Strategic View: Why is aforementioned important to know? It’s because, from a Blue and Red ocean strategy perspective, there are oceans within oceans – vast “Blue” uncontested oceans in the healthcare industry. With the introduction and rise in demand for tablets, wearable, smart phones and “Apple’s HealthKit”, there is a piece of pie available to the first movers.
Global Opportunities: Economies of scale and globalization require new ways of working. This is where partnerships and alliances (P&A) will play a key role to penetrate new markets – quite evident when Apple, IBM team with Japan Post to offer seniors in Japan health app-equipped iPads. Apple goes a step further and customizes a dying product to penetrate yet another market by customizing iPad for elderly usage.
Regulations: The regulations though existent are open to interpretation and implementation across hospitals is haphazard to say the least. The regulators are slow to adopt, albeit are open to new ideas for lowering costs. As of 2015, the center for Medicare and Medicaid Services (CMS) will be reimbursing doctors $42 per patient per month to provide tele-health solutions.
Consumers: The consumer behavior and adoption of new technology is dictating that hospital systems, big and small, allow for patients to have a streamlined access to the doctors, their electronic medical records (EMR’s), collaboration to monitor their vitals and last but not least – reduce time in the waiting rooms, which can be hours upon hours. The hospitals on the other hand are looking to reduce their biggest OpEx: "re-admissions".
New Frontiers: What is the takeaway from all this; it’s simple if one were to strategically analyze the market, consumer and associated technology within the scope of Michael Porter’s Five Forces – there are opportunities for growth as all exogenous and endogenous forces are at minimal. Though, the advantage goes to “First movers”!
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