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International expansion analysis
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The health care industry is positioned for the global market place. It is expected to grow exponentially in health-related services for the elderly. China’s population of individuals over sixty years old is expected to grow to one third in the next twenty-five years. Though their culture view aging somewhat differently than in United States, they are interested in the attractive senior living options established here. Senior care encompasses private care facilities, home health care, products, drugs and medical equipment. As the largest health care market in the world American companies have made significant global inroads over the last two decades. These businesses are positioned to offer additional services directed at retirees, and children who will be responsible for their parents and potentially their grandparents as well. Johnson & Johnson (J&J) is an American powerhouse in the healthcare industry. It is number 46 on Forbes list of the World’s Biggest Public Companies (DeCarlo, 2013). It has sixty international locations. J&J has been involved in health related products since 1886. The management structure is decentralized allowing for strategic operations depending on need and location. There are four central business divisions, consumer, pharmaceutical and medical devices and diagnostics. J&J has a significant presence in China and has targeted dominant health concerns, which includes the health issues of their aging population. J&J are not the only global company positioned to address China health care needs. Emeritus and Merrill Gardens are two Seattle, Washington companies whose focus is on senior care. These two companies met in Hong Kong with a group of global investors to discuss the development of the Western for... ... middle of paper ... ...e and how to deliver them may be different when approached from a global perspective. However, the demand for medical services, supplies, senior living is positioned to grow. Those companies are in line with the Porter Diamond strategic values will continue to have a strong economic position in the global marketplace. Works Cited DeCarlo, S. (2013, April 17). The World's Biggest Public Companies. Retrieved from Forbes: http://www.forbes.com/sites/scottdecarlo/2013/04/17/the-worlds-biggest-companies-2/ Market Presence. (2014, April 3). Retrieved from Johnson & Johnson: https://www.jnj.com/caring/citizenship-sustainability/strategic-framework/Market-Presence Shobert, B. (2014, February 19). Today's best business opportunity: Global aging. Retrieved from Forbes: http://www.forbes.com/sites/benjaminshobert/2013/10/03/todays-best-business-opportunity-global-aging/
Given the information in the case pertaining to products of Genicon, various factors are analyzed for the choice of the country for international expansion. The structure of the healthcare system, the size of the total market, distribution structure of health care products in target countries and purchasing power parity are the key determining factors for the choice of the country for international expansion. The analysis below carries out an evaluation of the attractiveness of the particular region for Genicon’s international growth.
University of California (2006). An Aging U.S. Population and the Health Care Workforce: Factors Affecting the Need for Geriatric Care Workers. University of California, San Francisco, Center for California Health Workforce Studies.
As stated above, the market forces affecting the long-term care industry include demographic shifts, sociological phenomena, medical advances, governmental influences and competition. The extent to which a long-term care provider effectively anticipates and responds to these market challenges will ultimately have a direct impact on bottom line profitability. Although the degree of influence these factors have may differ according to a facility's location in a rural or metropolitan area, each factor must be evaluated to develop marketing strategies.
The Chinese elderly population, like the American elderly population, is not only an extremely popular social slogan in China, but also a topic discussed worldwide. The Chinese society wants a prosperous and strong elderly population. The Chinese society wants a population that has a good wellbeing and that wellbeing depends on many factors with health as a key component. China is emerging as a global power and this power has coincided with series of health problems for the Chinese elderly population. For example, one in four Chinese people aged 60 years or older has consumption levels per head below the poverty line (1). A total of 26.6 percent of Chinese adults have hypertension and men are at greater risk of getting hypertension (29.2 % vs 24.1%). Hypertension is more prevalent among the rural area residents than among
In the U.S., employers are required by law to offer health insurance to employees. Taking heed of the perspective of both individuals (employee and employee), let us discuss the recent implications of this policy. Could this policy be considered effective?
In recent years, the number of Americans who are uninsured has reached over 45 million citizens, with millions more who only have the very basic of insurance, effectively under insured. With the growing budget cuts to medicaid and the decreasing amount of employers cutting back on their health insurance options, more and more americans are put into positions with poor health care or no access to it at all. At the heart of the issue stems two roots, one concerning the morality of universal health care and the other concerning the economic effects. Many believe that health care reform at a national level is impossible or impractical, and so for too long now our citizens have stood by as our flawed health-care system has transformed into an unfixable mess. The good that universal healthcare would bring to our nation far outweighs the bad, however, so, sooner rather than later, it is important for us to strive towards a society where all people have access to healthcare.
Bookman and Kimbrel acknowledge the gap between financial status as well as culture and race, they stated, “.because elders are widely diverse by race and socioeconomic status, their families attach differing cultural meanings to care and have widely different resources with which to accomplish their care goals” (2011). Thus, creating the large gap seen in nursing home facilities. Specifically, cultures like the Chinese maintain traditions like filial piety, in which the adult children must care for their elderly parent (Li & Buechel, 2007). This type of culture defines the line between those who view nursing homes as ideal and those who prefer a separate form of older adult care.
Eckerd could look further. It can analyze the feasibility of global expansion. For example, Canada has the similar culture and environment to U.S., it could be feasible for Eckerd to penetrate into Canadian pharmacy market. Japan is well known for its high percentage of seniors in its total population, which could become Eckerd’s prospective customers. But Eckerd should be careful of the local policies, competitors and costs before it start global expansion. Also, Since Eckerd was under heavy LBO debt, global expansion might place more pressure on its financial
African American senior citizens face a health care crisis too. They have worked all of their lives to secure retirement, but their retirement has been threatened because of the rising cost of long-term medical care. Insurance companies have failed to provide affordable long-term care, protection that most senior citizens need. This lack of long term care and affordability has been a serious problem for the health care system. In some cities, the shortage of hospital beds is so serious that it is common for patients to stay in emergency rooms before they can be admitted to an inpatient room (Drake 109). More than one thousand hospital beds are occupied by people who could be better care for in nursing homes or through home health care (Drake 110). Of the disabled elderly 1.3 million reside in nursing homes (Drake 10). These patients are unable to perform two or more of the basic activities of daily living without assistance.
Before, the world use to an inequality in regard to the health of countries, however, global inequality is decreasing and life expectancy in countries as United States China have increased. (Roser). Furthermore, according to an article in the Fiscal Times, China is starting to “leverage its aging population to sustain growth and will require training programs and learning opportunities to tap into its overlooked older citizens” (Hodin). This means that they are thinking of taking the idea of retirement out. On the contrary, retirement age of Americans is 65 and above and one can have a retirement plan which one can get special benefits from. With an increasing of the aging population there is also an increase of health problems as well. In the United States, “incidence of heart failure increases with age.” This further causes the epidemic of heart failure to grow in future generations. (Vigen). China, on the other hand had the “one-child” policy but that is causing the country to have few children to help support a rapidly aging population. As individuals get older they need more health and long term care, however, since the working-age population has decreased in size it has become more expensive to treat the elder. Chronic health problems have become quite the norm and it led to a population which needed long-term care. Much like the
Long-term care insurance is also required for those older than 40. As Dr. John W. Traphagan notes in The Diplomat, Japan controls costs by setting flat rates for everything from medications to procedures, thus eliminating competition among insurance providers. While most of the country 's hospitals are privately owned and operated, the government implements smart regulations to ensure that the system remains universal and egalitarian.”
As the population of the United States ages and lifespan increases, the U.S. is being faced with challenges that could either hurt the country or benefit it if plans are executed correctly. By the year 2050, more than thirty-two million Americans will be over the age eighty and the share of the 80-plus generation will have doubled to 7.4 percent. Health care and aging population has become a great deal considering the impact it is having on the U.S. The United States is heading into another century with an outstanding percentage of people within the aging population. Today’s challenges involving health care and the aging populations are the employees of health professions being a major percentage of the aging population, the drive into debt, and prevention and postponement of disease and disability.
Domestic firms are now having to adjust their workstations to fit the needs of the growing population. Additionally, domestic firms are likely to be faced with increased costs. As the workforce gets smaller and becomes more competitive to recruit, it can be predicted that wages and salary costs will rise. With the government searching for ways to maintain the older population, taxes may also rise for the workforce and the domestic firms. Domestic firms may also need to adapt their health care benefits and pension funds. Moreover, domestic firms may need to provide products that are more in line with the consumption structure of the retiree population. For example, domestic firms may want to look more into the medicine, bifocals, retirement services, and robot industries. Similarly, non-domestic firms may also want to focus more on these industries when serving the international marketplace. Further, non-domestic firms may face greater competition when looking for labor abroad. Both domestic and non-domestic firms will also need to adjust their marketing strategies to fit the wants of the older
The company shows a flat organization in which there are few layers of management but has broad span of control. According to the chart, the company develops a decentralized authority in the level of their management due to which they focus more on adapting to what customer wants based on decision making from the lower level managers who are more familiar in the local conditions. This type of authority allows them to understand customers such as patients’ needs in order to develop strategies to fulfill this requirement According to Figure 1, they primarily focus more on the health care system and invested in about $7.5 billion dollars in research and development to create a strong product portfolio. The culture of this organization demonstrates a formal organization in order to guide the lines of authority as well as the responsibility for the company. According to Johnson and Johnson Credo statement, their main focus is towards the responsibilities of the doctors, nurses, and patients as well as their employees. They also state their growing responsibilities toward the shareholders and to the communities in order to research and develop new innovations in towards civic improvement to the communities. This entails that they fully care for their customers and employees in which its shows in
Health is a major issue in the United States, but Americans are mainly focusing on the health of the younger population. Even though the younger population is important, it would not do any harm if Americans took the time out and focus on the Older population. In other words, Americans should pay homage to our Senior citizens, because without their wisdom and experience there would not be much to cherish. Older citizens are often the back bone of society. According to the World Health Organization’s website, “The world is rapidly ageing. While this is an important challenge for the developed world, 70% of all older people now live in low or middle-income countries. Population ageing is also occurring much faster in these countries. This means they will have a much briefer opportunity ti build the infrastructure necessary to address this demographies trend”(Our Ageing World). Now that the elder population is increasing the main focus should be on the elderly and spending more time taking care of their needs. In that case, Americans need to take Senior Citizens well-being more seriously than considering it as a non-factor.