Large Indian IT and BPO companies have had less focus on innovation, and have

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been focusing on hiring and training resources for mundane and recurring around software maintenance and application development as per client specifications, according to SCIOinspire, which offers analytics-driven BPO solutions to healthcare insurance vertical.

The company, which has two centres in Chennai employs around 180 people, plans to hire 100 more people by year end. “There is very less focus on research and development. Product development requires investment in understanding clients’ needs, gaining domain expertise, and capital investment,” said, Siva Namasivayam, founder and CEO of SCIOinspire.

According to him, most of the healthcare BPOs in India focus on provider side for billing and transcription, while the market for providing service to health insurance companies is growing at a faster pace. After BFSI, healthcare vertical, which has been backward in terms of using technology, is gaining momentum among IT companies in India.

“In the next 10 years, healthcare is the vertical from where the growth will come from. US healthcare is estimated at $2.5 trillion, which is projected to grow to $4.6 trillion by 2020. No other industry has the potential to grow at that scale. Hence, no company will forego such an opportunity,” he said.

Referring to health insurance in India, he said, India is still a fee for service market. About 98 per cent of the healthcare expenditure is out of pocket. Private insurance is not well developed yet and government intervention is must for standardisation and processes. Low premium model like that of star health insurance is ideal for the Indian market. SCIOInspire, which primarily focuses on the US market, is now in talks with couple of companies in India for its two products – economic modelling for drug development or device, and consumer engagement for wellness programmes.