Essay About Healthcare Industry And Myanmar Healthcare Sector

Analysis on Myanmar Healthcare Sector
INTRODUCTIONReplubic of Union of Myanmar is situated in South East Asia region bordering India, China, Bangladesh, Thailand, and Laos. The healthcare industry is one of the fast growing, high potential sectors that needs reform, extension, and improvement to ensure better healthcare facilities so as to prevent the outflow of patients to other countries.With Myanmar posting strong economic growth in the years since sanctions were lifted, there has been a gradual emergence of a middle class, offering a wider pool of potential clients for advanced medical services. The rapid entering of foreign tourists and expatriates has also contributed to growing demand.[pic 1] Source: Ministry of Health and Sports, MyanmarYear Current Account Capital Account Total ( Million MMK) 2010-2011 54,940.711 22,318.670 77,259.381 2011-2012 67,663.593 25531.909 93,194.593 2012-2013 178,805.693 189,855.855 368,661.548 2013-2014 308,037.264 220,536.593 528,573.857 2014-2015 399,905.364 288,094.635 687,999.999 Source: Ministry of Health and Sports, Myanmar[pic 2]Source: Ministry of Health and Sports, MyanmarThere has been an increase in total government health expenditure for the past years. Additionally, Myanmar market has been opening up and the new government is devoted to people-centered or citizen-centered development and working with the private sector for the developments. As a result, people are expected to embrace more transparency and accountability to build economic capacity and opportunities. On the other hand, as economic grows, there are many competitors in the industry who can substitute easily to the company.PESTLE Analysis on Healthcare Industry in MyanmarPESTLE is acronym of political, economic, social, technological, legal, and environmental factors. It is an external environment scanning tool. It gives a bird’s eye view of the whole environment from many different angles that one wants to check and keep a track. Business environment scanning is not only to aspect the market but also helps in strategic management and forecasting the business. The analysis is necessary when planning for a new project or product and for sustainable development of the business. Long term survival in today business where competition is really high, it is very important to know what is going on in the whole environment from every perspective. Detailed analyzing and evaluation can turn threats into opportunities for the business. Political factors to determine how the government policies may influence the business. Economic factors are the determinants of economy’s performance. Social factors are the determinants of cultural trends, demographics, population analytics. Technological factors are the innovations in technology that may affect the operations of industry and the market. Legal factors have both external and internal sides becauses changes in laws such as consumer laws, safety standards, and employment laws can affect the business operations. Enviornmental factors relates to the ecological and environment mental aspects that will affect the demand for a companys products and how that business operates.