Harvard Case - Drishti Eye Hospitals: Balancing Financial and Social Goals
"Drishti Eye Hospitals: Balancing Financial and Social Goals" Harvard business case study is written by S. Senthil Kumar. It deals with the challenges in the field of International Business. The case study is 13 page(s) long and it was first published on : May 24, 2016
At Fern Fort University, we recommend Drishti Eye Hospitals adopt a hybrid growth strategy that leverages its strong social mission and existing infrastructure to expand into new markets while maintaining its commitment to providing affordable, high-quality eye care. This strategy involves a combination of organic growth through strategic alliances and international partnerships alongside targeted acquisitions in emerging markets. This approach will allow Drishti to achieve its financial goals while simultaneously expanding its social impact.
2. Background
Drishti Eye Hospitals is a leading provider of affordable eye care in India. Founded by Dr. Mahipal Sachdev, a renowned ophthalmologist, Drishti has grown from a single clinic to a network of hospitals across India. The organization is driven by a strong social mission to provide quality eye care to all, particularly the underprivileged. Drishti faces the challenge of balancing its social mission with the need to achieve financial sustainability and growth. The case study explores the organization's options for expanding its reach and impact while navigating the complexities of the healthcare industry.
The main protagonists of the case study are Dr. Mahipal Sachdev, the founder and CEO of Drishti, and the organization's leadership team. They are tasked with developing a growth strategy that aligns with Drishti's social mission and financial objectives.
3. Analysis of the Case Study
To analyze Drishti's situation, we can apply the Porter's Five Forces framework to understand the competitive landscape and the SWOT analysis to identify Drishti's internal strengths and weaknesses and external opportunities and threats.
Porter's Five Forces:
- Threat of new entrants: The threat of new entrants is relatively low due to the high capital investment required to establish a healthcare facility and the need for specialized expertise.
- Bargaining power of buyers: The bargaining power of buyers is moderate. Patients have limited choices in rural areas, but in urban areas, they have more options and can be price-sensitive.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. Drishti relies on a variety of suppliers for equipment, pharmaceuticals, and other supplies.
- Threat of substitute products: The threat of substitute products is low. Eye care is a specialized service with limited substitutes.
- Rivalry among existing competitors: The rivalry among existing competitors is moderate. Drishti faces competition from both private and public hospitals.
SWOT Analysis:
Strengths:
- Strong social mission and brand reputation: Drishti's commitment to providing affordable eye care has earned it a strong reputation and loyal patient base.
- Experienced leadership and skilled workforce: Drishti has a team of experienced ophthalmologists and other healthcare professionals.
- Established infrastructure and network: Drishti has a network of hospitals and clinics across India, providing a strong foundation for expansion.
- Cost-effective operating model: Drishti's focus on efficiency and cost-effectiveness allows it to offer affordable services.
Weaknesses:
- Limited financial resources: Drishti's growth is constrained by its limited financial resources.
- Dependence on charitable donations: Drishti relies heavily on charitable donations, which can be unpredictable.
- Lack of international experience: Drishti has limited experience operating in international markets.
- Limited marketing and outreach: Drishti's marketing efforts are primarily focused on local communities.
Opportunities:
- Growing demand for eye care: The global population is aging, leading to an increase in demand for eye care services.
- Expansion into emerging markets: Emerging markets, such as Africa and Southeast Asia, offer significant growth potential for eye care providers.
- Technological advancements: Advancements in technology, such as telemedicine, can improve access to eye care and reduce costs.
- Partnerships with international organizations: Drishti can partner with international organizations to expand its reach and impact.
Threats:
- Competition from multinational corporations: Drishti faces competition from multinational corporations entering the Indian market.
- Economic downturn: An economic downturn could lead to a decrease in charitable donations and patient spending.
- Regulatory changes: Changes in government policies and regulations could impact Drishti's operations.
- Natural disasters: Natural disasters can disrupt Drishti's operations and lead to financial losses.
4. Recommendations
Drishti should pursue a hybrid growth strategy that balances financial goals with its social mission. This strategy involves a combination of organic growth through strategic alliances and international partnerships alongside targeted acquisitions in emerging markets.
Organic Growth:
- Strategic Alliances: Drishti should form strategic alliances with international eye care providers, NGOs, and government agencies to expand its reach and expertise. These alliances can facilitate knowledge sharing, technology transfer, and access to new markets.
- International Partnerships: Drishti should explore partnerships with international organizations, such as the World Health Organization (WHO) and the International Agency for Prevention of Blindness (IAPB), to support its social mission and gain access to funding and resources.
- Global Branding Strategies: Drishti should develop a global branding strategy that highlights its commitment to social responsibility and affordable eye care. This strategy should be tailored to different markets and cultures.
- International Marketing: Drishti should invest in international marketing efforts to raise awareness of its services and attract new patients. This can include online marketing, social media campaigns, and partnerships with local media outlets.
Acquisitions:
- Targeted Acquisitions: Drishti should consider acquiring existing eye care facilities in emerging markets with high unmet needs. This would allow Drishti to quickly expand its reach and leverage existing infrastructure.
- Due Diligence: Before acquiring any facility, Drishti should conduct thorough due diligence to assess the financial viability, regulatory environment, and cultural context of the target market.
- Cross-Cultural Management: Drishti should develop a cross-cultural management strategy to ensure that its acquired facilities are integrated effectively and operate in a culturally sensitive manner.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Drishti's core competency in providing affordable eye care and its social mission to serve the underprivileged.
- External customers and internal clients: The recommendations consider the needs of both external customers (patients) and internal clients (staff and stakeholders).
- Competitors: The recommendations take into account the competitive landscape and aim to differentiate Drishti from its competitors.
- Attractiveness ' quantitative measures: The recommendations are based on a qualitative assessment of the potential for growth and impact in emerging markets.
- Assumptions: The recommendations assume that Drishti has the capacity to manage the complexities of international expansion and that there is a sufficient demand for affordable eye care in emerging markets.
6. Conclusion
Drishti Eye Hospitals has a unique opportunity to expand its impact and reach while achieving financial sustainability. By pursuing a hybrid growth strategy that combines organic growth with targeted acquisitions, Drishti can leverage its strengths and address its weaknesses to achieve its goals. This strategy will require careful planning, execution, and ongoing monitoring to ensure success.
7. Discussion
Other alternatives not selected include:
- Focusing solely on organic growth: This approach would be slower and more resource-intensive, but it would minimize risk.
- Acquiring a large multinational corporation: This would provide immediate access to a global market, but it would be a significant financial undertaking and could dilute Drishti's social mission.
Risks and Key Assumptions:
- Cultural differences: Drishti needs to be sensitive to cultural differences in emerging markets and adapt its services and communication accordingly.
- Regulatory environment: The regulatory environment in emerging markets can be complex and unpredictable. Drishti needs to carefully navigate these regulations to ensure compliance.
- Financial resources: Drishti needs to secure adequate financial resources to support its growth strategy. This may involve seeking additional funding from investors, donors, or government agencies.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Develop a detailed growth strategy: This strategy should outline Drishti's objectives, target markets, and implementation plan.
- Identify potential partners and acquisition targets: Drishti should conduct thorough research to identify potential partners and acquisition targets that align with its goals.
- Secure funding: Drishti should secure funding to support its growth strategy. This may involve seeking grants, loans, or investments.
- Develop a cross-cultural management strategy: Drishti should develop a strategy for managing its operations in different cultures.
- Implement the strategy: Drishti should implement its growth strategy in a phased approach, starting with pilot projects in select markets.
- Monitor progress and make adjustments: Drishti should regularly monitor its progress and make adjustments to its strategy as needed.
By taking these steps, Drishti Eye Hospitals can achieve its financial and social goals while making a lasting impact on the lives of millions of people around the world.
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Case Description
In 2011, after decades of the eye-care needs of India's semi-urban and rural population being largely ignored by both government and commercial enterprises, the corporate team of Drishti established two eye hospitals to address these unmet needs. However, Drishti faced some tough challenges in expanding its operations. Given that Drishti's hospitals were located in semi-urban and rural areas, attracting and retaining highly-trained professional staff was very difficult. Drishti also needed to consider the implications of accessing equity capital to pursue its social goals. With its business model showing positive results, should Drishti opt for rapid growth or achieve slower growth by using internally generated funds? In the pursuit of financial goals, would Drishti need to compromise on any of its social goals?
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