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Strengths And Weaknesses Of The Healthcare Industry

924 Words4 Pages

The healthcare industry caters to the life, death and survival of the mankind. It is a massive industry which can be divided into a lot of sectors including pharmaceuticals, services, and healthcare equipment. This industry is responsible for discovering and manufacturing drugs and pharmaceutical goods, as well as delivering services which are necessary for the patients ' health. Healthcare can be provided both publicly and privately. However, healthcare access may vary in different countries depending on the social, economic and judicial influence. Nowadays, the healthcare industry can be considered as one of the biggest and fastest-growing industries in the world. It plays a prominent role in the global economy, …show more content…

As a matter of fact, customers usually react to price increases by turning to competing products. However, if a company has pricing power, customers will continue using its products and services. A strong delivery network helps a healthcare company get the right resources from suppliers and deliver the right product to customers in a timely manner. In the meantime, technology allows a healthcare company to work on innovative products, thus meeting the needs of its customers.

Weaknesses

There are several factors which can hinder the successful outcome for a healthcare company. First of all, the lack of a strategic management system can strongly increase business risks while reducing profits. Then, a weak customer service with a poor communication can lead to inefficiencies in the whole company, thus hurting a healthcare company 's reputation and causing customers to turn to competitors. A weak cost structure has a negative impact on the company, too. It is fundamental to set the price of a product or service based on what the competition is charging. Old healthcare facilities can represent another major factor of

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