Fortis Healthcare PESTLE Analysis
Fortis Healthcare PESTLE (or PESTEL) Analysis assesses the brand on its business tactics across various parameters. PESTLE Analysis of Fortis Healthcare examines the various external factors like political, economic, social, technological (PEST) which impacts its business along with legal & environmental factors. Let us start the Fortis Healthcare PESTLE Analysis:
Quick Glance:
Political Factors:
The political factors in the Fortis Healthcare PESTLE Analysis can be explained as follows:
Fortis Healthcare is one of the leading hospitals & medical institutes in India. There are a lot of political factors which can impact Fortis, especially based on the healthcare sector policies in India. As health and wellbeing was declared as one of the important pillars by the Government, it gives a lot of opportunity for the hospital to grow.
Incentives and provision of land at subsidized rates for setting up in tier-2 and tier 3 cities, tax relief for new infrastructure, lower prices of life saving gears and ease of GST regulations can also affect the hospital. Even demand for rolling out vaccination drive by private hospitals most likely this year will increase the revenue in the near future.
Image: company website
Economic Factors:
Below are the economic factors in the PESTLE Analysis of Fortis Healthcare:
Several economic factors affect the hospital & medical industry. Due to Covid-19, inflation and unemployment has created an unwelcome environment, but situation is improving now with the start of new year 2021.There is a high hope that as inflation and employment level improves and become favorable, people will be able to go for regular health checkups and expensive treatment at Fortis Healthcare.
The cost of medical devices used at its hospitals for treatments plays an important role as many people won’t be able to afford higher rates if unemployment rate is increased. Even the interest rate charged to a common man on the acquired loan influences the spending by people on emergency room visits or rendering other health services.
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Social Factors:
Following are the social factors impacting Fortis Healthcare PESTLE Analysis:
As people faced the Covid-19 pandemic spreading and affecting them immensely, they have understood the importance of wellbeing as a part and parcel of their lives. People have also become much more health conscious than before. The change in demographics and people values affects their healthcare choices. A lot of people have made a move of taking health and life insurance as well. This can be beneficial for private hospitals such as Fortis which can tie up with private insurance companies for treatments. Some people have also made regular health checkups an important and positive change in their lifestyle. All such positive social factors changes can prove lot favorable healthcare institutions in all dimensions. As awareness increases, people spending on healthcare and wellbeing increases.
Technological Factors:
The technological factors in the PESTLE Analysis of Fortis Healthcare are mentioned below:
The technological advancements in healthcare triggered by lockdown during pandemic Is at a high level. The telemedicine and tele -consulting could easily be given to patients during emergency and even otherwise in any location and at any time. The digitalalisation of healthcare service in private hospitals for appointments, online medicines, etc. is boosting the growth of hospitals.
All the upcoming technologies through Digital India initiative is helping to grow healthcare sector as well and Fortis Healthcare stands in a positive scenario in this regard.
Legal Factors:
Following are the legal factors in the Fortis Healthcare PESTLE Analysis:
There are a lot of Laws and Acts which focuses on curbing medical negligence cases, overcharging by hospitals, untrained or unqualified doctors. All such regulations are very important as it concerns with the health matter. Private hospitals need to take care of legal aspects of the healthcare sector and act accordingly and wisely. Fortis Healthcare has a brand name and it enjoys quite a good legal position in the eyes of the law.
This factor plays a huge role as it can severely impact the brand name and revenue as well as hurt potential patients.
Environmental Factors:
In the Fortis Healthcare PESTLE Analysis, the environmental elements affecting its business are as below:
The environmental factors are really important for the proper functioning of healthcare sector which includes trained nurses and doctors, emergency handling staff, proper planning, cooperation with the patients and their family members and taking care of the external environment issues as well. Proper disposal of medical waste is really important for standing tall in the healthcare sector. Fortis is enjoying its reputation for really good environmental factors.
To conclude, the above Fortis Healthcare PESTLE Analysis highlights the various elements which impact its business performance. This understanding helps to evaluate the criticality of external business factors for any brand.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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