Friday, March 20, 2009

Medical Transcription Industry back in action ????

It was almost a cottage industry in the 90s, only to lose steam in 2000.

But if you thought 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 an 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 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 study.

In fact, the study found that at present, India-based MT vendors employ around 18,000; by 2010, the numbers will go up to 52,000. A Nasscom study released last month too confirms this northward 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.

According to experts the industry will witness further consolidation with large American MT service organizations eyeing smaller Indian offshore vendors

Experts say there has been a systematic ramp-up and a steady flow of business from the US to India which is our largest market.

If things go this way, the industry will see good times again.

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