Essay on GENICON: A Surgical Strike into Emerging Markets

Globalization of health care needs such as interpreting diagnostic images, conducting surgeries and health insurance companies doing business internationally has been on a rise. There are various factors and trends that have facilitated this trend such as advancement in technology, the high cost of healthcare, and the shortage of healthcare professionals to meet patient demands.

Genicon is a firm with ten years of domestic experience and some actual global success. Genicon was successful in America, but it quickly understood that it would be hard for them to have viable growth, because the health care buys medical equipment through GPOs. As a small firm it was tough to obtain a contract from GPOs since their financial arrangement encouraged them to buy equipment from big companies. Consequently, Genicon decided to go global and catch growing demand there. It became the smallest firm to sell products to European clients with the assistance of BSI. Genicon is already in over thirty international markets and is looking in particular at the rapidly emerging markets - Brazil, Russia, India and China - as potential new opportunities

Access to quality healthcare is the one of the top stories in international news today. Most countries around the world are finding different ways to control cost and delivery quality healthcare to its populations. Most countries have the difficult task of offering quality healthcare at an affordable price, without crashing the financial market within the countries. With a growing population and an elderly demographic that are living longer, this has caused a strain on healthcare resources that has a high cost on the economy that is limited. In the United States “Universal Healthcare” is a concept that was introduced to Americans since Bill Clinton has been President. Along with the United States, other countries are preparing for a

One area that has contributed to the rise of healthcare costs are the varieties of healthcare services offered to the patient. Competition between providers has caused physicians and hospitals to offer the most current healthcare technologies and modern, eye-catching settings in order to attract and retain clients (Shi & Singh, 2015). Reimbursements for costly procedures and hospital services have been compensated at a higher rate which has also supported the expansion of hospital and specialty procedure settings (Schroeder & Frist, 2013). Renovations of the physical settings and the acquisition of expensive technologies have elevated healthcare services prices to encompass the additional costs of providing high technical services and attracting clients and cause the over-utilization of expensive treatments.

In light of these new traits of the society, the health care sector must develop itself and address the new needs of the society. Furthermore, these new needs are not only shaped by the changes in the life style of the population, but other traits as well. For instance, at a demographic level, it is noted that the population ages at a rapid rate and requires more health care. Then, at an economic level, it is noted how the internationalized economic crisis poses new threats and limits the population's access to health care.

The United States can boast of being the country with the best technology in the health industry, the best expertise and also the best infrastructures. However, these services are not readily available to all due to the relative cost and mostly lack of health insurance. In some situations, the health insurance may be available but coverage is limited and with tentacles of restrictive clauses. For years these have been the measure of our healthcare system and long overdue overhaul that became eminent via the Obama Care in 2010 also known as the affordable care act. The rapidly rising health care costs over the decades have prompted the application of business practices to medicine with goals of improving the efficiency, restraining

Reasons why health care costs are high and continue to increase includes the rate of growth of health care spending continuing to significantly outpace the rate of GDP growth, which means medical costs increases outpace inflation. Furthermore, healthcare costs are still an issue is because of lack of well-developed competitive markets. People do not have the option to directly pay for the health care cost, therefore, they are disconnected from making informed decisions about their health care costs. In addition, patients not being able to be the central actors in the medical marketplace continues to make this topic an issue. Moreover, patients and market places are not the center stage, however, if these two influence are given more focus, costs of health care can get under

One of the main challenges regarding the growing use of medical technology in the United States is the growing costs that go along with these changes. These state of the art machines as well as new drug and biological developments come at huge costs which in turn are partially paid by patients and consumers. This has led to huge increases in the average costs of healthcare (Begay, “Technology” Lecture, 10/31/17).

One of the biggest industries in the United States is healthcare industry, which accounts for over 17.5 percent of the Gross Domestic Product (GDP) of the country. This big representation of the nation’s economic activities impacts the overall economy. In other ways, it’s also impacted by the general economy. While the health care industry continues to grow, transformational changes also continue to enforce change in its organizational structure. Change in organizational structure enables health care providers to make arrangement for the change. In this case, the overall health care providers’ advance in new medical technology (to provide the best quality services), financial system, and the entire health care service structure, rules, and regulations are changed. Hence, a health care industry is fronting a noteworthy pressure to reduce health care cost, to prepare for an influential change in how health care is provided, financed and consumed while delivering the quality care (Hicks & Jacobs, 2014, pp. 385-402).

Medibank was established by the Australian Government in 1976 and is Australia’s largest health insurance and a leading healthcare service provider. Though, Medibank has been stable in the economy, the reforms to privatise the insurance company has been reported for a number of years. In November 2013, The Australian Government had announced that it will proceed with the sale of Medibank. Thus, Medibank welcomes the Government’s announcement and they see this is as great opportunity for the business and the customers. It is assumed that subject to market conditions, Medibank Private will be sold through an initial public offering in the 2014-15 financial years (Medibank). While Medibank has been operating as a commercial business for some time, it is believed the sale will promote more competition within the private health insurance industry, ultimately driving better value and health outcomes for all Australians (Medibank). Provided, with the learnings achieved in this government business relations unit, this essay will draw upon the debates and media news reports on privatisation of Medibank and argue the perspective that the government should not privatise Medibank.

The cost of healthcare continues to rise in the United States. Americans are struggling to pay out of pocket expenses related to needed surgeries. Many individuals are responsible for the entire bill because they don’t have any health insurance. Many people are now reaching out to other countries for needed live saving procedures. This paper will explore some of the reasons for this change, the trends, and the globalization of healthcare along with the pros, cons and risks to the patient. The questions that begin each paragraph are the homework assignment questions. A decade ago the idea that medical procedures might move offshore was unthinkable. Today it is a reality. What trends have facilitated this process?

The privatisation of medibank has an important role in which the services are change to a high quality outcome (Cook, 2006). General speaking, medibank privatisation will contribute to reasonable good services. For example, company will be easily managed and controlled. No conflicting ideas, because the decision come from the owner. Doctors and customers representatives will deliver satisfactory services to its members. The expectation from Privatisation is to lower the costs of production and promote a higher quality level of service to consumers. Private health insurance is very convenience and fast service as well. For example, the hospital waiting time will be less (Luke & Jerome 2006) state that, the government objective of the sell is to promote high quality levels of the company. Moreover, the interest of the members will not be affected (Cook, 2006). The market share of the medibank private proportion is better for the benefit of its members. Despite, the increase in private hospital and PHI development raise the shift cost to an individual. The premium cost will be controlled and maintained under privatisation as a result of efficiency and competitive in the market (Deeble, 2003) private hospitals and PHI were organised to Medicare, so that customers have free access of choice to their doctors and hospitals (Scotton, 1976) stated that, services out of hospital medical and high quality in hospital

The forces driving medicalization are 1) biotechnology which included the pharmaceutical industry and genetics, 2) managed care and 3) consumers. Galvanized in this way medicalization has become a powerful force in society. Our remit in this paper is to examine whether this is for the better or the worse.

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.

Ajaya Tachajanta 2011 General Electric Medical Systems, 2002 Overview GEMS is the world’s leading manufacturer of diagnostic imaging equipment and part of Milwaukee-based GE. It is the leader in MR and CT imaging in all regions. According to Immelt’s strategy, GEMS evolves from taking joint-venture and acquisition as the first step where business’s size is matter. Secondly, Global Product Company (GPC) concept is introduced aiming at cutting cost by shifting the manufacturing activities from high-cost based to low-cost based nations, allowing GEMS to earn more margin. Last but not least, investing in developing marketing and sales organization is emphasized to position GEMS as a more than Equipment Company i.e. to differentiate itself from