Healthcare Market Domain

Over time, the importance of medical devices will rise. Nearly 10,000 of consumers born between 1946 and 1964 (i.e. Baby Boomers) will retire each day (Friedburg, 2016), and there is a reasonable assumption that a necessary medical device is in the Baby Boomer’s future. Many will sustain a professional career later in life; and, as such, medical device designers will need to fashion products aligned with a mature population’s lively lifestyle (Kapec, n.d.). Johnson & Johnson (J&J) is aware of the upcoming importance of medical devices, and will look at price elasticity, non-price factors, the industry as a whole and its market equilibrium, and related decisions based on the information.

Johnson & Johnson focuses on managing for the long run, building and keeping the loyalty to the customers, keeping the brand sustainable and staying updated to the ever evolving health care environment. In terms of political factors, Johnson & Johnson is a multinational company that operates worldwide and therefore needs to keep up with the political changes happening that may affect the business, and act in a proactive way. The economic crises had its impact on Johnson & Johnson but the effects were not severe, the firm was able to predict and implement other strategies. The need for medical and health care products remained. Johnson & Johnson has adapted to the social environment in terms of the aging population. Johnson & Johnson has effectively adapted to the environmental changes, the female audience is being targeted more and more with its baby care products usable for female adults as well. Aging demographics in the United States will bring consisting sales to Johnson & Johnson. The elderly population will increase the need for medical supplies and services. Companies that operate in health care industries will remain demanded, with the increase of obesity and diabetes as well as other diseases, Johnson & Johnson will continue to target people to treat and cure. In terms of technology, Johnson & Johnson puts strong emphasis on Research

Globally, the United States has one of the largest and most convoluted healthcare systems, whereas universal healthcare coverage seems extremely farfetched. Annually, the US spends over $3 trillion on healthcare. Nevertheless, we have the worst health outcomes when compared to other industrialized countries. As stated by Anja Rudiger (2008), “Recent data suggest that around 101,000 deaths a year can be attributed to the underperformance of the US healthcare system.” Thus, the United States’ healthcare system greatly relies on revenue. Both funding and the distribution of services are commercially structured and held accountable by investors to increase financial gains. According to Andrew Jameton and Jessica Pierce (1997), “the US healthcare system increasing appears to have

Healthcare spending growth rate trends show astounding estimates. Since 1960, spending has risen from $27 billion ($143 per capita, 5.1% pf GDP) to amazing $1,678.9 billion ($5,670 per capita, 15.3% of GDP, 2003 data) (HHS, 2005). Recent research estimated that by 2013, healthcare spending will be as high as 18.4% of the Growth Domestic Product. It is important to note that the gradual move from hospital to ambulatory setting has resulted in much higher spending on outpatient hospital services and prescription drugs. The spending growth for these two trends is much higher than the overall healthcare cost growth, which, in fact, increases faster than such important economic indicators as GDP growth, inflation growth, and population growth rates.

The reference to Pledge of Allegiance in your response is great and needed to be addressed. U.S. health care spending grew 5.8 percent in 2015, reaching $3.2 trillion or $9,990 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.8 percent (CMS, 2016). This is an alarming statistics and if we do not take care of it, it will be another contributing factor to lead us to another recession.

Johnson & Johnson was founded in 1886 by three brothers in America. It is a company that sells consumer packaged goods, medical devices and pharmaceuticals and has been one of the most trusted and well-respected brands around the world. Many families use their household products, from shampoos to drugs. The worldwide company should handle all business deals and services ethically. This report will look into how well Johnson & Johnson makes decisions in terms of the health and safety of consumers, honesty and its marketing strategies.

The healthcare industry consists of many smaller industries that provide services to both private and business consumers. Since the beginning of humankind, there have been thousands of various products and remedies used to treat illness and injury. In 1886, three brothers created a company in their garage that has, since that time, revolutionized the creation and production of healthcare products for all aspects of illness and injury. Since 1886, Johnson & Johnson has provided quality healthcare products for consumers in the United States and throughout the world since the early 1900’s. From their beginnings in a family garage in New Jersey, to operating in over 60 countries worldwide today, Johnson & Johnson family contains more than 250

When observing the healthcare industry, the need for enduring education in internal functions has been recognized. Equally important to success in the healthcare industry are external functions such as marketing. However, some suggest that pricing strategy, product strategy, and division and targeting were the tasks that require the most knowledge for healthcare marketers, and that they do observe numerous breaches in many areas examined (Kennett et al., 2005). Easier access to medical information on the Internet means your healthcare business must do more than just provide services or products towards health issues. There must be a need to employ a diversity of marketing techniques to help approaching patients understand new health care ideas and solutions (Wagner, 2015).

A healthcare marketer communicates information, creates, and delivers healthcare offerings to healthcare patients, physicians, the public, and the payers. Therefore, healthcare marketers know is it a very competitive field. However, consumers expect to be educated about their health and focusing on wellness and prevention, the initiative aims to bring about a healthier, more informed population. Consumers are willing to pay more for the convenience and quality of care. Physicians want better products to help patients recover faster. Traditional competition in health care involves one or more elements (e.g., price, quality, convenience, and superior products or services); however, competition can also be based on new technology and innovation.

Against the backdrop of fitness care reform and a debatable clinical tool tax, scientific era companies are focusing more than ever on merchandise that delivers less expensive, faster, greater efficient patient care. They may be additionally making inroads with U.S. meals & Drug administration regulators to re-engineer the complicated review and approval manner for brand new medical gadgets.

I am motivated to join in a senior analyst, consumer scientific innovation role at Johnson & Johnson Innovation as it is at the forefront of innovation ecosystems based on its successful JLABS model. I believe the convergence between consumer health, behavioral science and technology innovation has the power to accelerate disease interception solutions to healthcare challenges and personalize consumer experience to truly meet their needs.

| Threats * Potential competition with its original market * Health administrations * Other small competitors

Johnson & Johnson is a world leader in providing healthcare products to private and commercial consumers. For over 130 years, Johnson & Johnson has revolutionized the healthcare market

Johnson and Johnson began over 120 years ago by a band of brothers, who had a visionary notion that doctors and nurses should utilize sterile sutures, dressings, and bandages to treat patients’ wounds. Ever since that generation, Johnson and Johnson has supplied products that permit humans to live longer, healthier, and better lives. Johnson and Johnson stretches to more than 265 companies, in 60 countries and employs approximately 125,000 people. In this paper, I will discuss three of Johnson and Johnson’s target markets. Also, I will consider the demographics and marketing strategies that give Johnson and Johnson a competitive advantage,

The healthcare market alone is forecast to grow from $40.3 billion in 2015 to an estimated $71.3 billion in 2020.