QuintilesIMS services the healthcare industry and plans on expanding their reach internationality. Turkey is a country that has experienced changes in recent years. They offer universal healthcare with private health insurance options for individuals. The county is also looking for foreign investors within their healthcare sector, presenting a great opportunity for growth for the company.
Quest Diagnostics is also looking to expand and they offer laboratory services and information for clinical trials. Thanks to deregulation of clinical trials, more clinical trials may be formed without need for extensive research and concise data. Quintiles IMS is a data-driven company that has recently experienced a megamerger and has yet to eliminate or introduce all of their services. Quest Diagnostics has remained fairly stable and could provide options for Turkey faster than QuintilesIMS. However, the company can beat their competition through their data-driven approach.
They have the technological innovation Quest Diagnostics lacks as well as the diversity of services that includes outsourcing that could drive Quest Diagnostics away from investing. The strength of QuintilesIMS lies in data collection, analysis, and assessment. They can provide hospitals and clinics with the information needed to improve patient safety and expand their reach via increased technologies available through the company.
This essay shows how QuintilesIMS fares against its competitors along with the strategy they may have to adapt. A combined strategy approach could prove beneficial to them along with remote services. Data-driven companies are the future of healthcare. QuintilesIMS could just be the best choice for Turkey's healthcare sector.
Introduction
Turkey is a country that offers universal healthcare to its citizens. It is a great place for companies offering services in the healthcare industry to explore and expand. However, there are certain risks that must be identified in order to see if a company should invest and open locations there. One such risk is competition. QuintilesIMS is a recently merged company that specializes in data-driven solutions as well as outsourcing services. They seek to grow their reach internationally. However, competitors may seek to provide such services and push them out of their potential roles. For QuintilesIMS to succeed, they must understand Turkey and what they can offer to their potential clients.
Turkey is a country that is politically unstable, with decreased regulations concerning approval process and clinical trials. However, the government is actively looking for investor for their healthcare sector. This is due to their increased mortality rates and lack of supportive infrastructure. QuintilesIMS may offer the solutions they need along with investment revenue (Onder, 2016).
QuintilesIMS Holdings Inc., otherwise known as QuintilesIMS is an American multinational company helping to serve both clinical research and health information technologies. Recognized as a Fortune 500 business as well as the world's biggest provider of commercial outsourcing services and biopharmaceutical development, it boasts a network of over fifty thousand employees. These employees conduct business in an estimated one hundred countries (QuintilesIMS, 2017). Their revenue as of 2014 is $4.2 billion. They have headquarters in Durham, North Carolina. As well as being the biggest provider, they are also the largest contract research organization, focusing mainly on Phase II-IV clinical trials. Such trials are related with analytical and laboratory services.
The company's history began in 1982 with the founder Dennis Gillings. Gillings incorporated Quintiles Transnational and made it what it is today. In 1990 the company established Quintiles Ireland and Quintiles Pacific Inc. The next year they established Quintiles GmbH in Germany with Atlanta, Georgia service as the base for Quintiles Laboratories Ltd. For $747.5 million, the company purchased Innovex Ltd. Of Britain in 1996. The year after they managed to finish a successful secondary stock offering and went public....
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