Foreword
2023 has been a year of caution, conservatism, and stable growth. As we bid farewell to the pandemic and embrace the endemic era, 2024 holds the promise of optimism, aspiration, and the dawn of vibrant growth & innovative solutions within Hong Kong's healthcare landscape. In this market outlook, we will delve into the pertinent aspects that shape the industry's dynamics in Hong Kong.
Enhanced Initiatives implemented by the HK Government
The Hong Kong Government has shown a significant commitment to strengthening the healthcare workforce through proactive measures to enhance recruitment strategies. Notably, they have implemented initiatives to attract talented individuals from the Greater Bay Area (GBA) and have placed a strong emphasis on fostering development in clinical, medical, and research fields. Additionally, the Top Talent Pass Scheme (TTPS) has proven to be an effective and efficient tool for overseas talents seeking job opportunities in Hong Kong, providing them with an active approach in their search. These efforts reflect Hong Kong's dedication to cultivating a skilled and diverse healthcare sector.
Shortage in Healthcare Professionals (HCP)
The scarcity of clinical workers and healthcare professionals (HCP) has become a significant concern, further amplified by the burnout caused by the COVID-19 pandemic and the evolving perspective on work-life balance and pay ratios. Effective collaboration between government bodies, healthcare institutions, insurers, and educational institutions is essential for long-term planning and workforce development. Additionally, as the Greater Bay Area (GBA) continues to mature, there has been a noticeable rise in medical tourism within the region, particularly for primary care health expenditures such as health check-ups, diagnostics, dental care, and wellness services. This trend highlights the increasing importance of providing comprehensive healthcare services in the GBA.
Cost and Affordability
The continuous debate surrounding cost and affordability in the healthcare industry persists, with an ongoing price war in the pharmaceutical and medical device sectors. This discussion involves all stakeholders, including government entities, policy makers, NGOs, hospitals, and insurers. However, the emergence of artificial intelligence (AI) presents an opportunity to reduce costs, particularly through the implementation of automated diagnostic tools, telemedicine, 24/7 automated patient monitoring devices/solutions etc. Collaboration among stakeholders and leveraging AI advancements can help create a more sustainable and accessible healthcare system.
Bridging the talent gap
The pharma and medical device sectors are facing a strong demand due to relocation issues, resulting in an experience gap among professionals. To tackle this challenge, companies are implementing innovative strategies such as strengthening retention programs, identifying internal talents, introducing talent rotation programs, and prioritizing soft skills during the hiring process. By adopting these measures, companies can cultivate a skilled workforce and create a positive work environment conducive to growth and success in these sectors.
Inside this report, we have also covered:
- Market hiring trends;
- Salary benchmark for different roles by functions;
- Key demographics analysis related to education level, gender, turn-over rate etc.
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For more information about the HK employment market for life sciences & healthcare professionals, please reach out to edmond.leung@morganphilips.com.