Evaluating Industry Attractiveness of Cosmetic Dermatology: an India & Middle East perspective. (Part 1)
|Westlake Dermatology Prep Oval 003 (Photo credit: Associated Fabrication)|
If you attend a dermatology conference in India or Middle East, there is a very high probability that you will be surrounded by dermatologist-CEOs (If you are not one yourself). I don’t think you will find that many CEOs in any other specialty. The dermatologist-CEOs have added a unique dimension to the cosmetic dermatology industry and have ended the era of brand monopoly. Can all these dermatologist-CEOs make it big? Unlikely, as in any other business. Can the corporate brands strike back? Depends, on their strategic capabilities.
I am not an MBA, but for the last few months I am surrounded by business minds and I am extending few lessons I have learnt from them to write this series.
My motive is rather selfish. I am just trying to learn how to apply business principles in real world situations in health care. But it may help budding dermatologist entrepreneurs to position their business better. This may also help consumers to make informed decisions too. For a start: Should you, as a consumer consider having your BOTOX® in a brand or an individual clinic? We shall try to answer questions like this in due course.
I shall use the popular Porter five forces analysis:
|Illustration of Porters 5 Forces. Illustrates article Porter 5 forces analysis (currently available in 11 languages). (Photo credit: Wikipedia)|
- Threat of new entrants
- Threat of substitute products or services
- Bargaining power of customers
- Bargaining power of suppliers
- Intensity of competitive rivalry
Here are my satirical views on the cosmetic dermatology industry and my white paper on research methodologies in cosmetic dermatology.
What are your views on the cosmetic dermatology market based on the above five forces?
Read the full series on Cosmetic Dermatology Industry here