TR Life Sciences, a hospital management consulting firm, noted that due to increasing growth, many Indian hospital entrepreneurs are looking to spread their wings in other countries. Its goal is to use its strengths in global markets, particularly in countries with high per capita income but weak health infrastructure. To be successful, reputable hospital management professionals in India need to focus on getting the marketing mix right rather than trying to control environmental variables in a foreign country.
According to Raj Segal, Deputy Director of TR Life Sciences, a leading Delhi-based hospital management consultancy, “When done right, expanding across borders can offer great rewards for hospitals as countries across the globe world welcome foreign investment and expertise in the care sector. ” health, opening the door to its markets and patient groups. A global presence can enhance the brand value of an Indian hospital and gain the trust of patients abroad. It can provide access to advanced knowledge and technology and help patients receive medicines and services at competitive prices in the host country. However, moving the Hospitalization business into uncharted territory comes with its own risks and water must be closely monitored.
"Hospitals must keep patients at the center and organize all services. This may require a new model of marketing and technology mix to evolve service delivery. A marketing team in a foreign country is advised to focus put all your efforts into creating effective marketing. Rather than trying to influence the mix of environmental variables," he added, it may be easier to manage a traditional marketing mix of the four elements: product, place, price, and promotion than to insist on controlling uncontrollable variables or the external environment.
"A newcomer must consider all components of the foreign marketing environment, such as the social, demographic, political, legal and competitive landscape before establishing a presence in a new country. A very important variable is the analysis of the paying system (companies of insurance). It has a profound impact on the functioning of hospitals in the country."
He said that when a hospital physician decides to establish a global footprint, several steps must be taken. This is the selection of countries. Due diligence is required by the host country. This requires assessing the size of the market and the growth opportunities it presents for the hospital business, the availability of the supply chain, local competition, the availability of technology and IT infrastructure, the quality of the physical infrastructure, and the policies and regulatory laws. and availability of human resources. said doctors, nurses, nurse practitioners and IT professionals.
Managing Director of TR Life Sciences Dr. According to Gopal Chara, setting up a hospital abroad requires an understanding of local business entities, availability of US dollars and currency valuation, profit return mechanism, financial requirements, audit and tax. bilateral trade agreements and health compliance.
"The expansion of hospitals abroad can take various forms. They include mergers and acquisitions (M&A), joint ventures, export of services, brand licenses to local entrepreneurs (franchises), supervision of the management of existing hospitals, outsourcing of From local hospital management to a single division or More like oncology or cardiology and 100%-owned businesses, a business owner must choose what suits their business goals and availability of capital, says Dr. Sharan.
