Harvard Case - Praava Health: A New Model for Bangladesh
"Praava Health: A New Model for Bangladesh" Harvard business case study is written by Michael Chu. It deals with the challenges in the field of Entrepreneurship. The case study is 34 page(s) long and it was first published on : Nov 22, 2021
At Fern Fort University, we recommend that Praava Health continue its current strategy of leveraging technology and innovation to deliver high-quality healthcare services in Bangladesh. This strategy should be enhanced by focusing on building a strong brand, expanding its service offerings, and strategically pursuing partnerships and acquisitions to accelerate growth.
2. Background
Praava Health is a healthcare startup founded in 2016 by a group of experienced entrepreneurs and healthcare professionals. They aim to disrupt the traditional healthcare system in Bangladesh by providing affordable, accessible, and high-quality healthcare services through a combination of technology and physical clinics. Praava offers a range of services, including primary care, specialist consultations, diagnostic testing, and pharmacy services.
The case study highlights the challenges and opportunities faced by Praava Health in a rapidly growing and evolving healthcare market. The company has achieved initial success by attracting a loyal customer base, but it faces competition from established players and the need to scale its operations to achieve profitability.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
a) Business Model Canvas: Praava Health?s business model is based on a value proposition of providing convenient, affordable, and high-quality healthcare services. This value proposition is delivered through a combination of physical clinics, telemedicine, and a strong online platform. Their key resources are their skilled medical professionals, technology platform, and strong brand reputation.
b) Growth Strategy: Praava Health?s growth strategy is focused on expanding its service offerings, increasing its geographic reach, and building a strong brand. They are employing a multi-pronged approach that includes organic growth through new clinic openings, strategic partnerships, and potential acquisitions.
c) Competitive Advantage: Praava Health?s competitive advantage lies in its unique business model, which combines technology and physical clinics to provide a seamless patient experience. Their focus on quality, affordability, and convenience sets them apart from traditional healthcare providers in Bangladesh.
d) Disruptive Innovation: Praava Health is a disruptive innovator in the Bangladeshi healthcare market. By leveraging technology and offering a more convenient and affordable option, they are challenging the established players and creating a new market segment.
4. Recommendations
a) Enhance Branding: Praava Health should invest in building a strong brand identity and marketing strategy. This includes developing a clear brand message, engaging in targeted marketing campaigns, and leveraging social media and digital channels to reach a wider audience.
b) Expand Service Offerings: Praava Health should consider expanding its service offerings to cater to a wider range of patient needs. This could include specialized services like dental care, ophthalmology, and mental health services.
c) Strategic Partnerships: Praava Health should actively seek strategic partnerships with other healthcare providers, insurance companies, and technology companies. These partnerships can help them expand their reach, access new resources, and enhance their service offerings.
d) Consider Acquisitions: As Praava Health scales, they should consider strategic acquisitions of smaller healthcare providers or technology companies. This can help them expand their reach, acquire new talent, and gain access to valuable technology and resources.
e) Focus on Technology and Analytics: Praava Health should continue to invest in technology and analytics to improve patient care, optimize operations, and enhance its data-driven decision making. This includes investing in telehealth platforms, data analytics tools, and patient management systems.
f) Cultivate a Strong Organizational Culture: A strong organizational culture is essential for Praava Health?s success. This involves fostering a culture of innovation, collaboration, and customer-centricity. This will attract and retain top talent, drive continuous improvement, and ensure the company remains agile and responsive to market demands.
5. Basis of Recommendations
These recommendations are based on the following considerations:
1. Core Competencies and Consistency with Mission: The recommendations align with Praava Health?s core competencies in technology, healthcare delivery, and innovation. They also support the company?s mission of providing affordable, accessible, and high-quality healthcare services to the Bangladeshi population.
2. External Customers and Internal Clients: The recommendations are designed to meet the needs of Praava Health?s external customers, including patients, insurance companies, and healthcare providers. They also consider the needs of internal clients, including employees, doctors, and nurses.
3. Competitors: The recommendations are designed to help Praava Health maintain its competitive advantage in the rapidly evolving Bangladeshi healthcare market. They address the challenges posed by established players and emerging competitors.
4. Attractiveness - Quantitative Measures: The recommendations are expected to generate a positive return on investment (ROI) by increasing revenue, improving efficiency, and enhancing customer satisfaction.
5. Assumptions: The recommendations are based on the assumption that Praava Health will continue to innovate, adapt to changing market conditions, and maintain its commitment to quality and affordability.
6. Conclusion
Praava Health is well-positioned to become a leading provider of healthcare services in Bangladesh. By focusing on its core strengths, leveraging technology and innovation, and building a strong brand, Praava Health can achieve its growth objectives and make a significant impact on the lives of millions of people.
7. Discussion
Alternatives not selected:
- Focusing solely on organic growth: While organic growth is important, it can be slow and may not be sufficient to achieve Praava Health?s ambitious growth targets.
- Expanding into new markets: While expanding into new markets could be considered in the future, it is not recommended at this stage due to the company?s focus on establishing a strong presence in Bangladesh.
Risks and Key Assumptions:
- Competition: The healthcare market in Bangladesh is becoming increasingly competitive. Praava Health needs to stay ahead of the curve and continue to innovate to maintain its competitive advantage.
- Regulation: The healthcare industry is heavily regulated. Praava Health needs to ensure that its operations are compliant with all applicable regulations.
- Technology Adoption: The success of Praava Health?s business model depends on the adoption of technology by patients and healthcare providers.
8. Next Steps
- Develop a comprehensive branding strategy.
- Identify and pursue strategic partnerships.
- Develop a roadmap for expanding service offerings.
- Invest in technology and analytics.
- Implement a robust talent acquisition and development program.
By taking these steps, Praava Health can build on its early success and become a leading provider of healthcare services in Bangladesh.
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Case Description
Launched in Dhaka, Bangladesh, in 2018, Praava Health ('Praava') delivered high-quality in-clinic primary and specialist care, backed by its own high quality diagnostic laboratories, imaging and pharmacy. Praava was founder Sylvana Sinha's response to what she saw as a broken healthcare system in one of the world's most populous countries, unable to provide efficient, reliable medical attention to the majority of its population. Centered on the patient, it had a flagship state-of-the art medical center in Dhaka, and digital channels, including Bangladesh's first patient app, telemedicine, and e-pharmacy. Behind all this was a highly qualified medical, technical and management team, made possible by equity investments of $11.1 million. But raising funds had been a difficult and arduous process, even as Praava's revenues were growing at around 20% a month. As Sinha proceeded to plan her next steps in Series B fundraising, she wondered if there were modifications that she needed to consider. Were there any changes-in the Praava business model, in the financing structure or in her messaging-that would allow her to break through in the capital markets?
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