Himore Medical Business - Market Research and Analysis - Example

Executive Summary

Himore Medical is a firm that designs, manufactures and performs the marketing for the sale of medical embedded systems. These systems are electronic and computerized systems. They are used in hospitals to provide medical services by providing remote examinations at a lesser cost. The company manufactures the Cardiopad, which is medical equipment for remote diagnosis and heart examinations.

Himore medical primary mission is to assist hospitals in providing the same quality health care services to all patients regardless of where they are located. The company provides technologies with the ability to perform data processing and data transmission. This assists the doctors to follow and efficiently treat their patients even when they are far from the doctor and in remote places (Himore Medical Website). They are determined to work every day with the doctors in the field to discover new medical solutions that suit the needs of the hospitals. Their main product of Himore medical company is the cardio paid which is a tablet that performs ECG examination for patients and transmits data to the cardiologist. This plan is to ensure that the company rises to international markets and provide the medical equipment in hospitals in the world at a low cost improving the health of the people.

Business Background

Himore Medical is a company based in Cameroon and was established by Arthur Zang. It produces as well as commercializing the cardio paid that enables every person with small information on how to use to measure their physiological cardiac data (Noubiap et al., 2014 p 397). This success began after Arthur Zang shared a conversation with a doctor at his age of 23years about how the shortage of cardiologists in Cameroon had escalated. Following this idea, he began his road to inventing a computer tablet to curb the prevalent heart diseases in the country in a new way.

In the 2009 while still, a student Arthur Zang began to develop software that would help the doctors manage to monitor the health of their patient’s heart problems. With the insights he obtained from Professor Samuel Kingue a cardiologist based in Yaoundé, he wrote a program that he loaded on a device that was an off-the-shelf device (Noubiap et al., 2014 p 397). Later he realized the need of having his platform for purposes of flexibility and moved to develop his hardware the cardio pad. This was the first medical tablet to be discovered in Africa.

From this time, many cardio pads have been sold to different hospitals in different nations including Cameroon, Nepal, Gabon and India as well as other nations. These devices are usually distributed to clinics and hospitals and at low costs where subscriptions are charged to private patients on a yearly rate. After the invention of this device, the Zang found it necessary to work as a company that will have the capability of implementing the project at a large scale. Himore medical equipment was made in the year 2014 (Gilbert et al., 2015 p 349). The firm was established from the cardio paid and to date it is charged with the responsibility of designing, develop and bring the device in the marketplace.

The firm is registered as a limited liability company under the law of Cameroon and gives protection against liability to the membership. It is a manufacturing firm that that contributes to the Cameroon economy through various ways including payment of taxes to the government and provision of employment to the people. The company product is cardio paid equipment that comes with the cardio paid kit which is a low-cost kit for heart examinations and telemedicine. The equipment is highly effective in determining the cardiac information and convenient as it has a battery that lasts for about six hours while in use (Himore Medical Website).

The firm has an operating qualified team lead by Marc Arthur Zang, who is the chief engineer and the project manager of the company. He is also the President and the Chief Executive Officer of the company. He is a computer science engineer as well as the biomedical engineering researcher and also a senior software designer engineer who created many applications and embedded systems. He is a person with vast experience in digital electronics and projects of software development. Among others are persons who work as software architects, software engineers, doctors, software developers and database administrator and also the cardiologists who oversee the cardio paid project (Himore Medical Website).

In marketing the company’s products the company uses various ways through its team like advertisement among other ways to reach the customers. Most importantly the company has a project manager who is vested with the responsibility to present Himore medical projects to the public institutions such as the government. He is qualified as a computer science engineer and as well certified as a project manager (Gilbert et al., 2015 p 349). For a company to flourish it requires such a professional team that will meet the customer needs.

Long term goals of Himore medical firm are founded on the determination to provide better treatment for patients who suffer heart condition in many parts of Africa and the world as a whole. Arthur zang’s firm is determined to establish hi-tech business ventures and at the same time bringing better health care to Africa (Himore Medical Website). Moreover, Zang has a great intention of developing the first ever medical industry in the region of central Africa. Further, the firm’s objectives are not limited to that since there are several others.

These objectives include the act of easing patient-doctor consolations. This was achieved by the innovation of the cardio paid device that enables long distant consultation by a patient to a cardiologist in whichever place he resides even if it is a remote area. The ability of the device to gather data and transmit to the cardiologist makes this possible and the doctor it able to monitor the patient any time and at whatever place he lives.

Another goal of the company is to provide diagnostic assistance to patients. The device comes along with the cardio pads kit which is a portable equipment and therefore a patient able to carry the device in every place and perform his personal diagnosis of his or her heart condition. Helping hospitals to efficiently follow and treat their patients even if the patient is in inaccessible areas is the other goal of Himore medical company. This happens by sharing information directly by use of the device with the patient doctor. All these goals of the firm are directed towards enhancing the patient’s treatment and ensure the complications that existed before the discovery if the device in condition heart therapy is eliminated.

Products and Services.

Himore medical firm has the cardio pads device as the primary product that targets clinics and hospitals as the main customers. This is because the device has only the ability to record and transmit results to a patient to the cardiologist who will then download the information and send back the prescriptions. This, therefore, limits its use to only the patients and the cardiologists or doctors or hospitals and patients (Mears et al., 2009 p28). However, it can be more advantageous to the company if it chooses to diversify its market and begin to target more other customers who can use the device.

Apart from hospitals and clinics the company should also seek the use of their products in other organizations including an institution of learning, places of work and industries. This will play a great part in enhancing the health condition of people while at their work, school and other daily activities. According to Smith (2005), Encouraging employers together with learning institution to buy this product as the way of solving workers and students heart problems that may arise during the working period or school time will increase the company’s number of customers.

Also, the company can also consult various government authorities on how to introduce the devices in institutions of higher learning for medical studies. Selling the devices to colleges and universities for use by students undertaking the cardiologist course can also intensify the number of customers that the company will possess. International markets will also broaden the market for the company devices. Selling the cardio pads devices to other international hospitals and clinics other than those in Africa will increase customers for the product.

Various benefits to the company will accrue following the realization of the new customer segment by the company. The biggest value will be to increase the income of the company which will enable it to become stronger and capable of making further innovations in the medical sector. The company will also gain acknowledgment in the international market which will better its way of doing business (Doole and Lowe, 2008).Providing employment to many people will also be another value that will be derived from identifying another segment of customers.

This will be achieved when the company becomes more established and branch to various parts of the world as the demand for the product increases. As a result, more work will be required to meet all the need of the customers. More professionals will be hired in the company giving them employment (Oke, 2007 p 268). The other value will be to improve the level of the heath care to people throughout the word that will control the high number of deaths reported every day resulting from heart diseases.

Market Research and Analysis

In stretching its market, Himore Medical Company should for instance focus on a nation such as the United States. America is among countries that also have a large number of people who suffer heart diseases. Many of these people are reported to die every year following these illnesses. However, some of these deaths can be prevented if proper diagnosis are made and proper treatment accorded to the patients. About 610,000 individuals in America are estimated to die each year due to hearing complications.

To lower this level of deaths, it is imperative for the country to embrace any available control measures against heart diseases and establish better treatment forums for the people. One of these measures can be to provide people with often heart examinations and diagnosis where a person will be able to know his heart condition and begin to undergo the necessary treatment. This will act as one of the preventive ways against cardiovascular deaths (Hirsch et al., 2001 p10). The United States situation serves a convenient area of consideration by Himore medical firm to consider introducing its products to contribute to solving heart problems of the people in this nation.

This introduction of the cardio paid devices in America can help in making better the way of treating patients who suffer heart conditions thus preventing their death. This device will improve the patient-doctor relationship where cardiologists will be capable of closely monitoring their patients from whatever place they are located in the country without having to attend the hospitals (Perloff, 2009). Patients will be able to perform individual heart examinations and transmit the results in the form of data to the cardiologist who will in turn through the same device conduct his diagnosis and sends the patients the prescriptions. People are likely to appreciate this kind of technology and therefore a good area that the company my market its product.

Operational Plan

In reaching the international market, Himore medical firm should better its marketing strategy. The company main activities involve the manufacturing and selling of the cardio pad equipment especially in African nations. The primary resources for running this company is obtained from the sales made of the equipment. However, the company also receives other resources from its investors. This includes the shareholders as well as other people who support the company financially.

The company partners with various persons to effect its business. First, it receives support from the government and also from hospitals and engineering departments to ensure the running of its business. The moreover marketing industry is also a key partner to the company that helps in promoting its products. The company has the requirement of its staff set as professional qualifications since it involves technical works that require professional skills. For a company to manufacturing equipment’s to be used in professional fields such as medicine, it requires high qualified personnel that will guarantee a quality product.

Partnering with various governments internationally will help the company move to bigger heights. This will involve presenting the products to these governments and explaining its benefits seeking the adoption of the devices by this government in their medical sector. Taking the devices in the international markets will also better the company’s business. The company should also come up with programs informing people on how to use the device and its benefits for them to acquire them.

Marketing Strategy

To effectively reach a great number of customers, the company should consider a better way of marketing its product. For instance, the company should consider using the media forum that can reach almost every person at every place. This should include making advertisements of its product in the social media, mass communication media as well as print media. This is the most effective way of marketing the devices (Pearson et al., 2003. p502). Also devising marketing ways through the mobile networks is also an effective way for its marketing. Though these advertising options are expensive, the expense cannot be compared to the returns.

Financial Plan

The ability of a company to survive depends on a strong financial plan. Therefore Himore medical needs sufficient finances to keep its business running. To enable to company reach the international market it has to use more funds to facilitate this achievement. Its main fundings comes from the sales of the products, the investors, and the government. Additional funds are available to the company inform of credit from the banks payable in certain durations of time. All these sources will improve the company’s business.

Appendixes

• The Business Model Canvas.

Key partners

Hospitals

Clinics

Government

Marketers

Investors

Key Activities

Manufacturing Cardiopad devices.

Marketing cardiopad equipment.

Value Propositions

The company delivers a great value to their customers by enabling them improve their health care by closely interaction with the doctor from any place using the device.

Customer relationship.

The company’s customer relationship involves providing quality and effective products.

Customer segments.

Customers include, hospitals and clinics, patients and medical schools.

Key Resources

The resources are from the product sales, investors, and bank loans.

Channels

Customers can be reached through advertisement mediums such as the media as a while or through hospitals and clinics.

Cost structure.

The most important cost for the company is maintenance cost. Activates such as manufacturing of products and advertising or marketing are the most expensive activities in the firm.

Revenue streams.

The company offers their products to customers at friendly cost meeting their expectations.

• The value proposition Canvas.

Gain creators.

The Company.

Products and

Services.

Cardio pad devices. Pain relievers.

Investors and customers.