Healthcare Marketing
There is the common assumption that lowering prices of a commodity increases sales and satisfies customers. One of the reasons why high pricing is a valid method in marketing is quality. High rates are associated with better quality and hence attracts clients who seek for better clients. It is also unlikely that long time clients will leave because of price changes since they depend on trust rather than prices. These two groups are likely to be loyal, invest in quality and hence willing to pay more and also they are easy to please.When the prices are increased, customers and clients tend to have respect for the productand the business (Martin, 2017). The clients will stop treating you just like another dealer and treat you like an expert. Purchasing an item which has been priced highly shows power. Therefore, the owner of the product commands respect in the market.
The other reason is increased quality in the product. When the clients are willing to pay higher, the producer will be ready to put all efforts into satisfying the needs of the client. The owner of the business will have made enough to invest back in enhancing quality as well. This action is likely to attract even more customers who invest in quality. One gets the chance to offer better support to customers. When one increases prices,they specify their customer base and hence reduce their number of clients. However, the change in prices compensates for the same. Therefore, with fewer clients, their specific needs can be addressed. This includes design, amount, and can even work together with clients to develop a new productas the clientsdesire.
- Walmart Pharmacy Pricing System.
Walmart Pharmacy deals with medication refills, prescription, both on the counter and home delivery. Walmart has a general pricing policy on their healthcare products which is open to the public. This pharmacy is different from almost all other pharmacies in the USA and health service providers. There are very few generalized pricing on medications and services such that theycanvary prices depending on the client. The health system operates like they offercustomized care or products, which is not the case. Change has been proposed, and Walmartthinks pharmacy owners should be readyto compete in terms of pricing and not only customer satisfaction or trust.However, not allmedical products can be standardized due to the high level of services required.
When it comes to generic drugs, Walmart avails them at four dollars a month.This price is well known to the publicand availed to many states all over the USA.Therefore, this strategy will force other pharmacies and health care providers to state their prices in one way or another. Walmartsays that prices matter and are willing to lower their profit to start the pricing war. The very cheap generic drugshave been previously priceddepending on their brand, but Walmart is fighting to change the situation.Walmartinfluence has Walgreen and otherpharmaciesin the United States following the same approach despitedisagreeing onthe pricing method (Berndt & Newhouse, 2010).
Walmart view is essential, but when it comes to customersatisfaction in generic prescription issues, Walmart seems to be unsatisfied. Despite the higher process previously,customersseem to prefer that mode better. This option is confirmed by feedback on customer satisfaction. The clients seem to have a specific brand preference and are not pleased with it being taken away by Walmart. This mode, therefore, proves that despite the medicalpricing system is differentfrom the general product pricing, consumersare still selective when it comes to health services. This idea, therefore, explains the why Walmart pharmacy ranked among the last when it comes to customer satisfaction.
The lower pricing of the medication has made people lack trust in the quality of their generic products and their pharmaceutical services as well. The tally favoured Targetpharmacies which received a five star in customer satisfaction. Target uses the old pricing method where generic products are priced depending on the name of the brand. In Walmart, since all the prices are standardized, the genericmedicine sold is chosen by the pharmacy and not depending on the client’s preference.
If clients changed and were willing to pay for quality, Walmart would change its mindset on the pricing system. This is because as a business, Walmart will make more profit and a third of their clients canpay for the cost of almost all their products and give them even a higher chance of making a profit.
Walmart has a mindset of changing the pricing system such people can get generic drugs for their actual worth. However, the pricing system in medical and pharmaceutical products is almost impossible to commodify. Lack of setting the exact prices allows those who cannot afford the commodity to get it and the rich ones pay for it (Berndt, & Newhouse, 2010). Medical products are too sensitive to commodify. Therefore,Walmart will continue accelerating this price war but changing people’s mindset andmedical operation will take more than lowering their profits.
In conclusion, Walmart pharmacies have decided to engage in a pricing war over medical products. The store is determined to ensure pharmaceutical products have a given price range. However, this has resulted in low customer satisfaction. In generic drugs, they are sold at low prices, but the amount varies with the brand name.To start a pricing war, Walmart pharmacies have standardized products on all generic drugs. However, despite this, its customer satisfaction rating stands at the lowest.Walmart is willing to continue this war to ensure consumers pay for what they consume, but this leaves those who cannot afford certain medical products at a disadvantage.
The advertisementis based on Fortis Healthcare which offers heart transplant surgery tochildren suffering from heart failure. The heart transplant is a complex surgery that requires high expertise and specialized medicalequipment. In the commercial, there is a young boy with a heart condition. When taken to the hospital, the doctors diagnosed him with heart failure, and his parents are heartbroken.The doctors claim they cannot carry out the operation because it is too complicated ad they do not have the necessaryequipment. They refer the family to the Fortis health care facility. There, the doctorshave the equipment and agree the procedure is complicated, but they can do it.The advertisement targets parents whose children are suffering from end-stage heart failure.The ad, therefore, appeals to the emotions of parents by showing the story of Amar who underwent the same situation. The story gives parents hope that Fortis Healthcare facility can help their child live a healthy lifethrough this surgery.
In the advertisement, some of the essential features depicted are the Fortis Healthcare facility logo. All the doctors have the logo imprinted on their work garments. Another feature is the equipment in the hospital. Towards the end of the advertisement,Amar Agarwal is seen starting the treatment procedure, and he is filled with hope all will be well after the heart surgery.Another critical factor is the hope and happiness seen in the faces of Amar’s parents once the doctors agree to carry out the operation after the fear they had of losing their son.When Fortis Healthcareagrees to do the heart transplant, the parents are happy that the hospital is giving their son a second chance.
The ad gives hope for recovery by showings Amar Agarwal’s story before he went to Fortisand towards the beginning of the surgery.However, we do not see his lifeafter the heart transplant.If Amar’s life after the operation was highlighted, this could improve the message. From the hashtag, the advertisement is meant to give hope to parents who are in despair. Showing the boy’s life after the heart transplant will ensure parents going through the same situationhave to hope theirchildren will also recover and also make the ad more believable.
- Musculoskeletal disorders (MSDs)
| Article 1 | Article 2 | |
| ARTICLE TITLE | Costs of occupational musculoskeletal disorders (MSDs) in the United States | Prevalence and associated factors of musculoskeletal disorders among Chinese healthcare professionals working in tertiary hospitals: a cross-sectional study |
| BACKGROUND CONTEXT | MSDs account for about thirty to thirty-five percentof all occupational illnesses and injuries from 1992 to 2010 in the US. | The MSDS condition is common in the working population all over the world. In China, the situation is prevalent due to poor working conditions, and due to inadequate personnel, mostpeople are overworked. |
| SIGNIFICANCE TO PRACTICE | Occupational MSDs result in huge losses as the employee will be absent seeking treatment. Also, the cost of treatment falls on employers. | Help lower the prevalence of the disease among the workers. |
| PROBLEM OR PURPOSE | Purpose | Problem |
| WHAT IS KNOWN ABOUT THE PROBLEM (what the literature review indicates) | The high cost incurred by businesses due tooccupational MSDs, both directly and indirectly, is alarmingly high. From2003, the cases went down, but the price for treatment went up. | MSDS is associated with the high workload in terms oflong periods, heavy lifting, mental and emotional stress. |
| RELEVANT THEORIES MENTIONED | the cost-of-illness, human capital method theory | Nordic Musculoskeletal Questionnaire and the Dutch Musculoskeletal Questionnaire theories. |
| RESEARCHERS ASSUMPTION OR EXPECTATIONS | MSDS has resulted in increased losses due to time lost in the treatment of occupational MSDs in the US. | MSDS has resulted in shortages in medical staff, the large Chinese population base, the ageing of the population and patients’ inclination to go to large hospitals. |
| HYPOTHESIS OR RESEARCH QUESTIONS | What is the cost of work-related MSDs in the US | Determination of prevalence and factors associated with MSDs in hospital workers. |
| DETAILS OF THE RESEARCH PLAN | The method to be used will separate direct costs and indirect costs. | The research was conducted in HCP, in eight tertiary hospitals in Shandong, China. |
| TYPE OF RESEARCH (Quan, Qual, Clinical Trial) | Quantitative | Quantitative |
| SAMPLING PLAN | Random | Random |
| ANY RELIABILITY OR VALIDITY CONCERNS | None | None |
| STUDY RESULTS | The direct cost of MSDs was 1.5 billion dollars | There was a high workload, physiological factors, employment status and ergonomic factors following in that order from the top. |
| RECOMMENDATIONS OR IMPLICATIONS. | To lower the costs and losses, the companies need to avoid these conditions. | Lowering the listed factors should be considered in preventing the occurrence of MSDs. |
References
Martin, C. (2017, September 20). 4 Reasons Why Raising Your Price Is a Brilliant Marketing Move. Entrepreneur. https://www.entrepreneur.com/article/297773
YouTube. https://www.youtube.com/watch?v=-o-w06DKr0A
Berndt, E. R., & Newhouse, J. P. (2010). Pricing and reimbursement in US pharmaceutical markets (No. w16297). National Bureau of Economic Research.
Dong, H., Zhang, Q., Liu, G., Shao, T., & Xu, Y. (2019). Prevalence and associated factors of musculoskeletal disorders among Chinese healthcare professionals working in tertiary hospitals: a cross-sectional study. BMC musculoskeletal disorders, 20(1), 175.
Bhattacharya, A. (2014). Costs of occupational musculoskeletal disorders (MSDs) in the United States. International Journal of Industrial Ergonomics, 44(3), 448-454.