In our previous blog, we did an Elaborated SWOT Analysis of one of India’s Largest Pharmaceutical Companies, Abbott Laboratories. Here we will be doing a Stepwise SWOT Analysis of Prescribe.
Prescribe claims that it is one of India’s Best Telemedicine Solutions companies.
Prescribe has gained an extensive amount of success in its industry. It can improve its reach in the market with the use of digital marketing which is a growing method of marketing products in this digital era as most people are moving towards digital media, thus it is easy for companies to find their target audience easily using digital marketing. This makes digital marketing essential for every business. If you intend to learn what digital marketing is and how to use it to your advantage – check out our Free MasterClass on Digital Marketing 101 by the CEO and Founder of IIDE, Karan Shah.
Thus this makes us anxious to know how Prescribe maintains a prominent position in the market. To understand that we have given a Stepwise SWOT Analysis of Prescribe. But before we start with its SWOT Analysis let us learn about Prescribe as a Company, its services, competitors, financials, and more.
Prescribe is an IIT – Madras alumni founded HealthTech start-up company. The founders were namely Amit Kumar Verma, Nived Narayanan & Sreeshyam. It aims towards a well-organized digital healthcare conveyance through hard-hitting technologies as well as making use of advanced platforms like WhatsApp to ensure patient-friendly experiences since 2019. It has its headquarters in Malappuram, Kerala.
The Indian Prime Minister Narendra Modi took up the initiative and launched the National Digital Health Mission on 15th August 2020. The said mission aims at creating a unified well-structured healthcare administration that links practitioners and their patients with the help of digital methods by allowing them to obtain real-time health documentation.
Due to the launch of the National Digital Health Mission in the year 2020, Prescribe provides you with an uncomplicated method for digitalizing clinical practices and consequently expanding patient maintenance.
The main objective that Prescribe believes in, is to lay out a magnitude of digital adoption, to every privatized clinician and moderate clinic in India, that is at equability with corporate hospitals.
|Founder||Amit Kumar Verma, Nived Narayanan & Sreeshyam|
|No. of Employees||50 (2021)|
Services Of Prescribe
Prescribe is still a growing company and it provides its customers with some interesting innovative services. Following are some of the services of Prescribe:
- Digital generation of prescription
- OPD queue management
- Online appointment booking
Close Competitors of Prescribe
Prescribe is just starting thus it needs to face large competition from other existing companies. Following are some of the competitors for Prescribe:
- Analog Eclipse
- Rijuven India
- Portea Medical
- Express Clinics
- Neurosynaptic Communications
Now that we have known about the company let us start with the SWOT Analysis of Prescribe.
SWOT Analysis of Prescribe
SWOT Analysis is one of the most used analysis tools all over the world to analyze a company’s growth, potentials, etc. in the market. SWOT Analysis helps Prescribe to find out its Strengths, Weaknesses, Opportunities, and Threats that it processes.
Let’s begin the SWOT Analysis by looking at the strengths of Prescribe.
Strengths of Prescribe
Strengths are the internal factors that help Prescribe to grow in the market. These are the factors that make it unique from others. Following are some of the Strengths of Prescribe:
- 27/7 Online Receptional availability – Due to the customized WhatsApp textbox, personalized observance and health examination can be done for several patients at once as well as automatic medical meetings with the practitioner are arranged.
- Easy use – Accessing social media platforms and downloading multiple applications might be difficult for a few patients, which is why it has found an easier solution for patients to consult doctors merely with the use of WhatsApp.
- Patients are highly regarded and valued – Due to artificial intelligence, the patients have the benefits of not waiting for hours for a consultation. Conversations in regional languages are also available.
- Doctors are highly regarded and valued – Doctors are free to access the digital consultation room through a smartphone. Doctors can create virtual digital prescriptions in no time (inclusive of regional languages as well). The doctors are easily able to track all progress of their patients with the help of a dashboard.
- Hospitals are highly regarded and valued – Unceasingly personalized virtual front-desk services for each and every patient over WhatsApp. Hospitals provide individualized concentration for their patients. Laboratories and pharmacy facilities are both available online. Payments can be done online.
Weakness of Prescribe
Weaknesses are the negative factors that occur in the company. Prescribe should find these faults and resolve them as soon as possible. Following are some of the weaknesses of Prescribe:
- Lack of knowledge among people – It has still not yet been able to get its services all over the country. People in some places still don’t know about the company. The company should increase its marketing efforts in other places them its core areas.
- Lack of market knowledge – Prescribe being a new company it lacks in knowledge of the market. If a well-established company comes into the market then it may affect it.
Opportunities for Prescribe
Every industry has various opportunities where they’re bound to improve. IT healthcare sectors aren’t any different. Here are a few ways ‘Prescribe’ can work for the betterment of itself and have opportunities of improving.
- Digital awareness – With the ongoing covid 19 pandemic, the use of telemedicine has reached extreme widespread throughout the country. Thus Prescribe has to use an aggressive marketing strategy to let people know about it.
- Finer exchange of data – The fact isn’t being denied that working at the level of a virtual healthcare interface is different and troublesome. The interface works differently for each and every department at the healthcare facility. The clerical staff is responsible for tasks such as checking patients, managing the notifications, taking appointments, etc. While there has been enough progress, there still is room for slight improvements with exchanging information to people who handle the data. The better the staff deals with the patient data, the safer the healthcare facility will be.
Threats for Prescribe
Threats are the external factors of Prescribe that can create a breach in its functioning in the future. Following are some of the threats for Prescribe:
- Hacktivism – The biggest threat out there for virtual healthcare systems are hackers. Hackers are capable of breaking into the databases of the healthcare systems and accessing personal data, also inclusive of social security numbers. Virtual Healthcare systems can be awfully vulnerable compared to a group of hackers or even one hacker for that matter.
- Staff – The staff members at the healthcare facility have easier access to patient documents. Not all of the staff would involve themself in abusing the power and authority given to them, there are chances of some of the staff members misusing the authority given to them. Some might attempt in stealing sensitive information.
- New competitors – Prescribe being a new company it can face some trouble if an established company joins the industry. It will have an upper hand in the marketing then Prescribe.
With this, we have come to an end of the SWOT Analysis of Prescribe. This analysis helps Prescribe to get a wide view of the company in the market and analyze its strategies accordingly.
On the study of the SWOT Analysis of Prescribe, we have known that it is one of India’s Best Telemedicine Solutions. It has a 27/7 Online Receptional availability and it is easy to use. It can improve by having a finer exchange of data and increasing its presence in the market. Even with such positive factors Prescribe still faces some flaws in the market.
It has a lack of marketing efforts and since it’s a new company it has a lack of knowledge about the market which leads to more time in understanding the market. It can face a threat from Hacktivism and new competitors in the market. It can improve its market presence with the help of digital marketing as most people are shifting towards digital media, it is beneficial for Prescribe to have a good digital presence in the market. Thus digital marketing is essential for every company nowadays. If you are interested in learning and upskilling, check out IIDE’s 3 Month Advanced Online Digital Marketing Course to know more.
If you would like to read such detailed analyses of companies, find more such insightful case studies on our IIDE Knowledge portal.
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