Corporate Strategies to Mitigate the Adverse Impacts Arising Out of Threats and to Maximize the Benefits Arising Out of the Opportunities of Slsfta

Strengths development in terms of building a strong brand name, increasing the number of resident specialists, focus on specialization, delivering of non- medical attributes of healthcare efficiently, greater use of information technology can be used as a corporate strategy. Innovating in medical technology, innovation & skill labour that fits in with its overall philosophy of care delivery and moving to digitalizing the operation to provide quality & luxury experience to the patients are vital element in strategic initiatives to grab the prospects in the market.

Capitalizing on the medical tourism trend is another strategy in current context. Sri Lankan western hospitals are also receiving medical tourist from Maldives, Seychelles, South Asian and African region mainly for cost effective medical treatments. The sector is well established with internationally recognized medical professionals practicing in UK and USA. It is required to obtain international accreditation such as JCI and ACHSI to target the medical travelers. Also, the industry is armed with modern infrastructure facilities and high-tech health equipment to cater to this need. Strategies alliance can be another key success strategy in this scenario. There is an opportunity to join with a leading local or foreign partner to compete with the Singapore hospitals.

Current big few players such as Nawaloka Hospital, Durdans Hospital, Asiri Hospital, Lanka Hospital & Hemas Hospital are mainly located in Colombo area. Therefore, they should more focus on the areas where out of Colombo in Sri Lanka because of the establishing new hospitals from Singapore will be located in Colombo area.

Focus on cost leadership strategies since the local hospitals cost may be less the Singapore Hospitals. Increase the adequate resident specialized consultants in the hospitals. Because there is a concern from foreign patients in the visiting doctor for their treatment. In this scenario, patients are reluctant to do a surgery with a consultant who is not a resident doctor.

Approach to international accreditation (such as ACHSI) to promise the patients in the world to provides patients with international standards in terms of service, systems, processes, and technology.

Internationally branding to attract the more patients by joining international health partners to capture the benefit of good image after form Singapore hospitals in Sri Lanka.

Conclusion

Considering all the available information, it can be concluded that the hospital health industry having more opportunities for their growth with the arrival of Singapore hospitals under SLSFTA. Therefore, only few threats can be identified & these can be mitigate or avoided.