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In addition, Fortis Healthcare has grown to become a worldwide leader in the delivery of a wide variety of sophisticated medical care in areas such as heart surgery. Although this is a positive aspect, particularly because it has led to the increase of medical tourism, this trend will result to adverse effects in the future (Fortis Hospital, 2001). This is because the company is gradually losing the desire to cater for the local people, and it is focusing on foreign care seekers.
Therefore, the local people may opt to seek healthcare services from other emerging healthcare providers, which can make the organization lose local dominance in its home country. In addition, the company always sees an opportunity in failed healthcare firms, and that is why it seeks to acquire them. However, it fails to calculate the costs involved in the improvements of the organizations. The company has some cases in court, and this is dangerous for the reputation and subsequent growth of the company. This may also result to the emergence of other cases, or public scrutiny and this is not good for business (Fortis Healthcare, 2011).
In India, private healthcare organizations enjoy support from the government. This is so in terms of appropriate policies about healthcare. For example, the government of India has allowed 100% FDI. In addition, the government has provided infrastructure status to the healthcare firms, and this includes low tariffs when it comes to medical equipment. For hospitals in the rural areas, the government provides tax holidays for a considerable amount of time, such as five years. In addition, the government, due to its inability to provide primary care, it has allowed the private healthcare sector to provide the services to the people (Sagar & Praveena, 2013).
India is renowned for its high level and world-class healthcare services. Locally, there is stiff competition from organization such as Max, and Apollo's. Apollo's has managed to be the leading healthcare organization in India, but Fortis is coming up fast. In this century of technology, there is an opportunity for Fortis to emerge the leading healthcare provider in India by 2020. In addition, its strategy of merger and acquisition can also contribute to its realization of being a global healthcare provider (Sagar & Praveena, 2013).
Although the organization has managed to realize a global status, it remains locally attached as a way to appreciate the local people. This is why the local Indian population perceives the health provider as being the best. Therefore, the organization receives support from the local population, and specifically because of its continued support to the people. For example, the health provider provides healthcare services to the local people at an affordable rate (Sagar & Praveena, 2013).
The setting, or rather India is a country endowed with many qualified health professionals, and this is strategic to the organization. In this context, the organization does not need to outsource for professionals from foreign countries. On the other hand, the organization has a strong local foundation, and the world recognizes it for its success rates in operations. The hired professionals are global icons, and renowned for their experience in the health care industry. Therefore, they serve as marketing tools for the company to foreign and local care seekers. For the local people, there are varieties of services, which are available at an affordable rate (Fortis Healthcare, 2011).
One of the greatest opportunity the organization faces is the potential expansion to other countries. The company has managed to acquire a substantial asset base in its home country, and it has an opportunity to acquire the same in emerging markets such as Malaysia, China, UAE and Indonesia. The organization also has substantial amounts of capital, which it can use for other activities such as acquire other healthcare technologies, acquire other healthcare organizations, and improve its infrastructure. Alternatively, the government of India is in favor of healthcare providers because of their crucial role in provision and improvement of the well-being of people.
In addition, there is an opportunity of tourist medication, in terms of increasing. This is because the organization is providing excellent patient care, including services not offered in other parts of the world. There is growing demand of heart operations, which is among the services offered by the healthcare organizations. The demand is likely to grow, and this will place the firm in a position to generate more revenue and make profits, in the same time, improve the well-being of people. Having emerged from a pharmaceutical background, there is an opportunity for R&D and manufacturing from other foreign companies (Fortis Healthcare, 2011).
One of the significant threats lies in the government. Apparently, the government is the main provider of primary healthcare. On the other hand, the organization is focusing on expansion, and this means that there might be a lack of funds to discover new drugs. In addition, the economy in India is not that stable, therefore, there might be regular tax changes (Rao et al., 2011). The focus on venturing into new markets without considering the global economy is a potential threat to the expansion strategy of the organization. Alternatively, the healthcare field is full of uncertainties, which can predispose the company to unexpected challenges in the future.
Corporate Level Strategy Adopted by Fortis
One of the strategies employed by Fortis is partnerships with the government in an effort to expand and accomplish its capabilities. To achieve this, the organization requires participation of the relevant stakeholders to contribute their expertise in running a quality setup, and partnership with the private partnerships with the encouragement of the government. The government has set up large infrastructures, but this is not realizing or achieving the country's healthcare needs. This is why the partnership with the private sector will be strategic in achieving efficiencies of the healthcare needs. Fortis healthcare is working with the government to create models in the public-private partnerships, in so doing, the country, together with the organization will meet the healthcare needs (Rao & Mant, 2011).
Marketing the Brand
On the other hand, Fortis healthcare organization is among the fastest growing healthcare firms in India, and there is a possibility it will continue with this trend. Apparently, the firm has a significant market brand in the local market, which is growing fast in the international healthcare market. The company is focusing on marketing its brand through pursuing quality and accreditation certificates both locally and internationally. The company has already acquired an international market, and several accreditations such as JCI, NABH, which has placed its brand in a strategic position to promote growth. The company has also focused on marketing its brand by offering reasonable prices for healthcare services to international patients mainly because of the changing global economy (Rao, & Mant, 2011). The organization is doing this by providing quality healthcare services at an affordable price for foreigners and the local people.
The organization recognizes that the healthcare field is dynamic and prone to changes regularly, in this regard, the company has acquired a broad spectrum of experts. In addition, the firm opts to overcome this by having an integrated delivery network, which would involve different verticals of the delivery of care. The verticals of healthcare include primary care, diagnostics, and daycare specialty in its facilities. In so doing, the company will be better predisposed to provide tertiary care in cardiac sciences, orthopedics, neuroscience, and oncology. The healthcare provider has also shifted its focus from these services and focused on the cause of cancer, in an effort to save and enrich lives (Singapore Management University, 2014).
Mergers and Acquisitions
To achieve growth and expansion throughout the world, the healthcare provider has managed to acquire and merge with other healthcare organizations. It has particularly acquired some health care facilities, which have shown signs of decline. Interestingly, the once failing or declining firms are now providing excellent patient care, which is the main objective of Fortis healthcare organization. Mergers and acquisitions have helped many organizations, not only in healthcare, but also in other fields to take hold of a substantial market segment and increase the profitability margins. On the other hand, the organization has not only partnered with the government, but also other international healthcare providers, such as suppliers of technological interventions, insurance providers and many others to ensure quality patient care (Sagar & Praveena, 2013).
Nature of Business Strategy Adopted by Fortis
Fortis Healthcare Providers have managed to diversify their services. They offer a broad spectrum of health services, which is the main cause of its renowned brand in the world. It has ventured into diagnostic services, providing diagnostic products, medical technology, clinical trial services, and clinical investigation facilities. The health provider has also engaged in wide acquisitions and mergers to dominate in the healthcare field. This is a…[continue]
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