3m Pharma Health Care Market Analysis

according to Bell in [5], customer base is an asset that needs to be managed in a timely manner.

Prescription drug prices are increasing and it is becoming much more difficult for people that rely on healthcare to purchase them. Branded prescription drugs, specialty prescription drugs, and even generic products like ibuprofen have been inflating in the last 7 years. There are a number of reasons to attribute to the said inflation over the last 7 years. Newly approved branded and specialty prescription drugs and the rising costs of existing branded and specialty prescription drugs.

A market analysis is comprised of several distinctive factors such as an audit of the industry, a target market, projections, regulations, stakeholders and other factors that are connected to the market.

What can be called a modern plague, the pharmaceutical industry is manipulating consumers and corrupting health care between questionable marketing strategies, sponsorship of physicians and scare tactics used to make a valetudinarian of an average person, drug manufacturers are becoming a menace to ethical health care operations. Their main concern is to make a profit.The Pharmaceutical industry has transformed into a billion dollar industry due to its ability to convince the world there is a pill for everything. How powerful is the industry? Enough so that it is referred to as “Big Pharma”. The biggest hurdle the industry is facing is how it can capitalize on the opportunities created by patients. That is why Pharma has been lobbying legalizing marijuana.

The pharmaceutical sector of the healthcare system is a very important one. Patients with illnesses interact with members of the drug dispensing profession far more frequently and for longer periods of time than they do with other health practitioners such as Primary Care Physicians, Nurses and Surgeons. Therefore, the conduct and behavior of pharmacy professional should be monitored and reviewed with just as much, if not more scrutiny as the idealized healthcare professional. In addition, the prescription benefit management (PBM) industry is a highly competitive one. With companies, both foreign and domestic, scrambling to gain market share of a highly profitable, guidelines need to be emplaced and enforced to prevent businesses from acting in ways the prioritizes profit over patient care. Prior to 2011, PBMs were monitored at the state level under the Department of Insurance (Shepherd, 2103). However, the regulation and ethical considerations are now under the American

There are several business elements of health care that are unique or perhaps define health care as a market place. One of those being the healthcare industry has never been in need of new business, the demand is already high for health care and medication. As a result of this reality, greedy pharmaceutical executives and their drug companies will practice price gouging (pricing above the market price when no alternative retailer is available), in this practice sellers spikes the prices of product and or services, in most cases, to benefit shareholders. Such action will fundamentally contribute to the drastic increase of health care expenditures, and creates inequality in resource distribution. According to Penner (2004), Market Economist defines a market as a mechanism that facilitates the efficient allocation of resources. Compared to the health care industry, traditional marketplace will not benefit from price gouging and other self-centered practice due to other competitors looking to gain consumer business: Consumers are able to find other competitors to conduct business with.

In the United States, healthcare is based on a health insurance model that is managed mainly through private insurance. The private insurance is mainly sponsored by employers. Around 52% of the American population is covered by employer –sponsored insurance and just 5% covered by individual insurance. Public coverage of healthcare is provided through Medicare, Medicaid and other programs run by both federal and state governments. Approximately, 27% of the population is covered by these public arrangements and the remaining 15% is uninsured (Chu et.al., 2010).

The objective of this study is to compare service areas of Humana Healthcare and Aetna. A Service are structure analysis will be conducted as well as a competitor analysis. Strategic groups will be mapped and analysis synthesized.

3M began in 1902 in rural Two Harbors, Minnesota, under the name “Minnesota, Mining, & Manufacturing Company” (Minnesota Historical Society, 2010). Currently 3M has countless product lines spanning across multiple areas of the market. However, this company began with a much simpler purpose; mining corundum minerals from Crystal Bay mine (3M Company, 2017). After the mining venture proved to be less successful than 3M founders had hoped, the brought their company to Duluth, MN to start a line of sandpaper products (Minnesota Historical Society, 2010). The founders of 3M believed in innovation and collaboration (3M Company, 2017), it was this collaboration that would lead to the invention of thousands of groundbreaking

Develco Pharma is convinced that it can successfully compete in the „Niche-market“in an environment that is characterized by increasing concentration,and which is unattainable to the giants of the pharmaceutical industry. We are convinced that our manageable organization, paired with employees and external development partners, which is characterised by diversity and willingness are ideal conditions to successfully complete projects. In this environment, niche projects have a higher priority than in large organizations. With a high level of tenacity, almost nothing will stand in the way of

The principles of supply and demand pertain to any economic policy, and the generic drug sector of the healthcare industry is no different. The alignment, however, is an anomaly to schools of thought that we are accustomed to.

* MM possesses a competitive position in this segment in terms of quality product offering and close customer relationships through high level of customer support.

For health care centers to remain competitive, it is important for them to conduct comprehensive market analysis of their industry to properly understand important issues affecting their health care marketplaces (CSU-Global, 2015). An effective market analysis consists of the following elements: industry overview, target customers, market segmentation, competition and market needs, growth, and trends (CSU-Global, 2015). Therefore, a good market analysis assists health care centers in gaining a competitive edge by determining what their consumers are looking for in regard to products and services.

Founded in 1902 in a little town on the shores of Lake Superior, 3M started out in the mining business as the Minnesota Mining and Manufacturing Company. Today, 3M is a multinational powerhouse, with more than $20 billion in annual sales across a product line 50,000 deep, from adhesives to optical film. It boasts 22,800 patents, many derived from its 15 percent program. The program has been key to 3M 's business strategy and could be a model for other companies eager to innovate. Says Kurt Beinlich, a technical director for 3M: "It 's really shaped what and who 3M is.

This report provides an analytical strategic review of the global pharmaceutical industry; its origin, evolution,