Dispenser - Advantages, Design, and Novelty of the Technology - Essay Example

Name: Tutor: Course: Date: Dispenser Because of the growing health needs, people take a lot of drugs. However, in some instances the patients forget to take their medications as required by the doctor. As a result, technology is required to remind people to take their drugs as required and in the right dosage. As such, the dispenser device is developed with appropriate technology to help in improving medications among patients. The medical practitioners argue that they more often than note people forget taking their essential drugs. The dispenser technology helps to improve scheduling for drug taking. It is worth to note that the device is connected to the WI-FI to help remind the user about the drugs left out. It does not only remind when an individual fails to take drugs but also pass a message regarding the medicines taken. The device can hold drugs that can run for one month. Another important concept of the dispenser is that regardless of the kind of drugs people, it can handle it properly. It means that device is very useful when it comes to medications. Like discussed above, the equipment is used to sort out different pills which are automatically organized in the dispenser taking into time with the help to scanning the finger print. The technology uses live application where communication is wireless. When it is time to take pills, it cuts the pills according to prescription and reminds the user that it is time to take the medication. It is a wonderful tool used to enhance the medication process. The device is fully automated and this means that it uses digital label and can be modified through application. The device has an alarm that reminds the user about the drugs to take. Therefore, the dispenser is useful when it comes to individuals who take many pills and are very busy to an extent they can forget taking the drugs. Why choose dispenser People use the dispenser because of various reasons. Firstly, we need to understand the composition of the age groups. People aged between 15 and 64 comprise the largest population of about 78.5%. Individuals aged over 65 comprise of only 0.9% where the female market segment comprise the largest share as compared to men. Moreover, people aged over 65 are considered to buy about 30% of the total prescribed drugs and this includes OTC drugs. Averagely, an older person takes about four times of the prescribed drugs and twice the OTC drugs. Studies indicate that aged people do not take their drugs as prescribed. It means that the 40% to 70% of the people miss their right dosage affecting effectiveness of the drugs. In this regard, the dispenser helps to remind the users about taking drugs and in the process improve the wellbeing of the people. Therefore, the dispenser is useful since it helps to remind individuals about drug taking to avoid missing taking drugs. On the other hand, people use dispenser to help in minimizing medical errors. In the first place, it will be disastrous if patients with arthritis miss taking drugs. On the other, the device is used to help people with poor eyesight that might mix the drugs when taking. The dispenser is useful because it helps to organize drugs as required and can take up to one month. Regarding individuals with medial disorders, the dispenser helps to remind them about the drugs because they can easily forget and miss taking dosage as required. The equipment also provides a helping hand to patients with mobility issues. It is because the device is easily accessible by all individuals improving the ability to take drugs as required. Advantages of the technology One must understand that the technology is not just developed just for the sake of making profits but improving the well-being of the people. In the first place, the technology is effective because it helps to promote and eliminate wasteful expenditure on drugs wasted because individuals failed to take medication as required. Health practitioners know that missing a dosage is just like a waste of resources and one must start taking drugs a fresh. However, with the help the technology, patients will take medication as required thus improving the ability to eliminate waste of drugs. The other advantage of the equipment is that it helps to ensure accessibility of the drugs on daily basis. Home care is possible because the patients can access the products and services required 24/7. The aim is to ensure that all people access drugs whenever they are. The technology also promotes accountability about medications. The healthcare practitioners understand the drugs an individual is using and the medication process. The most important thing is that it minimizes the errors when providing medicine to patients. Consequently, the technology contributes to accurate medication as it helps to remind people about the medicines they will take and the intervals. In this regard, the model is the most appropriate in this error when people are prone to many diseases. On the other hand, the facility provides an opportunity to both the medical practitioners and the users of the services. This is because individuals with mental disorders can take drugs as prescribed and avoid incidences that can lead to overdose. Therefore, the model is very useful in this error of diversity with many emerging health conditions. Paradigm shifts in medical services The pharmacies and medical practitioners are contemplating on the best ways to improve the quality of services they offer. In this regard, the dispenser helps to reduce waste in the medication process because of the ability to provide healthcare services. One must understand that the dispenser creates an opportunity to remind the patients about the medications and this minimizes the waste when individuals fail to take their medication as required making the dosage a waste. In the process, it provides long-term safety to both the users and the providers of the services. In the current medical field, healthcare facilities are changing towards adopting the remote dispensing technology. The model improves the quality of care to the stakeholders in the treatment process. The facility provides long-term care to the patients because it helps to administer medication as required thus achieving the best outcome and this improves the productivity of the environment. Technology design and novelty People can understand that technology undergoes a process that is continues. As technology changes, the people should also adopt better systems to improve the quality of services they provide. The first trend that was in place is visual authenticity. It means that the process of developing appropriate technology starts with the process of departing from the main stream. It implies that there is significant shift focusing on the needs and expectations of the stakeholders. The trend changed to luxury of less and this represents a new generation technology with less reliant on human factors. Examples include packaging design and branding that differentiates the products and creates value. Safety is also considered in this context. Finally, the technology has shifted to bio based technology. The technology has changed and it takes into account important factors such as environmental conservation and individual responsibility. The new bio technology is necessary because it promotes environmental sustainability. The factors that influence technology are technology and market forces that focus on creating value to the services provided. Market opportunities The opportunities in the market create market for the products and services. In the first place, the facility is used by aged people. Specifically, most patients who have the problem of forgetting their dosage is elderly aged over 50. Therefore, it will be received well in the market. Also, the increasing number of public and private hospitals will also use the product and advice their patients to embrace the technology. The dispenser is also used in the households and pharmacies when administering medication to its patients. As a result, the opportunities create market for the products because of rising number of Chinese population increasing the chances of people using the item. The health institutions of the government create market opportunities for the product. However, the product must meet the required health and safety standards so that the medical practitioners can recommend. UAE pharmaceutical business UAE provides market opportunities for medical facilities and practitioners. The population creates market opportunities increasing the chances of selling the product there. In 2013, the population of UAE was 9 million while in 2008 the total population was 8.1 million people. This means that the population is likely to increase every year increasing the demand for health and social care facilities. The pharmaceutical industry was estimated to be worth $2.4 billion and that was in 2013. Based on the available statistics, the industry is expected to be worth $3.7 billion by 2020. It is because it estimated that it grows by 5.3% every year. In addition, the demand for UAE medical devices in 2008 was $600.2 million and it increased to $733.3 in 2013. The demand for the medical tools is expected to hit $978.9 million by 2020. The government of UAE is spending a lot of financial resources to improve the health and well-being of its people. It provides health insurance schemes alongside other initiatives to improve health care system. The implication is that technology is changing for the better focusing on the strategies to improve the health status of the people. Possible business models The business models improve the process of decision-making process by stakeholders in the healthcare system. The model helps to link the customers and the producers to engage in a positive working relationship and develop a model that creates for the product as well as meeting the needs of the consumers. In this regard, the simple franchising model is the process of adding value to the existing products to enhance its demand. This led to the development of dispenser hence dispenser model. About the design of the package, one must understand that consumers are environmental conscious buy products and services that meet safety and quality standards. Also, the design must provide space to indicate the information about the products and use a system that is integrated so that it is possible to meet the needs and expectations of the stakeholders. Besides, the packaging system must be friendly to the households and this means that it must be easy to use and operate. As a result, the product must meet the minimum standards and this can only be achieved by engaging the consumers in developing the business model and packaging the products. On the other hand, the selling channels must be appropriate to meet the demand of the consumers. To start with, the product will be sold through pharmacies. It is because this is where the people buy drugs from. The pharmacist provides guidance regarding the use of the item to ensure they take the drugs as required. The hospitals will also be used to sell the products. Hospitals provide medical facilities to patients. In the process, the hospitals will be used to distribute the products to the target market. The healthcare practitioners have the responsibility of advising the patients about the best ways to administer their drugs including the use of the dispenser. The health organizations can also help to contribute to selling the products to the customers who get medication from the facilities. The customers can also buy the product online. The internet is used to sell the products and the customers can make inquiries about the product on social sites such as Twitter and Facebook. The strategies help to meet the demand of the consumers. Porter’s five forces model The tool is used to analyze the industry to determine the viability of doing business. The first force is threat of new entrants. The force influences the attractiveness of the industry. Because of the high cost required to promote economies of scale, not many investors will invest into the business. Besides, accessing the most developed and well established channels hinders many people from manufacturing the products. Building customer loyalty takes time and new entrants find it hard to influence the buying power of the consumers. The bargaining power of the buyers is low because of product differentiation. The concept of backward integration makes it hard for the competitors to copy and enter into the industry. As a result, the product will generate high income because of limited competition. Besides, the products have high value to the patients hence they have no option but to buy the products. However, the bargaining power of the supplier is high. This is because the suppliers are concentrated they practice product differentiation. As a result, the suppliers influence their supplies as well as the prices of the equipment. The suppliers are significant to the industry hence manufacturing will not take place without their involvement. Therefore, suppliers have high bargaining power. Regarding the threat of substitutes, there is medium importance. The customers who cannot afford the product have substitutes they can opt for. It means that the products should be fair as well as manufacturing high quality products to ensure that the customers get value for their money so that they can shift their demand from the substitute products and to make sure that the products compete effectively in the competitive market. The extent of rivalry competition in the market creates fair competition. It is important to understand that the healthcare industry is controlled meaning that there is fair competition and every organization can compete effectively and have its market share. The healthcare policies hinder unfair competition and promote equality and all the products must meet the required health and safety standards for it to be introduced in the industry. SWOT analysis It is another tool used to analyze the strengths, weaknesses, opportunities and threats of the company. The first strength of the product is that it is a new idea that many people have not exploited. Target customers have the opportunity to buy the products and this helps to improve the sales of the equipment. Besides, the product indicates creativity and uniqueness because it first time invention is made. Besides, the industry is small and it has not been saturated hence the product has high chances f success. The new idea promotes customer satisfaction increasing the sales. However, the first weakness of the product is that people who do not understand technology will not use the item. It means that it keeps off some customers who are not well conversant with technology thus limiting the market share. Another weakness of the equipment is that it requires internet connection making it difficult for people who do not have access to the internet to use it. On the other hand, unexpected events can trigger the changes of the consumers. On the other hand, the target market does not have information about the product and this hinders the ability to contemplate on the benefits of using the new technology. The first opportunity the new technology has is that fans can support the idea. As a result, they will talk good about the item and in the process increase the desire of the consumers to buy the product. The product is the only one of its kind in the market. It implies that the customers will want to test the new technology and will not have any option but using the products. However, the substitute products can also serve the customers but they want to use the latest technology in administering their medication. On the contrary, the product faces threats from various Chinese products. China has developed well strategies with the aim of improving technology in all the sectors of economy. As a result, they have developed appropriate techniques regarding medication. However, they have not developed the concept that is related to the dispenser. Besides, the product has limited market because it is not used by customers who do not have access to internet. The product is also expensive for low income earners and it is prone to human errors and this means that it might lead to wrong medication if an individual makes an error. Design concept The design concept of the equipment is simple. In the first place, it has a USB cable for power input. It is used to connect the equipment from the main source of the power. Other parts of the dispenser include cylinder holders; dispense ramp and empty return area. Underneath are the collapsible legs. The diagram below shows the design concept of the dispenser; Conclusion The increasingly usage of the pharmaceutical products has prompted technology development in the sector with the aim of enhancing the quality of medical care services provided. As a result, the demand has created entrepreneurship opportunities because they can use technology to introduce new products to meet the needs and expectations of the customers. The changing needs of the industry have increased the intensity of developing new medical equipment to enhance the medication process. However, strict laws and guidelines guide the medical industry with the aim of making sure that the products meet set standards because of the sensitivity of the industry. The challenges regarding the demand and the products are clear considering the available population and changing needs in the health sector. On the other hand, the consumers are increasingly concerned about the quality of medical equipment they use as well as the technology they prefer. In this regard, medical practitioners and entrepreneurs have the opportunity to introduce new products and technology to meet the changing needs of the consumers. The aim of the business model is to ensure effective supply chain management to meet customer demand. Value chain analysis Supply chain management is a crucial concept that helps to meet the demand of the consumers. It helps to transport the equipment to and from the market taking into account the demand of the consumers. In the first place, there is inbound logistics. It is the concept where the manufactured products are transported to the global warehouse awaiting dispatch to the target customers (Kerin 9). The aim is to reduce the cost of operations by minimizing transportation costs. It is possible to enjoy economies of scale when transporting products in bulky. However, the multi-domestic assembling is practiced to ensure that the products is assembled in regions where there is market to ensure effective value chain process. For instance, the parts are bought from Germany and assembled in China. In this way, the equipment meets consumer demand as well as assembling the products near to the customers. Another important concept that creates value for the products is service care. It means that the product meets the health and safety care standards with the aim of minimizing the errors when administering the dosage. In this regard, the product undergoes clinical evaluation to make sure that it meets the minimum health and safety requirements (Kerin 6). Before it is introduced in the market, its quality is tested so that it does not make errors when administering the drugs. Also, the clinicians can refer the patients to where they can access the required equipment and avoid buying counterfeit products that can otherwise be risky to use. Salesman marketing concept helps to create value for the products. Firstly, the device is priced appropriately taking into account significant market factors such as consumer financial stability and stage of product development. For instance, at the introduction stage penetration pricing technique is used to help introduce the equipment in the market. This will help to meet the needs of the consumers hence introduce the products successfully (Kerin 8). On the other hand, providing quality customer care services are relevant so that they are satisfied with the products. For instance, the entrepreneur will conduct patient satisfactorily survey to ascertain the satisfaction the customers derive from using the product. The entrepreneurs can also apply medical social service such as providing financial aid or discounts to financially challenged customers but they need to use the device. In such cases, it is necessary to reduce the cost of operations so that it is possible to offer discounts but still make profits. However, it is not possible to provide financial aid to all customers but only to a few selected individuals who are in serious need of the device. Finally, monitoring and evaluation is required to ensure adequate support to patients using the device. The first technique used to monitor the equipment is holding regular market research. After introducing the equipment in the market, random checks are required to determine if the clients are satisfied with the services they get after using the products. The entrepreneurs will then respond swiftly to the recommendations and feedback of the clients to make sure that the customers are satisfied and this helps to improve customer focus (Kerin 610The follow up has a responsibility of evaluating how the customers are using the devices and whenever they are not satisfied they can report. Making referrals to wellness centers is also critical because it helps to ensure clients get value for their products. Eventually, it is necessary to conduct health education as a support program and this helps to create a positive working relationship with the customers. The diagram below indicates the value chain analysis of the device. Clinic evaluation Feature quadrant competitive landscape The success of the device takes into account two important things. The first item is quality of the dispenser. The quality assurance officer conducts research with the aim of developing better features promote product quality. Competent skills are required so that the product meets the required standards and deliver value to the patients (Kerin 6). When we talk about quality, the things to consider include packaging, materials used and lifespan of the equipment. The customers want to spend their money where they can get long-term services. Besides, the technology used is another significant component that determines the effectiveness of the product. The clients want to buy products manufactured using the most recent technology. For instance, they will not buy products manufactured using outdated technology because it does not have competent features to satisfy their needs. It implies that continues development is critical to help in changing the design of the dispenser to meet the needs of the customers. The competitive landscape analysis chart is show below. Break-even point It is the point at which the company starts to make expected profits. It is shown in the figure below; The cost of production is 600 AED while the selling cost is 1000 AED. The first batch of production will be 400 units in the first six months and 600 units in another six months. In this regard, the production for the first year is 1200 units while in the second year it will be 2400 units and in the third year the number of expected production units is likely to increase to 3600 units. However, the number of units of products depends on the demand and feasibility of the market. Income statement Below is the project income statement showing what the company will get from the business. After calculating the cost of production and other expenses, the net profit for the first year is expected to be 440,000AED. As the production increase, the sales will also increase and the business will generate more income. Balance sheet The balance sheet below indicates the net assets at the start of the business. The net asset at the start of the business is 78,300AED. However, as the business grows, it increases its net assets through acquisitions as indicated in the diagram below; Road map business model The model of the business is simple. The business starts with generating an idea of developing a dispenser and conduct market research to determine the technology to use as well as the needs and expectations of the customers. After manufacturing the products, it is time to focus on technology with so that to manufacture products driven by market demand. At this stage, the business generates high income as indicated below. Roadmap-timeline The project starts in January 2017. Between January and February, it is time to design the product and implement the idea between March and May. Between May and June is time to monitor the sales and focus on using the newest technology. The diagram below indicates the timeline; The dispenser model The diagram below indicates the dispenser model Work cited Kerin, Roger. Marketing: The Core. McGaw-Hill Ryerson. 2012. Print. Read More