Industry Profile- Paper

Published: 2021-09-01 04:40:11
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Category: Health Care

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Industry Profile:
Health systems are undergoing rapid change and the requirements for conforming to the new challenges of changing demographics, disease patterns, emerging and re emerging diseases coupled with rising costs of health care delivery have forced a comprehensive review of health systems and their functioning. As the countries examine their health systems in greater depth to adjust to new demands, the number and complexities of problems identified increases. Some health systems fail to provide the essential services and some are creaking under the strain of inefficient provision of services. A number of issues including governance in health, financing of health care, human resource imbalances, access and quality of health services, along with the impacts of reforms in other areas of the economies significantly affect the ability of health systems to deliver. WHO I choose the Health industry .Health industry is led by Ministry of health .It has both public & private sector. In the private sector which accounts for approximately 80% of all outpatient visit. However, the Ministry was abolished in June 2011 and all health responsibilities (mainly planning and fund allocation) were devolved to provincial health departments which had been the main executors of public sector health programs.
Pakistan’s health care delivery system includes both profit and not for profit service
In this industry public sector organizations are
?Nishtar hospital
?Shaukat khanaum
?Childern complex
In the health industry private sector organization are
?City hospital.
Medicare
Organization Profile:
Organization City Hospital (Pvt.) Limited is a privately owned facility that covers a wide spectrum of specialties, with an aim to provide top grade medical care in a comfortable and luxurious environment.
Since Its opening, City Hospital has been expanding Its services and equipment to meet the growing healthcare needs of the human community.
Objectives of City Hospital are to provide a tertiary level patient care and serve as referral hospital also to conduct teaching/ training of doctors and other health workers at various levels in the field of medicine and surgery.
The establishment of the City Hospital, Multan heralds a bright new era for the citizens of South Punjab, especially the residents of the Multan.
Apart from providing medical facilities to the resident of Multan and surrounding areas, the City Hospital will function as a National Reference Centre for providing specialized diagnostic and curative services to the patients referred by other hospitals/institution.
? Mission:
Our mission is to provide a safe, cost effective and caring environment, supported by evidence-based practice and professional development in collaboration with other health care provider
? Vision:
Our vision at City Hospital is to be the trusted leader in caring for people and advancing health. Truly living that vision means that we want to provide you with information about the quality of care provided by our healthcare facilities so you can make the best decision for yourself and your family.
Explanation & Application of PESTEL ANALYSIS
Health will always be a concern, no matter your age. People worry about exclusivity, new diseases, less treatment, and how much access they can have. This PEST analysis of the healthcare industry provides a glimpse into how the system works, and how it could change in the future.
? Political Factors:
Introduction & Application
Political factors it is related to the pressure & opportunity that impact the business & this pressure is brought by political institute.
Government policy
Corruption
Application
The healthcare industry is impacted by many factors including, insurance mandates, tax legislation changes, and consumer protection. Government spending for healthcare can be affected by tax policy changes. It can be a benefit, allowing for increased subsidies. Or it can be a cause for concern. Governmental changes can affect the public and the healthcare services they’re entitled to, especially with changing healthcare bills and plans.
? Economic Factors:
It is related to economic structure & its impact on organization. Its include:
Taxation
Inflation
Healthcare organizations will be affected by many economic factors, especially inflation, unemployment, and interest rates. Any of these changes can change how the public is able to spend their money, impacting policy spending. Companies who manufacture medical devices won’t have many people able to pay their rate if the unemployment rate is increased. Likewise, if less people are able to work, they won’t qualify for work benefits, including healthcar
For people without these benefits, it’s likely they won’t be able to pay the entire cost of any hospital or emergency room visit. They’re less likely to seek help when they become ill. The public will have a limited selected of health services they can actually afford.
?Social factor:
It related to society which include belief, culture , attitude of a population that effect the demand of a product & demand patterns effects the whole business.
The social factors of population help marketers to understand the customers & fulfill their demand.
Application
Healthcare relies on understanding the changes in demographics and public values. Certain communities can share fears, beliefs, and cultural norms. If a healthcare professional or hospital isn’t aware of these conditions while they treat that public, it can cause problems. Additionally, medical professionals need to stay on their toes about new trends.
For example, the use of essential oils as a cure for various illnesses including cases of flu, fevers, and even incurable conditions like autism, are on the rise. Understanding why people are turning to these natural remedies can help healthcare professionals talk and discuss concerns or treatment with these users.
Another example is the new trend of eating detergent pods. Understanding why kids are turning to such dangerous activities can help prepare clinics if they children need assistance at their location.
People are also becoming more health conscious. Some business across the country must now post the calorie amount of each item on their menu, giving people the option to choose what to eat based on these numbers.
The public, in general, is turning towards specific health diets including paleo and keto. Or they’re making changes, like eating less f artificial sugars and processed chemicals. This is in response to the growing threat of obesity in adults and children. Hospitals and health professionals can benefit from following these shifting and progressive trends.
?Technological factor:
It is related to technology that is changing rapidly. With the advancement in technology marketers must adopts new trend to market the product for the success of an industry.
The healthcare industry is seeing positive changes in treatments because of technological advancements. Developments with medical devices allow patients to receive better care. For example, hearing aid devices have the tools to enhance performance, providing crystal clear sound, less background noise, and premium options for a better hearing experience.
We’re seeing changes in app developments, allowing patients to get care faster than ever before. More businesses are using apps to connect doctors with patients right in their homes. And the ability to ask questions about illnesses now include email and live-chat on websites. We’re heading towards a positive direction for patient care thanks to our ever-evolving technology
Ecological factor :
Its realted to environment regulations . Some factors of an environment that effect the industry are
•Weather
•Law related to environment pollution
Porter five forces model
According to Michael porter in his book Competitive advantage, the degree of competition, attractiveness of an industry can be determine by five forces.
•Competition:
Introduction & Application
This force is the major determinant on how competitive and profitable an industry is. In competitive industry, firms have to compete aggressively for a market share, which results in low profits. Rivalry among competitors is intense when:
•There are many competitors
Products are not differentitate & can easily be susbsituted.
Application
There is a high level of competition within the hospital industry. There is a need to be innovative with the care that your hospital provides its patient so that you can have returning customers. A lot of the competition occurs at the local level. This is because hospital visits are unplanned, so the person that needs care can only choose between as many as 1,2or 3 hospitals near them. The competition is high because each of these wants to be the one picked.
•Threat of new entrants:
The threat of entry means how difficult is for new entrants to enter in a industry.An attractive industry has a high barrier to entry that reduce the threat of new competitor. Threat of new entry is high when:
•Low amount of capital is required to enter a market.
Application:
There is very low risk of new entrants in this industry. This is mainly because of the amount of capital required to invest in research and also to develop your own drugs. Even if a person can successfully make drugs to help people, getting them approved by government has been proven to be a relentlessly long fight. Another reason of low risk of new entrant is because of government regulations. The government make sure that the hospital entering the industry have the information and technology necessary to run a heath care center.
•Threat of substitute:
Product or service that offer the same benefit to an industry product but different in nature. This force is especially threatening when buyers can easily find substitute products with attractive prices or better quality and when buyers can switch from one product or service to another with little cost. For example, to switch from coffee to tea doesn’t cost anything, unlike switching from car to bicycle.
Application:
There is really no substitute of hospital industry. Some people may not trust going to the hospital for care, and that is the only substitute that comes to mind. The only substitute that can occur has to do with the finding the best way to help people for both the cheapest as well as healthiest reason.
•Bargaining power of suppliers.
Strong bargaining power allows suppliers to sell higher priced or low quality raw materials to their buyers. This directly affects the buying firms’ profits because it has to pay more for materials. Suppliers have strong bargaining power when:Bargaining power of suppliers:
•Few substitute raw materials exist.
•Cost of switching raw materials is especially high. Application
The bargaining power of supplier is fairly moderate in this industry. There are too many suppliers, mostly pharmaceuticals companies, for them to have much power over hospitals. The hospital doctors can almost tell their patient to purchase any pill of their choosing, within certain parameters. The point is that these pharmaceuticals companies must create a relationship with hospital and their doctors that influence them to sell their product. The reason that the bargaining power is not low because of how much power these physicians and other health care professional have. As a whole, the pharmaceuticals companies are what keeping the hospital industry alive. For this reason, the pharmaceuticals companies have major role in what specific drugs are disturbed. These two arguments show why bargaining power of supplier is moderate.
•Bargaining power of buyers:
Bargaining power of buyers. Buyers have the power to demand lower price or higher product quality from industry producers when their bargaining power is strong. Lower price means lower revenues for the producer, while higher quality products usually raise production costs. Both scenarios result in lower profits for producers. Buyers exert strong bargaining power when:
Only few buyer exist.
Application:
The bargaining power of buyer is also fairly moderate. This is because when somebody needs health care, there is almost no price one can put that they will not pay.
Dynamic Capabilites:
An organization abilities to recreate & renew its resources & capabilities to gain a competitive advantage in a changing environment. It is different from ordinary capabilities.
Example:
The technological giants Apple & IBM .
How does a firm develop their dynamic capabilities?
Its relize on organization three activites which are following:
1)Sensing
2)Seizing
3)Transforming
1)Sensing:
Realizing & assessing the opportunities & consumer markets Organization must scan, explore the technology & market .
e.g Apple realize the demand of smaller mp3 player when they scan the market
2)Seizing:
Organization reactions towards the opportunites & market needs that they scan & explore to increase firm value.
e.g. The Apple development of ipod & itunes.
3)Transforming:
This is a finale activity in which organization renewal & reconfigure itx capabilities for sustainable & innoviative growth.
e.g.In case of Apple,this applies to Apple’s iterations of the ipod( ipod Nano& ipod touch).
Application
Benchmarking:
Benchmarking is the mean of comparing business product,service ,processes to other company which are best in an industry.organization set their standard compare their performance with these standard .we focus on some points in benchmaking that is:
?Why are others better?
?How are others better?
Benchmarking is an ongoing outreach activity; the goal of the outreach is identification of the best operating practices that, when implemented, Approaches to Benchmarking
?Industry/sector benchmarking
? Best in class Benchmarking
Industry / sector Benchmaking:
This approach enable an organization to compare its performance with competitor trading in same industry.
Best in class Benchmarking:
This approach enable an organization to compare themselves with the best practice of an industry. produce superior performance.

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