Economics and Marketing in Health Care

Health Care Marketing Strategies
Student’s Name
College/University
Course
Professor’s Name
Due Date
How is economics in health care unique from other industries?
Healthcare economics is different from other industries with respect to its imperfect competition characteristics, such as treatment efficacy and uncertainty conditions. On the demand side, healthcare services demand is increasingly uncertain because the highest utility is provided to only those that have health problems. The probability of a person developing a health problem is increasingly infeasible to avoid based on a factor like income in scenarios of diet deprivation. Conversely, the over-supply of not-for-profit healthcare facilities, taxes, and subsidies to augment non-profit healthcare facilities, and the physician’s conduct differs from a seller in other commodities’ markets where profits constitute the sole interest. In addition, information concerning the quality of rendered services remains increasingly incomplete and uncertain to sellers and buyers in the industry. The supply side also incorporates several limitations because of characteristics different from the competitive market (Patel, 2021). High-cost educational training, physicians' licensing requirements, and a limited quality range of medical services are attributes that create a contrast to the competitive market.
How is marketing in health care unique from marketing in other industries?
Healthcare marketing is unique from other industries’ marketing practices because it demands a different approach. Healthcare services and products are highly regulated, making it challenging to be creative and try new things. Unlike other industries, healthcare clients are normally vulnerable due to sickness and may lack the capacity to make rational choices concerning the services rendered to them. Healthcare marketers need to make considerations not to exploit their client’s vulnerability. Lastly, the states are increasingly high in healthcare marketing because providers must be extra careful to ensure the marketing strategies are responsible and ethical (Purcarea, 2019). By recognizing these contrasts, healthcare marketers can help their organizations reach new patients, augment healthy behavior, and foster overall growth.
What marketing challenges might arise should a major health care provider stop offering a product or service that is socially popular but economically unprofitable?
Some marketing challenges coul...