Target Population
Nowadays, the pharmacy business is at a peak, and everyone is trying to entertain this market. This report is basically on medication therapy management, which has the main objective is to enhance and educate the people about health issues and medicines used for better management of their treatments. This would assist in promoting of pharmacists’ clinical expertise to patient care by covering payment provisions for pharmacists.
Pure Health Pharmacy Consultants is a newly formed business startup that specifically deals in medication therapy management for the people who have a more complicated disease. My main aim is to reach the doctors who could refer patients who have complicated chronic diseases. Pure Health Pharmacy Consultants’ main aim is to aware the patients about their medical issues and provide a better medicine health program so that they could take their medicine on time and do not create chaos with too much medicine complexity (Authority, 2015).
Pure Health Pharmacy Consultants implement the business strategy for a better understanding of issues and trying to improve issues that are going to face by it. The company’s long-term vision is to serve the quality of the patients who are chronic diseases. The company wants to attain long-term sustainability by achieving the business objectives in the set deadline. In the initial years of the set-up, the business management would target to enhance the business operations by meeting the new doctors that could help to maximize the business operations (Schumock, et. al., 2018).
Pure Health Pharmacy Consultants’ basis is to specify the pharmacy. The main focus is on client health and requirement. According to the patient medication pharmacists advise the healthcare facilities, they do it for the improvement of pharmacy services (Dan, Lior, Daphna, 2016). They can also give guidance to the patient directly. Pharmacy workflow means the way instruction invades the pharmacy. The main key role pharmacists play to make the patient feel better and to recover as soon as possible. Pure Health Pharmacy Consultants’ work is to superintend the medicines supply chain and to verify pharmacy layouts and arrangements are fit for the following purpose. They provide services to patients who are suffering from Kidney Failure, Liver problems, etc.
Company services are excellent they are always with a patient to take care of them and their health. It provides the services in USA at various cities such as New-York, Washington, Taxes, New Jersey, Las Vegas.
Services and Payment Methods
The company offers healthcare facilities to the patient at any time whether there is an emergency or any other problem. Due to any emergency company provide air facility for their clients. It also provides emergency room services and blood services if needed. The company also offers useful equipment like “Stretchers” for the patient who can’t walk, Patient Monitor, Blanket, and Fluid Warmers for patient health, ECG machines, Sterilizers, etc.
Before opening any business whether it is related to the healthcare business or any other business, proper planning has to be done by doing survey or observation in the market and collect the data which is required to frame policies and procedures for new business. Marketing plan tells what to do or not to do to the owner of new business. Simply, it is an expanded piece of overall business plan (Domiati, et. al., 2018). Following points which are shown below are the steps of marketing plan which have to be followed by pharmacy company in their business operations:
– Know your business
– Determine the target market
– Analyze competitor
– Set goals
– Outline strategies
– Set a budget
– Get to work
These are the few steps which the pharmacy business should take while business creating its marking plans.
Market segmentation is the activity of distributing a wide consumer or business market, usually covers of subsisting and potential customers, a subgroup of consumers (known as segment). Market segmentation identified that different market segment required different market programs such as different prices, promotion, distribution offers, etc. market segments is not only designed to recognize the most profitable segments, but also to promote profile for key segments to understand the business need and their motivations.
In order to assess the market segment, it is necessary to select one or more segment. Target market is the one on which the potential company is going to focus. When selecting the target market, the pharmacy business chooses whether they are focused on all the segments or the few segments to the mass market (Schumock, et. al., 2018). The choice that the pharmacy company will adopt at this stage will determine their marketing mix and its positioning plank. In the pharmacy business there are four generic target market strategies.
– Differentiated marketing or multi-segment targeting.
– Undifferentiated marketing.
– Focused or concentrated targeting.
– Customized marketing.
The market needs in the retail market have seen a better development in recent decades on account of increasing demand for OTC drugs and private label products fueled by extensive advertisements by various organizations. Australia enjoys a key position in the global pharmaceuticals sectors. This country also has a large no. of scientists and engineers who could able to make the industry for the next level.
Company Mission and Vision
The pharmaceuticals sector was valued at the US $ 33 billion in 2017. The country pharmaceutical industry is expected to spend at a CAGR of 22.4% over 2015 to 2020 to reach the US $ 55 billion. Recently the union cabinet has given its permission by amended the existing foreign direct investment (FDI) policy in the pharmaceuticals sectors to allow FDI up to 100% under the automatic route for manufacturing the medical devices which certain terms and conditions.
It is the customer who identify what kind of business. They are the foundation of the business and keeps it in existence unless the goods and services are satisfactory; people do not buy them (Hohmeier, et. al., 2019). The customer determines what a business is providing revenue and profits. Therefore, creation satisfaction of the customer is an important economics objective in the pharmaceuticals sectors. The first thing which attracts the customer in the start-up business of pharmaceuticals sectors is to provide better quality of goods and services for their customer (Lengel, et. al., 2018). Customers will increase only if the services provided by pharmaceuticals sectors are up to the mark of satisfactory of the customer and due to that customers increase their faith in your product is of best quality only. With increase in the customer faith, the pharmaceuticals sectors also expand their growth in their business as their demand increase with increase in their customer.
|
S. No. |
YEARS |
EXPANSION OF BUSINESS |
DEMAND OF PRODUCT AND SERVICES |
|
1 |
2017 |
20% |
15% |
|
2 |
2018 |
35% |
30% |
|
3 |
2019 |
56% |
65% |
Competition in the US market is tuff or intense as most of the companies are multi-nationals which have operations worldwide. The companies holding the largest market share in the Pharmacy industry in USA includes Pfizer, Roche, Novartis, Johnson & Johnson, Merck & Co., Sanofi, AbbVie, GSK, Amgen, Gilead Science. These are the main company in USA which gives tough competition to the Pure Health Pharmacy (Dan, Lior, & Daphna, 2016). Our start up is required to frame the policies that could help out to compete at reasonable rate and quality with these companies in the US market.
An efficient and unique competitive intelligence strategy helps a new company to capture the market share and face the tough competition from existing competitors in the market. A competitive intelligence strategy is frequently becoming important to the new company who wants new share in the market of pharmaceutical industry (Authority, 2015).
If the company can identify the capabilities, culture and strategies of its competitors then that gives it a distinct advantage in terms of strategic planning which will be beneficial for the growth and development.
Business Strategy
Sales strategy will be based on generating a long- term relationships with customers, while offering them services at a reasonable rate. During the first year, the company will focus on the goals and objectives which will be achieved in an appropriate manner (Hohmeier, et. al., 2019). These goals and objectives should be clear with the sales department who plays main role for the company and afterwards it also clears with the marketing department who helps the company in capturing more market share.
For making an effective financial plan, there is a strong need to identify the target audience at reasonable pricing. These items are going to assess the sales forecast. On the other hand, expenses really need to assess so that the net profits could be generated so that the business is assessed adequately. The financial plan of this starts up covers: sales forecast, forecasting of expenses, knowing the break-even point and forecasted profits and loss.
Projected sales forecast: It is the cost via which the sales forecasting is done. In Appendix 1 projected sales forecast is made, and US $80000 is generated for the forecaster month, which is the constant sales company is going to generate for the whole year (Beran, et. al., 2018).
Break-even analysis: It is calculated what will be required in monthly revenue to reach the breakeven point. It is the point where the total cost is equal to equal revenue. There is no net loss or gain, and one has “break-even” through opportunity cost have been paid, and the capital has received the risk-adjusted expected returns.
Projected profit and loss: It is a part of projected financial statement which is taken into account to manifest estimated future sale, purchase expenditure, net profit, and also to calculate some projected ratio on behalf of them. In this business plan, projected profit and loss are done in the appendix which is constant for the whole year.
Pure Health Pharmacy Consultants is formed by Luis Gramman, Lisa Haden. They are in the management and takes core decisions to run the business and also achieve the business objectives. It has its management employees who are constantly working for the emergence and development of the business needs. The product management team is one of the core teams of the marketing department in the pharmaceuticals sector. Product/service management is the department that supervises the overall marketing plan for its services. It is responsible for generating profit and loss (Gatwood, et. al., 2019). In a company there are different departments that manage the whole work in an appropriate manner, such as the sales department focuses on sale of medicines, whereas production department focuses on production of medicines in a timely manner or according to the market demand, etc. When we discuss the management team first thing came into mind that what is the organizational structure of such business. The management should build the strategy so that the management team should carry out their work effectively in order to attain its pre-set targets.
Management team gaps would be rectified by identifying the business strengths and weaknesses. It is a kind of litmus test where leadership skills of the business know and make the strategy in the business management team where the management is lacking behind.
Personal Plan would be made by the managers so that they could be responsible for their work. Now this can be rightly said that the business could be optimized for attaining its pre-set targets when the business managers would take the responsibility of their work seriously.
References
Authority, F. C. (2015). Business plan 2015/2016. Retrieved December, 17, 2016.
Beran, M., Asche, S. E., Bergdall, A. R., Crabtree, B., Green, B. B., Groen, S. E., … & Pawloski, P. A. (2018). Key components of success in a randomized trial of blood pressure telemonitoring with medication therapy management pharmacists. Journal of the American Pharmacists Association, 58(6), 614-621.
Dan, G., Lior, H., & Daphna, W. (2016). How to create a successful business plan: for entrepreneurs, scientists, managers and students. World Scientific.
Domiati, S., Sacre, H., Lahoud, N., Sili, G., & Salameh, P. (2018). Knowledge of and readiness for medication therapy management among community pharmacists in Lebanon. International journal of clinical pharmacy, 40(5), 1165-1174.
Gatwood, J., Martin, H., Newsome, R., & Hohmeier, K. C. (2019). Economic viability of tech-check-tech in an independent community pharmacy. Journal of the American Pharmacists Association.
Hohmeier, K. C., Wheeler, J. S., Turner, K., Vick, J. S., Marchetti, M. L., Crain, J., & Brookhart, A. (2019). Targeting adaptability to improve Medication Therapy Management (MTM) implementation in community pharmacy. Implementation Science, 14(1), 99.
Lengel, M., Kuhn, C. H., Worley, M., Wehr, A. M., & McAuley, J. W. (2018). Pharmacy technician involvement in community pharmacy medication therapy management. Journal of the American Pharmacists Association, 58(2), 179-185.
Schumock, G. T., Stubbings, J., Wiest, M. D., Li, E. C., Suda, K. J., Matusiak, L. M., … & Vermeulen, L. C. (2018). National trends in prescription drug expenditures and projections for 2018. The Bulletin of the American Society of Hospital Pharmacists, 75(14), 1023-1038.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
