tereso Panga, director-general of the Philippine Economic Zone Authority (PEZA) who joined a delegation to HIMS Investment Mission in the US recently, said the Philippines can compete for the service and web-based deployment segments of HIMS, which account for the largest market share of the global industry at 47.4 percent and 43.3 percent, respectively.
Panga said the Philippines is vying for diversification to higher value clinical and non-clinical services, pharmaceutical support, software development and digital applications, data analytics and other AI-based solutions.
In addition to traditional services such as claims management, care management, billing and collections, the industry is also witnessing growth in high-value services such as clinical research, analytics, and life sciences.
“The HIMS industry in the Philippines is going beyond voice services focusing in non-voice operations such as clinical and non-clinical services, pharma support, back-office, and data analytics. The Philippines has more in store for the industry,” Panga said.
According to HIMAP, the HIMS is one of the fastest growing segments of the information technology-business process management industry.
In the IT-BPM roadmap, HIMS in the Philippines is projected to hit revenues of $6.7 billion in 2028, an 81 percent increase from the $3.7 billion estimate generated 2022. On a baseline assumption, the industry will hit $5.9 billion revenues by 2028.
As for employment, HIMAP will have around 290,000 full-time equivalent (FTE) by 2028 from 170,000 in 2022, the roadmap said.
