Exponential growth of biomedical literature and clinical data demands more robust yet precise computational methodologies to extract useful insights from biomedical literature and to perform accurate assignment of disease-specific codes. Such approaches can largely enhance the effectiveness of diverse biomedicine and bioinformatics applications. State-of-the-art computational biomedical text classification methodologies either solely leverage discrimintaive features extracted through convolution operations performed by deep convolutional neural network or contextual information extracted by recurrent neural network. However, none of the methodology takes advantage of both convolutional and recurrent neural networks. Further, existing methodologies lack to produce decent performance for the classification of different genre biomedical text such as biomedical literature or clinical notes. We, for the very first time, present a generic deep learning based hybrid multi-label classification methodology namely GHS-NET which can be utilized to accurately classify biomedical text of diverse genre. GHS-NET makes use of convolutional neural network to extract most discriminative features and bi-directional Long Short-Term Memory to acquire contextual information. GHS-NET effectiveness is evaluated for extreme multi-label biomedical literature classification and assignment of ICD-9 codes to clinical notes. For the task of extreme multi-label biomedical literature classification, performance comparison of GHS-Net and state-of-the-art deep learning based methodology reveals that GHS-Net marks the increment of 1%, 6%, and 1% for hallmarks of cancer dataset, 10%, 16%, and 11% for chemical exposure dataset in terms of precision, recall, and F1-score. For the task of clinical notes classification, GHS-Net outperforms previous best deep learning based methodology over Medical Information Mart for Intensive Care dataset (MIMIC-III) by the significant margin of 6%, 8% in terms of recall and F1-score. GHS-NET is available as a web service at and potentially can be used to accurately classify multi-variate disease and chemical exposure specific text.