Contemporary Developments in Business and Management

Contemporary
Developments in
Business and
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAINBODY....................................................................................................................................1
Marketing Plan.................................................................................................................................1
Explanation and justification of the market chosen....................................................................1
Market research conducted.........................................................................................................3
Industry analysis.........................................................................................................................3
Marketing plan of Docholic........................................................................................................5
Evaluation of the market competition.........................................................................................7
Sales process for Docholic..........................................................................................................7
Pricing strategy...........................................................................................................................8
Financial plan...................................................................................................................................9
Start-up cost that is needed to pay only once............................................................................10
Income statement for first 5 year of new venture.....................................................................11
Balance sheet.............................................................................................................................12
Break even analysis...................................................................................................................14
Management team and company structure-...................................................................................14
Details of ownership and management of the Business............................................................14
Roles of team members.............................................................................................................15
Skills, qualifications, training needs and interests that can be used to best effect for the
business venture........................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Telemedicine is a fast-growing service that provides increased access to efficient and cost-
effective, high-quality health care, especially among current COVID-19 infections. In addition to
promoting telemedicine, the epidemic has also promoted an increase in innovative medical
services, ranging from receiving medicines by mail to drive-by virus testing and pharmacy-based
vaccines. Seeing such a rise in the in this sector, docholic a traditional clinic and laboratory
business wants to transfer their traditional clinical business into the telemedicine sector for
creating better healthcare system and infrastructure. The world is globalizing. As information
and technology expands massively, our rapid advances show no signs of slowing down at any
time. Telemedicine is one of the industries that is taking advantage of this massive development
of technology and information. Telemedicine is the epitome of technology-driven healthcare and
serves as a lifeline for millions, if not millions, of people living in rural areas without proper
medical facilities (Faruqi, 2021). With seeing such a great opportunity docholic looking to create
an mobile application known as docholic 24*7 from where the patient can get every type of
health related issues ranging from the doctor consultation to the COVID-19 tasting and vaccines
or other biological investigations. Also, they are looking forward to get the complete protection
of their services by using the intellectual property in which they trademark their mobile
application and also get patent of their lab tasting kit and other key accessories. Therefore,
following report will cover the new venture creation business strategy for the above discussed
business in order to create a business plan, marketing plan, financial plan and management team
and company structure.
MAINBODY
Marketing Plan
Explanation and justification of the market chosen
Telemedicine is not new, but the COVID-19 epidemic has really put technology at the
forefront and centred, with clinics for some services closing after state and local governments
issued orders to stay at home to help prevent the spread of the virus. Even when doctors' offices
were open, some patients avoided face-to-face contact due to fears of COVID-19. . Telehealth
'refers to the use of telecommunications and information technology (IT) to assess health,
diagnose, intervene, consult, monitor and remotely access information'. Used to collect and
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transmit patient data such as telephone, email and remote patient monitoring (RPM) devices for
the purpose of providing health education or ancillary health services.Over the past several
decades, advances in technology have dramatically increased access and quality of digitally
available care (Rodler and et. al., 2021). Despite this, telemedicine is not yet widely
implemented due to the lack of heavy regulatory laws and support tariff structures.
Prior to the outbreak, telemedicine was already growing in the UK, especially in mental
health services. Restrictions on the distribution of telemedicine were a major obstacle to growth.
For example, many insurance providers will only reimburse telemedicine visits under certain
circumstances. Moreover, development in the telemedicine market have quite make the
healthcare system more accessible and affordable to the people under COVID-19 shadow. The
market is rapidly increasing and becoming heavy competitive with the introduction of the
numerous platform and entry of the many key player with huge financial resources with them.
Figure 1growth of telemedicine sector by 2025
(Source- growth of telemedicine sector by 2025, 2019)
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Figure 2Telemedicine market
(Source: Telemedicine market, 2021)
Market research conducted
Docholic conducted market research in order to get insight about the market and the
emereging trend in the market in order to evaluate business and marketing strategy of their.
Telemedicine is one of the most effective digital health innovations of the last decade. Remote
patient monitoring is an important parameter of telemedicine that provides health professionals
the benefit of remotely monitoring patients. As per the survey by Docholic by the Consumer
Technology Association (CDA) found that 68% of physicians in the UK prefer to use remote
patient monitoring, and that number is expected to increase in the future (Hariton, and Tracy,
2019).Docholic in their market research have divided the Telemedicine can be divided into three
main types i.e. Store and Forward (SAF), remote patient monitoring and interactive services.
The industry is driven by three concepts: real-time (synchronous), shop and forward
(asynchronous) and home health virtual medicine.
Industry analysis
Porter’s analysis of Telemedicine sector
Threats of new entrants
New entrants are coming up with new ideas and concrete ideas to get a share from the
market existing players. People live in a connected world and the Internet of Things is exploding,
Telehealth is one of the many industries that receive significant incentives at the market level
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By introducing newcomers to healthcare information services, Docholi. offers innovative, new
ways of doing things and low cost strategy, cost cutting and offering new value proposals to
customers manage all of these challenges and create effective barriers to protect its competitive
edge. Therefore, it has found that entry into telemedicine is not just simple as the newcomers are
less likely to enter a new field where established players like Delatoc, Inc. are constantly
defining standards.
The bargaining power of the Supplier
All companies in the healthcare information services industry purchase their raw material
from a large number of suppliers. Dominant suppliers may reduce the marginal profit in order to
keep the organisation happy. Powerful suppliers in the technology sector use their negotiating
power to get higher prices from companies in the health information services sector. The overall
impact of high supplier bargaining power is that it reduces the overall profitability of healthcare
information services. The bargaining power of suppliers refers to the ability to deliver business
products, data, IP, etc. A business is at the bottom of the chain to ask for increased compensation
or switch to direct delivery competitor.
The bargaining power of buyers
Buyers often ask for a lot before taking any service online or through electronic media.
They want to buy the best offer available by paying the lowest possible price. This is where
Docholic need to focused on because the small telemedince business need to take care of the
customer to gain the market share. The bargaining power of customers will increase and the
ability to seek discounts and offers will increase (Gokula, 2020) (Naik, 2020). Since there are
some alternatives to this system, the power of the buyer simply shifts to another because
customers are always price centred type and they will not think before switching to the low
priceing offer company as there are numerous application are their when one check for
telemedicine application in their phone,
Threats to alternative products or services
When a new product or service meets similar customer needs in different ways, industry
profits suffer. For example, services such as Dropbox and Google Drive are alternatives to
storage hardware drivers. The threat of an alternative product or service is greater if it offers a
value proposition that is uniquely different from the current offerings of the industry. An
alternative product is one that offers similar benefits to one company’s customers from others
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