Based upon your request, I have conducted a research article on a potential venture which our firs can introduce and invest in a developing country such as India.
Due to a shortage of healthcare providers and the poor conditions of the healthcare system, many Indians were dying because of the delay in receiving medical treatment, because labor supply of health professionals is intensive in India, the launch of InstyMeds[R] should help significantly resolve these issues.
Recently, a company named InstyMeds Corporation developed their first ATM-Style medication dispenser, “InstyMeds®”, which can label and dispense containers of different shapes and size; most drug forms including tablets, liquids, creams and so forth. InsteyMeds® claim that the dispensers can issue medication in a faster, simpler and more convenient way compared to those of traditional drug stores.
Moreover, these dispensers are user friendly with their touch screen operating systems. For example, once the patient has been seen, the doctor can simply issue the prescription via the InstyMeds® system, therefore patients are only required to enter the barcode which has been assigned under their name for verification purposes.
The dispenser takes care of the rest and the medication will be labeled and dispensed within five minutes . It is an all-in-one dispensing process which can be done at the same hospital/clinic; patients will no longer have to endure waiting times for medications.
Because health professionals are inadequate in India, this is the target sector for this firm to launch InstyMeds®. At present there is an unstable drugs delivery schedule and a shortage of health specialists, patients are required to wait longer time before they receive their treatment. For instance, most of the developing countries have only one doctor and pharmacist per 160,000 people .
The absence of health care professionals limits the access of both hospitals and pharmacies to up-to-date medical information; this affects the quality of services. Since the latest information regarding medication is not accessible to the majority of pharmacists, they are heavily dependent upon the inserted package leaflets used as sources of medical information . To prevent pharmacists from engaging these kinds of practices, InstyMeds® will be an advantageous approach to solving this.
Based on the research, InstyMeds® can greatly benefit India within three reasons:
1. InstyMeds® would provide benefit to people in India: Installations of InstyMeds® allows patients to obtain their medicine 24 hours a day, seven days a week. This service is favorable to patients as the local transportation system is not yet sufficiently developed in India.
2. InstyMeds® means to Pharmacists: The company claim the dispensers will handle more than 100 prescriptions per day; this can reduce the work load of pharmacists and so it allows the hospital to become more flexible when allocating their manpower. Moreover, InstyMeds® internal system will prompt pharmacists to re-stock medicine when the dispensers are running out of drugs. As a result, pharmacists will then have more time to consult patients with regards to the usage of drugs; this will reduce, if not eradicate medical errors and ideally deliver patients a better service.
3. InstyMeds® will also benefit the Indian government; the available funds that support the healthcare service are constricted for India, and so the use of InstyMeds® would be an economical way to allocate the resources of healthcare systems. In general, pharmacists often spend a quantity of time keeping track of drug expiration dates, selecting package and labeling, and maintaining stable inventories. InstyMeds® can handle everything as mentioned above so instead of hiring new pharmacists, costs can be saved and used in building up the infrastructure.
Before the InstyMeds® becomes public, it is a great opportunity for this firm to donate some of the dispensers free of charge to some non profitable organization such as “Médecins Sans Frontières”, this is an international humanitarian aid organization that provides emergency medical assistance to populations in danger; the organization operates in more than 70 countries.
By offering InstyMeds® to their organization, offers a gesture and a positive image for our company and will promote the dispenser at the same time. I believe the public will commonly use the dispenser in the near future and so it is a great idea for this firm to be the first company to launch it.
InstyMeds®, would be a new business venture of pharmaceutical services in the next ten years and this dispenser is not only beneficial to those people in India but profitable to our firm as well. By investing capital into InstyMeds® while offering free dispenser to the Médecins Sans Frontières, it will develop an investment strategy, which can maximize both financial return and social benefit. InstyMeds® would be considered a socially responsible investment; conveying goodwill to the public and eventually bringing up our service to the next level.
When the use of InstyMeds® is grounded, it will become a new profit center for the firm.
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 9 November 2016
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