Harvard Case - Becton Dickinson: Global Health Strategy
"Becton Dickinson: Global Health Strategy" Harvard business case study is written by Mark R. Kramer, Sarah Mehta. It deals with the challenges in the field of Strategy. The case study is 24 page(s) long and it was first published on : Sep 6, 2017
At Fern Fort University, we recommend Becton Dickinson (BD) adopt a comprehensive global health strategy focused on sustainable growth through innovation, strategic acquisitions, and strategic partnerships. This strategy should prioritize emerging markets, leverage digital transformation, and emphasize corporate social responsibility to build a sustainable competitive advantage.
2. Background
Becton Dickinson is a global medical technology company with a long history of innovation and leadership in the healthcare industry. The case study highlights BD's ambition to expand its global footprint and capitalize on the growing demand for medical devices and consumables in emerging markets. However, BD faces challenges in navigating the complex regulatory landscape, managing cultural differences, and adapting its business model to diverse healthcare systems.
The main protagonists in the case study are:
- Carlos Rodriguez, CEO of BD, who is driving the company's global expansion strategy.
- The BD leadership team, who are responsible for developing and implementing the company's strategic initiatives.
- The company's stakeholders, including investors, customers, employees, and the broader healthcare community, who have a vested interest in BD's success.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand reputation and established market leadership
- Extensive product portfolio and diverse customer base
- Strong research and development capabilities
- Global manufacturing and distribution network
- Commitment to innovation and technology
Weaknesses:
- Complex organizational structure and potential for bureaucratic inefficiencies
- Limited experience in certain emerging markets
- Challenges in adapting to diverse healthcare systems and regulations
Opportunities:
- Growing demand for healthcare products and services in emerging markets
- Technological advancements in medical devices and diagnostics
- Increasing focus on preventative care and chronic disease management
- Partnerships with governments and NGOs to improve healthcare access
Threats:
- Competition from established players and emerging startups
- Regulatory changes and price pressures
- Economic instability and political uncertainties in emerging markets
- Fluctuations in currency exchange rates
Porter's Five Forces:
- Threat of new entrants: Moderate, due to high barriers to entry (e.g., regulatory approvals, capital investment, technical expertise).
- Bargaining power of buyers: Moderate, with large hospital systems and government agencies having significant purchasing power.
- Bargaining power of suppliers: Low, with diversified supply chains and limited supplier concentration.
- Threat of substitutes: Moderate, with alternative solutions emerging in areas like telehealth and remote monitoring.
- Rivalry among existing competitors: High, with intense competition among established players and new entrants vying for market share.
Value Chain Analysis:
BD's value chain includes:
- Research and development: Developing innovative products and technologies.
- Manufacturing: Producing high-quality medical devices and consumables.
- Distribution: Delivering products to customers efficiently and reliably.
- Marketing and sales: Promoting products and building customer relationships.
- Customer service: Providing technical support and addressing customer needs.
Business Model Innovation:
BD can explore business model innovation by:
- Value-based pricing: Aligning pricing with the value delivered to customers, such as improved patient outcomes or reduced healthcare costs.
- Subscription models: Offering recurring revenue streams by providing access to products and services on a subscription basis.
- Digital platforms: Developing digital platforms to connect patients, providers, and healthcare systems, enabling data-driven insights and personalized care.
Corporate Governance:
BD should strengthen its corporate governance practices by:
- Board diversity: Ensuring a diverse board with expertise in global healthcare, emerging markets, and technology.
- Transparency and accountability: Implementing robust reporting mechanisms and ethical guidelines.
- Risk management: Establishing comprehensive risk management frameworks to mitigate potential risks associated with global expansion.
4. Recommendations
1. Strategic Acquisitions and Partnerships:
- Target acquisitions: Identify and acquire promising companies in emerging markets with expertise in specific healthcare segments or innovative technologies.
- Strategic partnerships: Form strategic alliances with local healthcare providers, governments, and NGOs to gain market access, build brand trust, and leverage local knowledge.
- Joint ventures: Explore joint ventures with complementary companies to share resources, expertise, and market risks.
2. Digital Transformation Strategy:
- Data analytics: Invest in data analytics capabilities to gain insights into market trends, customer behavior, and operational efficiency.
- E-commerce platform: Develop a robust e-commerce platform to expand online sales channels and reach new customers.
- Telehealth solutions: Explore telehealth solutions to provide remote patient monitoring, virtual consultations, and digital diagnostics.
3. Emerging Markets Focus:
- Market segmentation: Identify specific market segments within emerging markets with high growth potential and unmet healthcare needs.
- Product adaptation: Adapt products and services to meet local regulations, cultural preferences, and affordability requirements.
- Local talent development: Invest in training and development programs for local employees to build expertise and leadership capabilities.
4. Corporate Social Responsibility:
- Sustainable manufacturing: Implement sustainable manufacturing practices to minimize environmental impact and promote ethical sourcing.
- Access to healthcare: Partner with NGOs and governments to improve healthcare access in underserved communities.
- Community engagement: Engage with local communities to build trust and support for BD's mission.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with BD's core competencies in innovation, manufacturing, and global reach, while supporting its mission to improve global health.
- External customers and internal clients: The recommendations address the needs of diverse customer segments, including healthcare providers, patients, and governments, while fostering a positive internal culture of collaboration and innovation.
- Competitors: The recommendations aim to differentiate BD from competitors by leveraging its strengths in innovation, digital transformation, and corporate social responsibility.
- Attractiveness: The recommendations are expected to generate positive financial returns through increased market share, revenue growth, and operational efficiencies.
6. Conclusion
By implementing a comprehensive global health strategy focused on innovation, strategic acquisitions, digital transformation, and corporate social responsibility, BD can achieve sustainable growth and build a lasting competitive advantage in the global healthcare market. This strategy will enable BD to capitalize on the opportunities presented by emerging markets, address the evolving needs of healthcare systems, and contribute to improving global health outcomes.
7. Discussion
Alternatives:
- Organic growth: Focusing solely on organic growth through internal expansion and product development. This approach may be slower and less impactful in rapidly evolving markets.
- Joint ventures: Forming joint ventures with local companies to gain market access and share risks. This approach may require careful partner selection and management to ensure alignment and success.
Risks and Key Assumptions:
- Regulatory uncertainty: Changes in regulations or policies in emerging markets could impact BD's operations and profitability.
- Economic instability: Economic downturns or political instability could disrupt market demand and investment opportunities.
- Cultural differences: Navigating cultural differences in emerging markets may require significant adaptation and sensitivity.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Strategic Acquisitions | Rapid market entry, access to local expertise | Integration challenges, high acquisition costs |
| Strategic Partnerships | Shared risks and resources, access to local networks | Potential for conflicts of interest, alignment challenges |
| Digital Transformation | Increased efficiency, improved customer experience | High investment costs, potential for security risks |
| Corporate Social Responsibility | Enhanced brand reputation, improved stakeholder relations | Potential for increased costs, complex implementation |
8. Next Steps
Timeline:
- Year 1: Conduct market research, identify acquisition targets, and develop a digital transformation roadmap.
- Year 2: Initiate strategic acquisitions and partnerships, implement key digital initiatives, and launch pilot programs in emerging markets.
- Year 3: Expand operations in emerging markets, refine digital platform capabilities, and assess the impact of corporate social responsibility initiatives.
Key Milestones:
- Q1 2024: Complete market research and identify potential acquisition targets.
- Q2 2024: Develop a comprehensive digital transformation strategy.
- Q3 2024: Secure funding for strategic acquisitions and partnerships.
- Q4 2024: Launch pilot programs in selected emerging markets.
By taking these steps, BD can successfully implement its global health strategy and achieve its ambitious growth goals while making a positive impact on the lives of people around the world.
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Case Description
Becton, Dickinson and Company (BD) was a medical technology firm headquartered in Franklin Lakes, New Jersey, with 43,000 employees and 2016 revenues of $12.5 billion. For several years, the company had pursued development of products that created shared value, defined as those that both generated profits and created positive social impact. One of the primary ways the company advanced such products was through establishing and maintaining public-private partnerships (PPPs) with governmental or non-governmental organizations. In June 2017, Gary Cohen, an Executive Vice President of BD, and Renuka Gadde, Vice President of BD's Global Health function, were deeply engaged in a six-year PPP to bring a new low-cost labor and delivery tool called the Odon Device to market. This device had the potential to avert hundreds of thousands of maternal and newborn deaths, primarily in low-resource settings. Although they had faced many challenges in bringing together multiple organizations to develop and launch the device, Cohen and Gadde were convinced that BD's ability to collaborate with governments and international agencies to address urgent global health needs was a source of competitive advantage for the company. Through these collaborations, BD had strengthened important external relationships and developed a distinctive corporate strategy for its expansion in emerging markets. Cohen, Gadde, and the BD Global Health team were also working to construct a framework for measuring both the social and financial impact of the company's shared value initiatives, starting with the BD Odon Device. Cohen believed that creating shared value was "fundamentally a better way to do business," but he wanted hard data to demonstrate the full economic and social benefit of BD's shared value initiatives. The competition for internal capital and the challenges of taking on new types of products meant that any shared value initiative required a rigorous business case and clear indicators
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