Week 8

Week 8

Examining Global Markets in Healthcare

Globalization is an opportunity for healthcare organizations to expand their markets. Healthcare organizations have several opportunities—including mergers and acquisitions, winning market share, expansion to new markets from a service introduction standpoint, exploring innovative business opportunities, identifying new demand for products and services and generating new partnerships (Hedin, Hirvensalo & Vaarnas, 2011). As growth in service utilization has diminished in U.S. markets, healthcare companies have extended their products and services to the global market.

In fact, more than 6 billion people travel to receive medical care each year and are considered “medical tourists” (Sandberg, 2017). Organizations like the World Health Organization (WHO) have adopted the role of building health in communities around the globe. Other organizations such as Johns Hopkins, St. Jude’s, Harvard Medical, and Hospital Corporation of America (HCA) have developed international partnerships to operate facilities and deliver services in global markets. Appropriately marketing these services requires understanding what matters to consumers in the global market. Brand recognition and physician notoriety, reputation, clinical expertise, and medical technology are all factors that drive consumer decision-making (Thomas, 2015).

Be sure to review each week's resources carefully. You are expected to apply the information from these resources when you prepare your Signature Assignment.

References:

Hedin, H., Hirvensalo, I., & Vaarnas, M. (2011). The handbook of market intelligence: Understand, compete and grow in global markets. West Sussex, UK: John Wiley & Sons.

Sandberg, D. S. (2017). Medical tourism: An emerging global healthcare industry. International Journal of Healthcare Management, 10(4), 281-288. 

Resource:

1. Dreachslin, J. L., Gilbert, M. J., & Malone, B. (2013). Diversity and cultural competence in health care: A systems approach. San Francisco, CA...

a. Read Chapter 5: Hallmarks of Cultural Competence in Healthcare Professionals

b. Read Chapter 12: The Future of Diversity and Cultural Competence in Healthcare

2. Firestone, R., Sievers, D., Rowe, C. J., & Modi, S. N. (2017). The effectiveness of social marketing in global health: A systematic review...

3. Hedin, H., Hirvensalo, I., & Vaarnas, M. (2011). The handbook of market intelligence: Understand, compete and grow in global markets. West Sussex...

4. Sandberg, D. S. (2017). Medical tourism: An emerging global healthcare industry. International Journal of Healthcare Management, 10(4), 281-288