Why is Strategic Partnership Important in Healthcare Business?
By *Ameen Ahsan Strategy Consulting*
If there has been a sunshine sector, driving employment and revenue generation in this decade, it is healthcare. An Industry which is well invested and which continues to attract more investments is the Healthcare Industry. Super Specialty Hospitals, Medical Colleges, Clinics, Medical Labs, Para Medicals etc all associated with the Healthcare Industry has boomed in our localities.
Healthcare, in itself, is a high-cost sector for both end-users and providers. Rise in population and increasing life expectancy underline the high domestic demand for healthcare services. Even though healthcare system is run at both the Centre and state levels, mistrust, low quality services and less penetration in rural regions, have helped establish a supportive private healthcare network.
Healthcare Industry has seen very stiff competition over the years. This current trend is only set to rise as new players and existing players with very huge financial backing continue to invest in the sector. One way to eliminate or reduce competition is to enter in to strategic partnership with other players.
Strategic business partnerships have grown increasingly popular and serve as a means for both parties to increase their brand awareness and capital, without expending extra time or experiencing significant financial impact. Entering a strategic partnership will automatically increase awareness of your brand among an entirely new market that your business has not had the resources to reach beforehand. Strategic Partnerships allow your business to reach a broader audience without putting in extra time and capital.
A trusting, solid business partnership will provide access to a completely new customer base that the business would not have had access to otherwise. Business Partnerships should be approached just as one would approach a friendship. Both need constant nurturing to grow and prosper. There must be consistent and quality interaction as well as thorough, clear communication to obtain the best results. If a friendship or alliance is not constantly being nurtured, “fall out” might result.
In the end, strategic partnerships offer tremendous potential benefits to both parties. But like any relationship, both companies need to carefully assess each other’s motivations and expectations before making a commitment.
*Ameen Ahsan Strategy Consulting*
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