Case Study Solution: Medical Devices

1,061 views

Published on

Case study on international marketing

Published in: Business, Health & Medicine
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,061
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
193
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Case Study Solution: Medical Devices

  1. 1. IDENTIFYING INTERNATIONAL MARKETING OPPORTUNITY IN MEDICAL SERVICES Section A Group 6
  2. 2. CASE SUMMARY  Global medical tourism industry: $ 40 billion (2004) $100 billion (2012)  Expected annual growth: 35%*  Thailand has emerged as the biggest destination  India has the potential to attract 1 million tourists per annum, which could contribute to $6 billion to the economy**  Opening of international markets under WTO to fuel growth in this sector Sources: *Medical tourism: Update and implications Deloitte; **Confederation of Indian Industry
  3. 3. TRENDS PREDICTED BY WTO  Cross border delivery of trade to become significant  Telemedicine is also on the rise  Setting up of hospital chains in international countries to become another important frontier  Global movement of healthcare professionals to be on the rise
  4. 4. INDIA’S ADVANTAGE  Major destination of cost effective medical tourism  Medical tourists are coming from diverse geographies  India has a large workforce of healthcare professionals  Increasing world elderly population has a potential for India's medical tourism  Healthcare systems in these countries are under severe pressure for delivering cost effective treatments
  5. 5. IDENTIFY THE FACTORS CONTRIBUTING TO THE EMERGENCE OF INTERNATIONAL MARKETS FOR MEDICAL SERVICES
  6. 6. COST ADVANTAGE USA India South Africa Thailand Hip Replacement 17,000 2,500 6671 NA Open Heart Surgery 150,000 5,000-10,000 13,333 7,500 Lasik 3,100 700 2,166 730  The table shows the cost of certain medial treatments in USD in India compared with other countries  We can see that India has a clear cost advantage
  7. 7. INCREASE IN ELDERLY POPULATION  This increase is experienced in USA, UK, Japan, and other major European countries  Population of 65+ aged people to double in USA over the next 15 years  In UK, population with 60+ aged to form 25% of the population  There is an increasing life expectancy in these parts  Health insurance premium goes up exponentially as age progresses
  8. 8. INCREASING STRESS IN DOMESTIC HEALTHCARE MARKETS  Doctors and nurses joining the workforce in USA, UK, and Japan are not keeping pace with the growing demand  There is an increasing cost of healthcare
  9. 9. IDENTIFY THE AREAS WHERE IN INDIA OR YOUR HOME COUNTRY HAS GOT STRATEGIC EDGE IN HEALTHCARE SERVICES VIS-À-VIS OTHER COMPETING DESTINATIONS FOR MEDICAL TOURISM
  10. 10. COST ADVANTAGE (2003) USA India South Africa Thailand Hip Replacement 17,000 2,500 6671 NA Open Heart Surgery 150,000 5,000-10,000 13,333 7,500 Lasik 3,100 700 2,166 730  The table shows the cost of certain medial treatments in USD in India compared with other countries  We can see that India has a clear cost advantage
  11. 11. COST ADVANTAGE (2011) Source: OECD Report;
  12. 12. STRATEGIC EDGE  Provides holistic treatment, including Ayurveda, to a variety of chronic diseases  Large workforce of doctors: 20,000 graduating every year  World class facility in cardiac surgery, orthopaedic, neurosurgery, and Lasik
  13. 13. EXPLORE THE WEB AND CARRY OUT A CROSS- COUNTRY ANALYSIS OF THE MAJOR DESTINATIONS OF MEDICAL TOURISM AND IDENTIFY THE RANGE OF SPECIALIZED SERVICES OFFERED ALONG WITH THEIR STRENGTHS AND WEAKNESSES
  14. 14. PANAMA: OVERVIEW  Major clients come from USA and UK  Investment boom in health care industry  Development of super speciality hospitals  Development of skilled workforce for healthcare  Two pronged strategy for healthcare and tourism
  15. 15. PANAMA: MAJOR SERVICES  Dental care and related services  Cosmetic surgery and other corrective services  Orthopaedic services  Cardiovascular treatment  Fertility  Stem Cell research
  16. 16. PANAMA: ADVANTAGES  Low cost  Hotel services-most hotels have expanded their services to include that of being a link between inbound patients and medical tourism service  Travel agencies-capitalizing on their experiences and skills in tourism, travel agencies have packages that medical travellers can purchase to enable them tour various parts of the country  Medical service planners-this category of facilitators are instrumental in the entire medical tourism loop.
  17. 17. PANAMA: DISADVANTAGES  Lack of regulation  Need for development in strong institutional capacity Source: http://medicaltourismtoday.com/medical-tourism-in-panama/
  18. 18. BRAZIL: MAJOR SERVICES  Cosmetic and plastic surgery  Fertility treatment  Neurosurgery  Cardiac surgery  Dermatology  Dental treatments  Hair transplants
  19. 19. BRAZIL: ADVANTAGES  Low cost  Very high quality health services  Rest and recuperate within Brazil in one of its many seaside resort locations  Most Brazilian hospitals accept worldwide international medical insurance  Availability of medical tourism facilitator services
  20. 20. BRAZIL: DISADVANTAGES  Cost is still higher compared with Asian countries Source: http://www.allmedicaltourism.com/articles/destinations/brazil/
  21. 21. COSTA RICA: MAJOR SERVICES  Cosmetic surgery  Aesthetic procedures  Orthopaedic surgery  Dentistry  Bariatric and laparoscopic surgery  Fertility and addiction treatments
  22. 22. COSTA RICA: ADVANTAGES  Low cost  A wealth of high grade medical facilities, world class medical professionals as well as a WHO acclaimed health care system which is at par with the ones in developed countries like the United States and the United Kingdom  Good quality of care given before and after surgery.  Physicians in Costa Rica spend more time with their patients compared to doctors in the United States. quality of care given before and after surgery
  23. 23. COSTA RICA: DISADVANTAGES  Need to develop capacity  95% clients from USA, need to diversify the client base Source: http://medicaltourismtoday.com/medical-tourism-in-costa-rica/
  24. 24. PREPARE A STEP-BY-STEP FLOW DIAGRAM OF THE SELECTION PROCESS OF MEDICAL TOURISM DESTINATION FOR OVERSEAS PATIENTS
  25. 25. DEVELOPMENT OF MOTIVATION
  26. 26. DECISION MAKING
  27. 27. IDENTIFY VARIOUS FACTORS THAT INFLUENCE A PATIENT’S DECISION FOR CHOICE OF A COUNTRY AND THE HOSPITAL FOR MEDICAL TREATMENT. PRIORITIZE VARIOUS FACTORS AND ASSIGN WEIGHTS SO AS TO ARRIVE AT A DECISION.
  28. 28. FACTORS  Cost  Quality  Safety and Security  Recuperating Climate  Insurance Coverage Sources: http://epubs.scu.edu.au/theses/147/ http://iranht.ir/sites/iranht.ir/files/publications/sciencedirect96740c24-cb7f-20130912092049.pdf http://www.webster.ac.th/2012/pdf/thesis/2011-12/mba/Kristine%20Ricafort/RicafortK.pdf
  29. 29. FACTORS CLASSIFICATION  Cannot be compensated: Quality, Safety and Security  Important: Cost  Additional: Recuperating Climate, Insurance Coverage
  30. 30. FACTORS CLASSIFICATION Factor Importance Cannot be compensated Quality 30% Safety and Security 35% Can be compensated Cost 25% Additional Insurance Coverage 3% Recuperating Environment 7%
  31. 31. THANK YOU!

×