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Describe the Indian Healthcare Industry and Locate Ayurvaid in It

Essay by   •  April 20, 2016  •  Essay  •  902 Words (4 Pages)  •  1,153 Views

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1. Describe the Indian healthcare industry and locate AyurVaid in it.

The Indian healthcare industry has a large and growing market for diabetes. According to the international Diabetics Federation (IDF), in 2013, 65.1 Million people in India were diabetic, up from 50.8 million in 2010.The rate of growth of NDCs continued to be very high. Diabetics was second, only to cardiovascular disease (CVD), which was estimated to grow at 47.58 per cent from 2005 to 2015: diabetics also contributed to CVD

Diabetic treatment had less hospital based competition than other treatments. Most diabetic treatment in allopathy was ambulatory, unless the patient needed to be admitted to a hospital to receive treatment for complications. The diabetic medicine market alone is worth INR 450 Billion today and is expected to double by 2016 according to the article of Business World

Modern medicine has certainly made advancements in terms of scientific diagnosis, but at the same time, the curative and healing effects of alternative medicinal practices like Ayurveda cannot be considered any lesser. AyurVAID Hospitals makes use of the modern diagnostic tools of modern medicine and the curative practices of the traditional Ayurveda to treat their patients.

Ayurveda is an officially recognized system of medicine in India. Globally, the World Health Organization (WHO) recognizes it as Traditional Medicine (TRM). It is estimated that the total market size of the Indian Ayurveda market is Rs 8,000 crore and it is growing substantially between 10-15 percent, with the same growth rate targeted for the next 10 years. Overall, Ayurveda products fall into two categories-branded and traditional. Currently, more than 30,000 branded and 1,500 traditional products are available in the market. On treatment side, there are hardly any organized players. Hence, AyurVAID intends to carve a niche in this segment.

2. How is AyurVAID’s strategy a Blue Ocean Strategy? (Draw a Strategy Canvas for AyurVAID)

• AyurVAID is trying to differentiate itself by concentrating on the large segment of Chronic Non communicable diseases (NCD).

• In-line with the principles that make up a lean organization, AyurVAID is primarily focusing on its customers and their feedback which in turn would result in less and more focused capital investment.

• Combining the best of Ayurveda to the modern world facilities, such as testing, diagnosis, para-surgical services, well ventilated and hygienic patient rooms and health insurance, which was earlier not available for Ayurveda

• It is also trying to position itself as an organization which creates synergy by leveraging technology by saving customer data and records and old-school Ayurveda.

• It is also focusing on the treatment of diseases that are economically viable from a financial stand-point, even if that would mean in less offerings.

• By doing so, it is trying to create a Blue Ocean within the realms of a multi-specialty offering. By not getting into other hospitals territory and segments

The Strategy canvas for AyurVAID’s is:

The Strategy canvas above depicts the advantage ayurvaid has above other hospitals. With the leverage on IT and more focused health care and secondary and tertiary preventive care. It has a upper hand over its competition

3. What has changed in Ayurvaid's business environment and how should Ayurvaid plan to grow in the future?

Changes in Ayurveda’s business

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