PURSUE UNIQUE, STRATEGIC PARTNERSHIP
- Posted by: Shamalaa Vadivelu
- Category: Strategy
The healthcare industry became a huge business driven market involving local, regional and international partnership that is transforming and reshaping the world economy. The ownership binding of institutions such as Public – Private Partnership infrastructure, the Full Paying Patient Scheme in government institutions with the collaboration between the Ministry of Health and the Ministry of Finance are increasingly popular in Malaysian healthcare system.
Collaboration of strategic partnership is a blooming business model in the healthcare industry as ‘a mechanism to increase the revenue and achieve the cost reduction’. The reason of partnership collaboration is being able to work together under various circumstances such as various local condition, the institutional surroundings, cultural implication, better and faster asses to the latest technologies, reduce the financial and political risk. The cooperation and collaboration of partnership among enterprises and/or stakeholders is also form added value and derive profit.
The concept of strategic partnership between enterprises, is the agreement to exchange specific expertise, retaining valuable resources, seek mutual benefit based on trust, management of probable risk but able to retain own autonomy. This coalition helps to achieve established strategic goals and increases the market competition. This regime of relationship helps to form new business model which leads to decrease expenses and duplication of activities, however creates favourable conditions for efficiency development.
The motives of strategic partnership formation; able to achieve various collective competences in the organization, aids in the expansion of the market, sharing expenses and combining resources and gaining profit in economic category, strategically it forms and strengthens the competitiveness, influence and impact on development of the industry. The political will, assists in the technical standard development and eliminating the restriction for legal regulation.
The development of strategic partnership is a consistent process which categorized in setting goals for the partner, defining and choosing the type of partners, analyse the partner formation opportunities and finally selecting the partner and form a partnership. Once the strategic partners are formed, the parent (basic) company starts to analyse the business strategy, market research and expansion, assessing the product portfolio; evaluating partners opportunities, strength and weakness, rating the enterprise preparation and production capacity in fulfilling the market needs. Therefore, the strength and opportunities of the enterprise will be used for future activity.
There are several types of strategic partnership; the learning partners helps in revealing new information of markets, install latest technologies and obtaining new competences. The hybrid partners are unification of enterprises and create new value. The business partners create extraordinary position in geographical market and ensures new income. Production partners’ goal is efficiency and the volume production. Marketing partners ensure use of knowledge and technology leads to fast innovative changes in markets.
The conclusive stage of partnership formation and relations management is whereby the contractual agreement is established and signed. The partners rights and obligation are stipulated including the conditions of entering into partnership. These helps to reform interchange and deal with future disagreements. The appropriate partners’ decisions and management influences the success of the coalitions and stakeholders in gaining higher profit. At this stage, management of coordination and enhancing the mutual trust among partners should be established. This hierarchy includes formal decision-making structure which monitors the development of interaction among partners and their feedback which leads to achievement of golds and partnership durability.
Dr. Shamalaa Devi Vadivelu
Unit Full Paying Patient
Hospital Sungai Buloh