Running head; MEDICORP BUSINESS PLAN 1

MEDICORP INTERNATIONAL BUSINESS PLAN

Student's Name:

Institution Affiliation:

Unit Code: MBA 670

Date:
 MEDICORP BUSINESS PLAN2

Table of Contents
1. EXECUTIVE SUMMARY....................................................................................................3
2. INTRODUCTION..................................................................................................................4
3. MARKETING STRATEGY..................................................................................................5
3.1. MARKET ANALYSIS..................................................................................................5
3.2. CHARACTERISTICS OF POTENTIAL CUSTOMERS...............................................6
4. MARKETING PLAN...........................................................................................................7
4.1. VALUE CHAIN..............................................................................................................7
4.1.1 Competitive rivalry....................................................................................................8
4.1.2. Buyer power..............................................................................................................8
4.1.3. Supplier power..........................................................................................................8
4.1.4. Threat of substitution................................................................................................8
4.1.5. The threat of new entry.............................................................................................9
4.2. DISTRIBUTION CHANNEL.........................................................................................9
4.3. MODE OF ENTRY.........................................................................................................9
4.4. DIGITAL MARKETING STRATEGY; E-marketing.................................................10
5. GOVERNANCE AND CSR................................................................................................11
6. FINANCIAL PROJECTIONS............................................................................................12
6.1. FINANCIAL ASSUMPTIONS........................................................................................12
6.2. THE MARKET SHARE PROJECTIONS....................................................................12
6.3. REVENUE FORECASTS FOR THE NEXT 3 YEARS.............................................14
7.0 STRATEGY IMPLEMENTATION.................................................................................15
7.1. A BALANCED SCORECARD (BSC).........................................................................15
7.1.1. The learning and growth perspective......................................................................15
7.1.2. The Business process perspective...........................................................................15
7.1.3. The Customer Service perspective.........................................................................16
7.1.4. The Financial Perspective.......................................................................................16
8.0 CONCLUSION..................................................................................................................16
9. REFERENCES.....................................................................................................................17
 MEDICORP BUSINESS PLAN3

1. EXECUTIVE SUMMARY
A business plan for MediCorp medical-based company to enter Spain, which is a USD 218.8

billion market for the delivery of drug pumps through a corporate legal structure with

MediCorp Corporation.

Objectives
MediCorp is a medical-based business that deals in the sales of medical appliances

and equipment. For this specific business plan, MediCorp is laying out a plan to introduce

delivery drug pumps in Spain. A drug delivery pump is a device used to administer controlled

amounts of drugs used to manage chronic pain. This International business plan aims to

analyze the market in Spain for the drug pumps and how to enter that market.

Methods

The main methods to be used for the formulation of this business plan mostly revolve

around research. The research to be done includes the existing markets for the delivery of

drug pumps within Spain, the potential customers within Spain, their preferences in terms of

the drug pumps, the best marketing strategies to be used, and the best ways MediCorp can use

to run their business operations.

Findings and Conclusion

The drug pumps are used to help in managing pains such as cancer pains and chronic

pains from conditions and diseases such as:

 Failed Back Surgery Syndrome (FBSS)

 Complex Regional Pain Syndrome (CRPS)

 Muscle spasms of the body such as multiple sclerosis

 Chronic pancreatitis

 Cancer
 MEDICORP BUSINESS PLAN4

 Causalgia Arachnoiditis.

All these conditions, as well as Cancer, have new diagnoses every single day in Spain. Thus,

the drug pumps are assured of getting market within the health facilities since they may

manage pain within these patients.

Recommendations

MediCorp should invest in the research department to help them know what the

customers need on the drug pumps and understand their needs. If they get to know what they

want, they could combine their needs somewhat and customize the drug delivery pumps.

They should also invest in the masses' education on the use of the drug pump and its benefits

since creating awareness that such a product exists will make some of the customers for

MediCorp's drug pumps.

In addition to that, MediCorp should spark relations with some of the local authorities

in Spain and the healthcare facilities in Spain as the latter would be super beneficial for them

business-wise.

2. INTRODUCTION
For quite some time now, chronic pain has been an issue in the healthcare sector.

Patients suffer every single day due to chronic pain. Pain can be termed as chronic if it

persists for more than twelve weeks even if medication is taken.Chronic pain can be a result

of diseases and conditions, as mentioned above. Cancer is one of these diseases, and it is a

disease that is on the rise all over the world. Cancer has become one of the world's deadliest

diseases and rises in cases every day, including in Spain. Patients who have Cancer go

through chronic pain, which can be managed by drug delivery pumps. Drug delivery pumps

are simply medical equipment used to manage any chronic pain within the human body
 MEDICORP BUSINESS PLAN5

(McKeegan and Walmsley, 2003).They are quite useful in managing pain, and they can be

customized depending on a patient's dosage and prescription.

Due to this and the rise in the number of Cancer and the other diseases and disorders

that cause pain, MediCorp can use that to their advantage. This gives MediCorp market. The

drug pumps' selling falls in the retail trade industry in sector 44-45 under the sub-sector 446,

which deals with health and personal care stores. The exact code is 446199, which involves

all other health and personal care stores (Levinson and Liao, 2018). MediCorp, the client, is

to bring drug pumps into Spain's market since those who require drug pumps within Spain are

many, and the number of these potential customers increases daily. Also, chronic pain is quite

prevalent in Spain (Catala and Segu, 2002). This business plan shows how MediCorp is to

enter the drug delivery pumps in Spain and the estimates of the market shares that MediCorp

will have in Spain, and the revenue forecasts in their first three years. MediCorp is going to

leverage the product with the latest technology add value as a way of gaining a competitive

edge

3. MARKETING STRATEGY

3.1. MARKET ANALYSIS

The United Nations noted the population in Spain as of 2018 as 46,397,446. As of 2020, the

population in Spain is currently at around 46,754,778 (United Nations worldometer). This

makes presently Spain the 30th most populated country in the world, among 195 countries.

The NAICS code for the industry subsector to which the drug delivery pump belongs is code

62. Out of this population in Spain, there are several cases of people who suffer from chronic

pain due to various health reasons as mentioned above, Cancer being one of them. For Cancer

alone, the total number of new cases in Spain as of 2018 was 270,363, and the number of
 MEDICORP BUSINESS PLAN6

existing cancer patients was 772,853. The total number of cancer patients as of 2018 alone

was 1,043,216; most of them may be suffering from chronic pain. Back in 2015, there were

new 149,000 cancer cases in men and 99,000 in women (Galceran and Diaz, 2017). This

count has only included cancer patients. What if patients suffering from all the other diseases

and conditions are summed up? All these patients who suffer from chronic pain need the drug

pumps to help them manage pain. Due to the increasing population, the potential customers

increase too for MediCorp since more people are then likely to suffer from chronic pain.Thus,

due to this fact, MediCorp's market is more likely to increase every year.

3.2. CHARACTERISTICS OF POTENTIAL CUSTOMERS

In any business, it is critical to know how to determine potential customers. This can be done

so where one may identify the customers when they categorized in groups depending on the:

 Geography-based on the region of occupancy

 Demographics-based on age, gender, and family genetics

 Psychographics-depending on their way of life, culture, beliefs, and habits.

 Their behavior-based on their attitude towards the drug pump, their likelihood to buy

it and be loyal customers.

 The benefits of the drug pump to one's health (Arini and Kirillov, 2014).

These are the main categories of potential customers for the drug pumps from MediCorp in

Spain.According to the United Nations data as of 2020, 80.3% of Spain's total population live

in the urban regions (United Nations worldometer). Also, the people in the urban areas are

morelikely to suffer from these diseases, such as cancer, due to the pollution and the

sedentary lifestyle in the urban areas. Also, the urban centers in Spain have more healthcare

facilities compared to the rural areas thus, people living in the urban areas are more likely to

be customers of MediCorp's drug delivery pumps. Also, Spain's life expectancy is at 84 years,

even if these chronic diseases are more likely to get one by the age of 35 (United Nations
 MEDICORP BUSINESS PLAN7

worldometer). This means that people aged 35 and above are more likely to suffer from these

chronic diseases that require drug pumps to manage pain. Due to increased pollution and the

sedentary lifestyle lived by most of Spain's population, cases of Cancer and other chronic

diseases and conditions are more likely to increase in the next years to come. Also, the

population keeps growing in the urban regions mostly (Quesado and Lima, 2018). The

benefits of the drug pump are to help manage chronic pain, and with its use, there are fewer

side effects than other types of medication. Also, it has been proven to be sufficient to use the

drug pumps, and the great feature about it is that it can be customized according to one's

dosage and prescriptions. The unique selling point for the drug pumps will be the

customization of the drug pumps according to the patients' needs. Their wants will be

identified through surveys and thorough research. Thus, the targeted audience lives in the

urban regions, those of age above 35, those who live the sedentary lifestyle mostly in the

urban areas, and those who are more likely to get the pumps based on their behavior.

4. MARKETING PLAN

4.1.VALUE CHAIN
A value chain can be explained as a set of activities that a product goes through before

reaching the final consumer (Gloy, 2005). The main activities to be carried out include the:

 designing of the drug delivery pumps which should be done according to the

customers' wants and needs

 the production where top-notch and efficient tools and technology should be used in

making of the drug pumps as this will even help MediCorp in producing large

numbers of the pumps

 branding of the pumps using the name 'MediCorp' drug pumps as this will attract

customers, including those who already know the brand MediCorp. The branding
 MEDICORP BUSINESS PLAN8

should also use materials and equipment of high quality such that the product will

look attractive enough to convince the customers to get them.

 Distribution, which involves various channels.

Once the activities in a business are identified, it easier to come up with competitive

advantages. The best value chain analysis methods to be used are Porter's value chain

analysis, which has five different forces, as shown below and PESTEL analysis.

4.1.1 Competitive rivalry

This evaluates the number of competitors in the market in Spain as well as their strengths.

The firms that sell drug delivery pumps in Spain include Baxter International Inc., Medtronic

PLC, Fresenius Kabi AG KGAA, ICU Medical Inc., B.Braun Melsungen AG, Moog Inc.,

Bector, Dickinson and Company(BD) and others such as Novo Nordisk, Hospira Inc. and,

Halyard Health( COMPETITION). There percentages of the market share they hold is shown

in the table below in the appendices. This shows that there is competition since these firms

deal in the same product, and the switching cost of the users may be average, depending on

the marketing strategies used by MediCorp.

4.1.2. Buyer power

This is where the bargaining power of the buyers come in. They have average bargaining

power on the products since other firms are offering the same product. However, due to the

lowering of costs, which can be achieved by having a manufacturing industry in Spain, the

buyers' switching cost to MediCorp's rivals will be high. Thus, they will remain to be

MediCorp's customers to avoid higher purchasing costs.

4.1.3. Supplier power

Several suppliers within Spain can provide MediCorp with the necessary tools and equipment

to manufacture the drug pumps. Thus, they have average power on MediCorp, and the
 MEDICORP BUSINESS PLAN9

switching cost of moving from one supplier to another would not cost much as there are

many similar suppliers.

4.1.4. Threat of substitution

This is the probability of MediCorp's customers finding a cheaper substitute for the drug

pumps. This may affect MediCorp in terms of the profits they earn as they may lower their

costs. However, what may help them counter this is that their drug pumps will have

customized and extra features that will make customers get them and forego the cheap

substitutes.

4.1.5. The threat of new entry

This is where new firms that deal with the same product enter the market. However, drug

pumps require expensive technological equipment and expertise to manufacture; thus, this

will somewhat regulate the number of new markets getting into the market.

4.2. PESTEL analysis

Political factors

The government of Spain offers adequate subsidies to the health industry. Tax legislation,

mandates concerning insurance and consumer protection and the tax legislation available in

health industry allows the citizens to be able to afford equipments and healthcare related

services.

Economic factors

The economic factors regards the ability of people to purchase which is commonly affected

by unemployment rates, interest and inflation rates. Increase in the rates results to a poor

buying power of the consumers. The economic factors in the new market indicate a strong

buying power in the healthcare sector.

Social factors
 MEDICORP BUSINESS PLAN10

The changes in the social values and demographic changes can affect a business operation,

therefore, healthcare sector business should analyze the communities beliefs, fears, and the

trend of the societal norms. Understanding why the society is going for herbal treatments for

chronic illnesses and entering the market to fill up the existing gap.

Technological factors

Technological factors

Advancement in technology at healthcare centers is significantly impacting the outcomes of

treatments by offering faster and better treatment services. Lack of innovation may lead to

market failure of medical products. In this case, our product is made using high levels of

technology and innovation to relieve chronic pain, which we hope it will have positive impact

on medical care for patients.

Legal factors

The country has strict rules regarding protection of data and copyright aspects. Spain is a

bureaucratic nation which implies that the country offers fair legal procedures when

venturing into the country’s market.

Environmental factors

Environmental factors regard climate change, availability of resources, and pollution. Spain

takes the environment seriously and manufacturing companies are required to regulate their

emissions by using safer sources of energy. To manufacturer our product we will use

renewable source of energy to meet the country’s requirements.

4.2. DISTRIBUTION CHANNEL

MediCorp's product's distribution channel will not involve a long process or chain since the

manufacturing industry is to be located within Spain. Thus, once the products are produced,
 MEDICORP BUSINESS PLAN11

branded, packaged, and enough marketing is done, the products can be sold to wholesalers.

These wholesalers include healthcare facilities, and they may then get to sell directly to the

patients, which will then be termed as retail trade.

4.3. MODE OF ENTRY

Making an entry into the market is critical, which requires a lot to be done before

launching the drug pumps. MediCorp can use various ways to establish them in Spain, such

as forming subsidiaries, partnerships, or even buying another medical or pharmaceutical

company that can sell the drug pumps well. However, I think exportation mode will be the

best entry mode.

To choose an international market entry mode, it’s critical to conduct a cultural

comparison between the particular countries to establish the cultural distance which makes it

easier to identify the risk that the business is likely to face in regard to the present culture. A

comparison between the culture at Spain and the United States culture resulted to the

following aspects.

Power distance

The comparison of the power distance between the two countries shows that Spain has the

highest score of 57 which implies a hierarchical community where individuals have their own

place and no one needs justification for it. This reflects inherent inequalities and

centralization.

Individualism

The score for Spain is 51 compared to United States which is at 91. The difference shows that

in Spain the societies are more collective compared to the more individualistic societies in the

United States.

Masculinity
 MEDICORP BUSINESS PLAN12

Spain scores 42 while United States scores 62. High scores in this aspect implies that

achievement is driven by competition. Since Spain has a lower masculinity score, it means

that Spain values consensus which contributes to to quality of life and the value of caring for

others.

Uncertainty avoidance

Spain score is 86 while for United States is 46. The scores indicate the level at which the

cultures feel threats from uncertainties. People living in Spain are like being guided by rules

in all aspects. They focus on making rules which does not make life more complex.

Long- term orientation

Describes the level to which a country’s communities are able to keep some of the past links

while still handling present and future issues. Spain scores 48 while United States scores 26.

However, its essential to note that people in Spain does not show much concern in the future,

they focus on living a relaxed life.

Indulgence

This social aspect analyzes the levels which a person will try to manage their impulses and

desires. Spain scores 44 and United States scores 68. The low score for Spain is contributed

by the perspective of pessimism.

The various cultural differences make it easier to choose the suitable market entry mode,

which in this case is exportation. Based on the analysis of culture the people in Spain will

respond positive to exports.

In addition to that, in-depth research should be done regarding the drug pumps'

market and potential customers. The potential competitors should also be looked at to

determine their weaknesses and strengths. They should research their marketing strategies
 MEDICORP BUSINESS PLAN13

too. This will provide a basis for the strategy to deal with the competition that MediCorp may

face in selling the drug pumps. Data can also be retrieved from the customers by asking them

what features they might prefer on a drug pump and how they want it. This helps in

customizing the customers' needs, which will increase since the products are made according

to the customers' combined specifications (Blundell and Van Reenen, 1999).

To ensure that there will be no issues of cultural differences when MediCorp

introduces the drug pumps in Spain, the Spanish population will be used for labor purposes.

They will be called out for jobs and training as MediCorp will employ Spanish natives from

the firm to do the recruitment. This way, no cultural differences should occur. The devices

should also have instructions on the drug delivery pumps in both the Spanish and English

languages to ensure that there are no language barrier issues or cultural issues either.

Therefore, it can be generalized that the research department within MediCorp has to

be well invested in to ensure that the selling of the drug pumps in Spain will thrive despite

similar businesses.

4.4. DIGITAL MARKETING STRATEGY;E-marketing

By definition, e-marketing is simply the marketing of products by using the Internet. The

Internet is a tool that has been evolving over the years, and there are more new users of the

Internet every day. Almost everything is carried out over the Internet, including business

activities, healthcare services, education, and so much more. In Spain, 90.7% of the

population were recorded as internet users as of 2019. Just before that, in 2012, 45% of Spain

citizens were already using online government services (Perez-Amaral and Herguera, 2020).

Thus, this shows that e-marketing is the best way for MediCorp to market the drug delivery

pump in Spain. Since the target audience has already been outlined, e-marketing services

should then be used to target them since they are the drug pumps' potential customers.

MediCorp should make fair use of the Internet by creating a catchy and well-organized
 MEDICORP BUSINESS PLAN14

website for Spain's people. It should be customized in Spanish and English to ensure that no

language barrier issues will be experienced. These websites should also have clear contacts

for potential customers, such that if interested, they get to seek information about the product

or buy the product directly. They can also pay bloggers and social media influencers from

Spain who impacts and engage with Spain's people, such as Victoria Alvarez Gonzalez

(Pradiptarini, 2011). Medical practitioners should also be targeted and paid or influenced to

advertise the drug pumps to the patients since they are in direct contact with potential

customers. Also, the patients are most likely to trust them and follow their advice. In Spain,

the best social media platform to use is Facebook, which has a percentage market share of

approximately 81%. Also, for medical professionals, 25% of them use blogs, 45% use

Facebook, and 73% use YouTube, as of 2012 (Von Muhlen and Ohno-Machado, 2012). This

shows that the three leading social media platforms that should focus on by MediCorp in

marketing the drug pumps include Facebook, Blogs, and YouTube since their use keeps

increasing every year. Also, MediCorp should mostly do their marketing online since it is

cost-effective and very efficient.

5. GOVERNANCE AND CSR

The laws and regulations in Spain have to be examined too, as they will be associated with

the business in one way or another. Since Spain's citizens require drug pumps,MediCorp's

business activities in Spain will be highly favored since it brings in a tool that will improve

the quality of life in Spain. MediCorp is known for high conduct, and medical

professionalism standards since their core values also involve trust, integrity, dedication, and

ethics (MEDICORP VALUES). This will make their operations easier within Spain as they

have no wrong records. Also, MediCorp should always ensure that all their business

operations never destroy the environment as they should strive to protect the environment

throughout their activities (Hill and Scott, 2020). They should again try and give back to
 MEDICORP BUSINESS PLAN15

society in community projects and gain a competitive edge within the market. This would be

like killing two birds with one stone. Also, MediCorp should establish a manufacturing

industry for the drug pumps in Spain to cut supply costs such that the prices of the drug

pumps will be lower. This will help them in gaining a competitive advantage. Also,

MediCorp should keep on researching how to make the drug pumps more useful and unique

such that it becomes their selling point and gives them a competitive advantage in the market

in Spain.

6. FINANCIAL PROJECTIONS

6.1. FINANCIAL ASSUMPTIONS

The first assumption is that the drug delivery pumps' price will remain constant within the

first, the second and the third year. The average price among all the firms is $250. Also, it

can be assumed that there will be a continuous growth of 35,783 potential customersin terms

of Spain's population every year as established from the average of the growth rate from 2018

as in table 1. MediCorp should also be assumed to take over 33.3 percent amounting to (USD

218.8 billion * 33.3% =72.) which is a third of the market and revenues to be made by all the

suppliers of Spain's drug pumps.

6.2. THE MARKET SHARE PROJECTIONS

Before starting any business, it is key to estimate how the product will do in the

market. This way, one can establish the demand for the product in the market and the

competition in store for the business (Blundell and Van Reenen, 1999). From there, strategies

can be made to make the products thrive even if the competition gets stiff. This is by the use

of good marketing and even cutting the prices a bit to increase their demand.
 MEDICORP BUSINESS PLAN16

POPULATION YEARLY YEARLY URBAN

CHANGE % POPULATION

CHANGE
202 46,754,778 18,002 0.04% 80.3%

0
201 46,736,776 43,918 0.09% 80.1%

9
201 46,692,858 45,430 0.10% 79.8%

TABLE1:POPULATION INFORMATION ABOUT SPAIN (UNITED NATIONS

WORLDOMETER)

In the new market of the drug pumps, Spain, the total population is 46,692,858 as of

2018, and that of 2020 is approximately 46,754,778 (United Nations world meter). The

population figure for 2020 is that of the potential customers' population since anyone could

need the drug pump; thus, this can be used as the base figure. Of the general population in

Spain, 23.4% are said to suffer from chronic pain, of which 33% of this are due to cancer

pain and 46% are due to non-cancer pains (Catala and Segu, 2002).

As mentioned above, these drug pumps are to be used by those with chronic pains in

managing the pain.Thus, the potential customers of the drug pumps as of 2020 are:

23.4/100 * 46,754,778 = 10,940,618 approximate potential customers

The goal by MediCorp is to get 1/8 of the market size by the end of 1st year, 1/5 of the market

size by the end of the 2nd year and 1/3 by the end of the 3rd year. The market estimate in terms

of the potential customers can be shown in the data below. In the first year in business, 2020-
 MEDICORP BUSINESS PLAN17

2021, second-year (2021-2022), and the third year (2022-2023), thenumber of potential

customers will be:

1st year: 10,940,618 + 35,783 = 10,976,401 potential customers

MediCorp (1/8) = 1,372,050 potential customers

2nd year: 10, 976,401 + 35,783 = 11,012,184 potential customers

MediCorp (1/5) = 2,202,437 potential customers

3rd year: 11,012,184 + 35,783 = 11,047,967 potential customers

MediCorp (1/3) = 3,682,656 potential customers

For each of these number of potential customers for every year, we get the potential units to

be sold in each of the three years, with the assumption that each of them will buy their own

drug delivery pump.

6.3. REVENUE FORECASTS FOR THE NEXT 3 YEARS

If the assumptions mentioned above are used and that the approximate price of one

drug pump remains constant as$250 (ALIBABA), the revenue forecasts for all the firms

dealing in drug pumps in Spain for the next three years will be:

1st year: 1,372,050 × $250 = $343,012,500

2nd year: 2,202,437 ×$250 = $550,609,250

3rd year: 3,682,656 ×$250 = $920,664,000

Thus, the total revenue to be made in three years by MediCorp in Spain will be:

1st year +2nd year+3rd year = $ 1,814,285,750

Assuming that 1/8 of this amount is to be used for the costs of the company, the net benefit

for the 3 years will be:

 MEDICORP BUSINESS PLAN18

1/8 × $ 1,814,285,750 = $ 226,785,719

Net benefit = total revenue – total costs

= $ 1,814,285,750 - $ 226,785,719 = $1,587,500,031

Also, the number of units to be sold in the 3 years will be:

Total revenue ÷ the price of 1 drug pump = $1,814,285,750= 7,257,143 units

$250

If MediCorp does extremely good marketing in Spain, they might even surpass the estimated

sales and market share.

7.0 STRATEGY IMPLEMENTATION

7.1. A BALANCED SCORECARD (BSC)

A balanced scorecard is simply a strategic method used by organizations to gauge their

performance and formulating strategies that can be used to better performance or solve issues

(Koesomowidjojo, 2017). For this case, the four perspectives to be dealt with include:

7.1.1. The learning and growth perspective

This view mainly deals with the knowledge and skills of the employees working in

MediCorp. It also deals with the occupations and the systems that are to be used in the

business operations (Kaplan and Norton, 1996). The internal environment of the business is

also included here. Thus, the main aim of MediCorp from this point of view is ensuring that

there are enough well-skilled employees who are well trained and that there will be an

efficient internal environment for the business to thrive. Thus, training should be organized to

ensure this, and that fewer errors and problems will occur due to the employees' inefficiency.
 MEDICORP BUSINESS PLAN19

7.1.2. The Business process perspective

This perspective can also be termed as the Internal process perspective. This view aims to

make business operations smooth and efficient (Dumitrescu and Fuciu, 2009). The

objectives set here are mostly for the business's internal operations and analyzing what

the business requires to thrive. The goal is to ensure that the drug pumps' production

increases by 10% by the end of the year. One example of the objectives here is the

optimization of quality, which can be achieved by reducing waste manufacturing.

7.1.3. The Customer Service perspective

This view aims to improve customer relations with MediCorp and to know the customers'

wants. It ensures that customers are well satisfied with the products, such customer

satisfaction, by reducing call waiting times (Kaplan and Norton, 2005). Thus, the data

collected from research from potential customers should be used to customize the drug

pumps.

7.1.4. The Financial Perspective

From the term financial, this involves money. Therefore, the objectives here are financial.

Thus, terms such as profits and revenues are included here (Kaplan and Norton, 1996).

Some of the objectives include the source of revenues for the business, the increase of the

profit margins, and the tendency to save. Thus, the target sale is made in this perspective,

and the goal for MediCorp is to make a profit of 10% by the end of the first year. Thus,

great branding and marketing should be done in Spain for the drug delivery pumps to

achieve this.

8.0 CONCLUSION
Chronic pain is a health issue that has been prevalent globally over the years. It is

something that is no one should go through. It is caused by various diseases and health

conditions, as mentioned above. Spain has not been left out as the people suffering from

chronic pain are many, as shown in the data above. MediCorp is a medical company that has
 MEDICORP BUSINESS PLAN20

deals with the manufacturing and selling of drug pumps. These drug delivery pumps help

manage the pain since they can be programmed to administer pain-relieving drugs depending

on a patient's dosage and prescription. This business helps MediCorp increase their

profitability and the people of Spain by ensuring that there are adequate drug pumps in the

market, thus increasing the quality of life in Spain. MediCorp should keep researching better

marketing strategies to gain a competitive advantage in the healthcare market and improve

the drug pumps and make them superior to those of the rivals in the market.
 MEDICORP BUSINESS PLAN21

9. REFERENCES
Sharma, A. (2009). Implementing balance scorecard for performance measurement. ICFAI

Journal of Business Strategy, 6(1), 7-16.

https://brainmass.com/file/319238/Performance+Measurement.pdf

Koesomowidjojo, S. R. (2017). Balance scorecard. Raih Asa sukses.

https://books.google.com/books?

hl=en&lr=&id=POR0DwAAQBAJ&oi=fnd&pg=PA10&dq=THE+BALANCE+SCO

RECARD&ots=cW9EBPG3T2&sig=rNLeCwshJlOuVHPZ9Gd_u5KvIgU

Dumitrescu, L., & Fuciu, M. (2009). BALANCE SCORECARD--A NEW TOOL FOR

STRATEGIC MANAGEMENT. Buletin Stiintific, 14(2).

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%2BkxP7G4AV8RRY5iKc8Sw6h4fQLLr%2F4ULDWJhqG2wM6bIR

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2026/-COMPETITION

APPENDICES

PORTER'S FIVE FORCES

 MEDICORP BUSINESS PLAN25

% MARKET SHARE IN SPAIN

MEDTRONIC PLC FRESENCIUS KABI ICU MEDICAL INC. B.BRAUN

MOOG INC. BECTOR,DICKINSON OTHERS