For any country, health safety is one of the most important aspects to be considered for growth and development. It can also be said that a country can be said developed only if their citizen lives a health secure life. Singapore is right now carrying a total population of 5.61 million in the world and is expanding slowly.
(Source: Singapore heart report)
From the data, it can be said that almost 30% of the Singapore population is suffering from heart .related issues. Singapore is in a great need of solving heart-related issues because percentage related to this issues is very high and it includes almost every section of the population like youth, adult and old (Filippatos, et. al, 2015). It has been found that in many cases health care service was not able to reach at the time because of which persons could not be saved.
Political: Singapore is currently sharing very stable government as well as a political environment which are favorable for any business (Digital Journal, 2018). As per study it has been seen that current political situation is mainly focused around of health issues due to their increasing rate as per above graph which is a favorable situation for this drone ambulance idea.
Economical: Presently Singapore has existing GDP of nearly US $ 349 billion in which 26.6% belongs to industry and 73.4 % belongs to services segment. Singapore is recognized as the strongest nation in the world in terms of financial aspect (HGSL, 2018). Higher economy of the nation means that individuals are capable of spending more on health safety which provide the drone ambulance idea a financial support promise.
Social: The population of Singapore believe that social responsibility is not only duty of government but it is also duty of common citizen which are part of this nation and even human feeling also triggers towards humanity (Caleon, Wui, Tan, Chiam, Soon and King, 2015). This emotional bond for humans will help in promoting drone ambulance idea with high intensity in the Singapore because of its fast reach towards the patient; people will recommend this kind of service to their loving ones.
Technology: Singapore people believe that current problems are very complex in nature and can be solved only with the help of technology. Hence it has been seen that they are spending a good amount of capital on the research of new innovation which provides better opportunity for this idea because it is combining both services of medical and technology.
Environmental: Singapore population believes that development does not mean that for achieving the growth we should neglect the environment (Ho, 2014). Hence they have regulated all their policies in favor of environment care and as this idea is free from any negative environment impact, these policies reform will act as a competitive advantage for them.
Legal: Singapore has reshaped their all trade policies so that trading becomes easier along with some rules which favor the local trader from being exploited from the big trade groups. This decision will act as a platform for this idea from international business operation point of view which will provide better future for this idea.
Medical care industry has a very optimistic future in Singapore as the administration is also assisting this industry in command to uphold a proper and healthy life for their people. According to the health study it has been estimated that medical care has a volume of around $40 billion industry. Data clearly indicates that in the present time this industry will be better from a business prospect (Lee, Ru, Yeung, Choy and Ip, 2015). Many health companies whether local or international are competing in the same market which can present some kind of threat but idea is very innovative and hence is able to face challenges like existing established players, technology and existence of challenger services.
The best option for health care company is to use a new strategy to handle this heart-related problem with the help of available technology (Chong, Liu, Luo and Keng-Boon, 2015). Development is directly connected to the traffic follow of the population which means that in case of emergency it will not be easy to reach the patient within five minutes. Hence Health care drone ambulance service will try to reach the needed person within short span of time. This idea will help the company to expand its customer base to almost every segment of the population (Adebanjo, Laosirihongthong and Samaranayake, 2016). This kind of service offering will help the company to form a unique USP in the form of emergency drone service which is the need of present situation. This kind of service will not only save time factor but will also save the life of the patient in case of immediate CPR requirement.
In this model the Health drone ambulance will have to face five competitive forces which will try to suppress its growth. One will be suppliers buying power; in this case the drone ambulance has to face buying power of suppliers when they are not available in large quantity. Thus health drone ambulance will take it as an opportunity by involving larger number of suppliers in their operation in order to keep availability in addition (Grundy, 2006). Other force will be buying power of customer; in this case customer usually have lot of choices available for same product. But here drone ambulance is a unique idea and its availability will be small so this force will not work on this idea. Other force is threat of new entry, here the drone ambulance will feel little bit nervous because it has been seen that once an idea is being establish in the market, it will give rise to large number of competitors which are offering same kind of service. Other force will be threat from substitute; in this case the drone ambulance may face competition from some companies which are in the business of related product. This force can be overcome with following unique strategy which cannot be easily copied. Final force will be existing competitors in the market, it is possible that some other is already working in this kind of idea and they have already made their presence in the market. It can be possible threat for the drone ambulance but can handle it will its competitive strategies.
As Singapore is currently having a population of around 5.6 million and around 30% of this population is suffering from health related issues specially heart related problems which require emergency medical attentions (James, Rickard and Rossman, 2009). This population which has current segment of adult, young and old one is in continuous need of medical intention because they live far away from the medical institutes which offer medical services.
From the total population, drone ambulance service will target this 30% of the population which includes those people which are facing this medical service issues because they cannot afford apartments near these services and have to wait for the medical help. Hence in this case drone ambulance will act as an important option for this portion of population to keep their loving one safe and form an emotional connection with this service which will kill their waiting time in need of medical assistance.
Presently there is not much competition in this market because it is a new market but in future there are many possibility of copying this idea. But still there are some competitions which arises from medical institutes, medical care center and some health community centers which can disturb the entrance of emergency drone services in Singapore.
Health care drone ambulance understands the seriousness of the service which they are going to offering in the market and hence they will create a team of multi-talented people which will be expert in their respective department (Balasingam, 2017). Health care drone ambulance will comprise of people which will be expertise in the drone operating and maintenance, people who will be expert in software, people who will be expert in medical services and some heart-related doctors. The team formed will be highly dedicated in the human service and will be ready to service the patient at any point of time because due to globalization there is no barrier for any company to enter in to any kind of business market which has given rise to competition in the business world and this rise in competition has actually changed the complete life of the common man. At present, the common person is struggling with many stresses and to remove these stresses they may get addicted to liquor and related product which are very dangerous for health. Health care drone ambulance cannot remove this stress but can remain standing with the person as a true friend for their life (Rizman, et. al, 2018). A group of doctors will be included in this team which will have an expert in heart-related issues and some health aspects in order to guide any patient in an emergency situation. The association of doctors ensures that right product will be delivered at the right time along with right procedure because many time issues occur by not following the exact procedure required as per the situation. Technical experts must have knowledge of all the functions related to the drone-like how they operate, their services and all knowledge of components from which drone is made of. The technical group members must also have knowledge regarding related software along with proper database. Here the Health care drone ambulance will include one more member in their team in the form of social health community which will look after the health-related issues of the common man without any profit. This particular aspect will help the Health care drone ambulance form a very unique image in the mind of the society in which this company is going to operate (Zègre-Hemsey, Bogle, Cunningham, Snyder and Rosamond, 2018).
The company will also introduce a training in which all the employees will be trained to handle all kind of situations it can be medical assistance, technical issue, software and others which can emerge as a helping hand in case of lack of availability of the concern department person. Also company will introduce a cloud base operating system which can be used from any place and act as an auto guider to handle the situation base on Artificial intelligence. The company will associate these social communities as a strategic partner in whom the company will provide all kind of assistance to these partner in the form of money, technology, and medical assistance support. As Singapore is one of the countries in the world where social responsibility is often taken very strictly and has very respectively image in the eyes of the population. His kind of act will help the health care drone ambulance in two aspects one is serving the community in which they are going to operate and other important aspect is that due to association with all these social health communities the company have to invest very less for marketing purpose because their half market will be advocated with the help of their strategic partner and for half marketing they will make use of digital marketing tool like Facebook, Instagram and YouTube which are actually cost-effective marketing tool with huge reach in present time.
One of the most important aspects which every business has to consider is checking their financial feasibility. Thus Health care drone ambulance must go for financial feasibility in order to understand the exact flow of complete financial process so that breakeven point can be achieved. In this process of financial feasibility, the percentage of risk will be always higher because it is actually the starting phase of the process and as the process will move further the percentage of risk will decrease with the time frame. In order to introduce a new trend in the medical services, the company must decide their choices according to financial feasibility.
|
Platform |
Reach |
Frequency |
Budget |
|
Socialmedia (Facebook, twitter, Instagram, Snapchat, You tube) |
Reach has to be 60%, of the population |
Daily 4 Posts |
$300,000 |
|
SocialHealth community partner |
Reach has to be 40-60% |
$200,000 |
|
|
Television Advertising (Affiliate Marketing |
50% Reach |
Every day, telecast of ads posted three times |
Commission basis, 1% of the sale value |
|
Newspaper |
32% population |
Two times in a month (Monday & Saturday) |
$8000 Per day, 16200 in a month and SGD 93,200 |
|
Budgeted income statement for year-1 |
|
|
Budgeted no of patients |
1000 |
|
Average no of hours per patient |
2 |
|
Budgeted patients hours |
2000 |
|
Service charges per hour |
$ 1,000.00 |
|
Budgeted revenues |
$ 2,000,000.00 |
|
Less: Expense |
|
|
Cost of service |
$ 1,000,000.00 |
|
Advertisement cost |
$ 500,000.00 |
|
Rent |
$ 20,000.00 |
|
Utilities |
$ 10,000.00 |
|
Salaries of staff |
$ 50,000.00 |
|
Other expenses |
$ 5,000.00 |
|
Total |
$ 1,585,000.00 |
|
Profit/ Loss |
$ 415,000.00 |
Here Health care drone ambulance will present their business proposal in front Bank management community in order to get loan to operate this idea on real ground. The company will not go for support of any venture capital in its initial phase and will keep dependent on bank loan.
Conclusion
Due to fast life, person is not able to manage its personal life especially health and as a result of this almost half population is facing some kind of health problems. Health problems are mainly of two segments, one is which needs immediate medical help and other is which needs medical assistance but is not immediate bases. In one type, time plays a very important factor and health care drone ambulance will deal with this factor in order to provide a health safety of the Singapore population.
References
Adebanjo, D., Laosirihongthong, T. and Samaranayake, P. (2016) Prioritizing lean supply chain management initiatives in healthcare service operations: a fuzzy AHP approach. Production Planning & Control, 27(12), pp.953-966.
Balasingam, M. (2017) Drones in medicine—The rise of the machines. International journal of clinical practice, 71(9), p.e12989.
Caleon, I.S., Wui, M.G.L., Tan, J.P.L., Chiam, C.L., Soon, T.C. and King, R.B. (2015) Cross-cultural validation of the Academic Motivation Scale: A Singapore investigation. Child Indicators Research, 8(4), pp.925-942.
Chong, A.Y.L., Liu, M.J., Luo, J. and Keng-Boon, O. (2015) Predicting RFID adoption in healthcare supply chain from the perspectives of users. International Journal of Production Economics, 159, pp.66-75.
Digital journal. (2018) Singapore pestel analysis, swot analysis and risk analysis market research report launched [online]. Available from: https://www.digitaljournal.com/pr/3405452 [Accessed 16/11/18].
Filippatos, G., Khan, S.S., Ambrosy, A.P., Cleland, J.G., Collins, S.P., Lam, C.S., Angermann, C.E., Ertl, G., Dahlström, U., Hu, D. and Dickstein, K. (2015) International REgistry to assess medical Practice with lOngitudinal obseRvation for Treatment of Heart Failure (REPORT?HF): rationale for and design of a global registry. European journal of heart failure, 17(5), pp.527-533.
HGSL. (2018) which Singapore industries drive the economy [online]. Available from: https://www.guidemesingapore.com/business-guides/incorporation/why-singapore/singapore-economy—a-brief-introduction [Accessed 16/11/18].
Ho, J.K.K. (2014) Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), pp.6478-6492.
Lee, C.K.M., Ru, C.T.Y., Yeung, C.L., Choy, K.L. and Ip, W.H. (2015) Analyze the healthcare service requirement using fuzzy QFD. Computers in industry, 74, pp.1-15.
My heart. (2017) principal causes of deaths [online]. Available from: https://www.myheart.org.sg/article/about-the-heart-and-heart-disease/statistics/singapore/75 [Accessed 16/11/18].
Rizman, Z.I., Adnan, J., Hashim, F.R., Yassin, I.M., Zabidi, A., Zaman, F.K. and Yeap, K.H. (2018) Development of hybrid drone (HyDro) for surveillance application. Journal of Fundamental and Applied Sciences, 10(1S), pp.816-823.
Zègre-Hemsey, J.K., Bogle, B., Cunningham, C.J., Snyder, K. and Rosamond, W. (2018) Delivery of Automated External Defibrillators (AED) by Drones: Implications for Emergency Cardiac Care. Current Cardiovascular Risk Reports, 12(11), p.25.
Grundy, T. (2006) Rethinking and reinventing Michael Porter’s five forces model. Strategic Change, 15(5), pp.213-229.
James, J.S., Rickard, B.J. and Rossman, W.J. (2009) Product differentiation and market segmentation in applesauce: Using a choice experiment to assess the value of organic, local, and nutrition attributes. Agricultural and resource economics review, 38(3), pp.357-370.
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