Genetic Testing To Improve Healthcare Outcomes: Embracing The Genetic Revolution Essay Example

Introduction

Organizations are always looking for novel solutions to enhance patient care and results in the fast-changing healthcare landscape of today. The science of genetic testing has undergone some of the most revolutionary developments lately. The potential for genetic testing to revolutionize healthcare and enable personalized medicine is enormous. As CVS Health’s director of public relations, I’m thrilled to discuss how genetic testing is something our company is considering adopting and how it will significantly affect the IHI Quadruple Aim.

The Influence of Genetic Testing on Current Systems:

1.1. Precision Medicine and Personalised Treatments:

Precision medicine and personalized treatments are two areas where genetic testing impacts current systems. Precision medicine, which allows medical professionals to customize therapies based on a patient’s genetic profile, has been made possible through genetic testing (National Library of Medicine, 2022). Examining a patient’s DNA can uncover genetic markers for treatment response, forecast the chance of acquiring specific disorders, and learn a lot about a patient’s vulnerability to various diseases. With this information, healthcare practitioners can create tailored treatment strategies for each patient, improving patient outcomes and lowering drug side effects.

This innovation supports the IHI Quadruple Aim aspect of population health by emphasizing preventive measures and individualized care. Medical professionals can use genetic testing to identify individuals with a high risk of contracting specific diseases to avoid or reduce their effects. By incorporating genetic testing into our healthcare system, CVS Health aims to improve the general wellness and health of those who shop with us while reducing the demand for the resources available to the system.

1.2 Early Disease Detection and Prevention:

Additionally essential to early diagnosis and disease prevention is genetic testing. Healthcare providers can proactively screen high-risk people and provide the right interventions by discovering genetic abnormalities linked to hereditary disorders. In this regard, genetic testing for BRCA1 and BRCA2 mutations can assist in identifying those who are susceptible to hereditary cancers of the breast and ovaries, allowing for early discovery and preventative measures like better screenings or risk-reducing operations (Dillner, 2019). Such preventive measures do not only save lives but additionally lower the cost of healthcare for more sophisticated therapies.

This facet of genetic testing fits with improving patient experience, one of the IHI Quadruple Aims. CVS Health aims to empower people with knowledge about their genetic risks and offer them individualized support and resources by promoting early detection and prevention. We work to develop a patient-centred healthcare experience that promotes trust, empowerment, and proactive health management through comprehensive genetic testing services.

The proposal from CVS Health is to embrace genetic testing for better patient outcomes.

After giving it some thought and doing a thorough study, CVS Health has decided to introduce comprehensive genetic testing services throughout our healthcare network. Our dedication to promoting personalized medicine, enhancing population health, and providing excellent patient experiences motivated us to make this strategic choice. We expect the following benefits from incorporating genetic testing into our current systems:

Enhancing Preventive Care (2.1)

CVS Health will proactively identify people at high risk for developing particular diseases through genetic testing, enabling early intervention and specialized preventative care techniques. By supplying patients with genetic predispositions, our genetic testing products will enable them to make educated decisions concerning lifestyle changes, screenings, and proactive measures (Kent, 2021). We want to promote population health by reducing the incidence and burden of preventable illnesses and by promoting a culture of proactive healthcare administration.

2.2. Improving Drug Management:

The ability to understand a person’s unique genetic reaction to various medications is one way that genetic testing might dramatically enhance medication management. To minimize negative effects and treatment inefficiencies, CVS Health will help healthcare professionals prescribe pharmaceuticals more precisely by identifying genetic variants that affect drug metabolism and efficacy. This individualized approach to medication management is consistent with our dedication to providing our patients with high-quality, individualized treatment.

2.3. Patient empowerment and trust-building:

By providing thorough genetic testing services, CVS Health aims to give patients the tools they need to manage their health. We think having access to genetic data encourages making informed choices, makes it easier for patients and healthcare professionals to communicate openly, and builds confidence in the healthcare system. (Godfrey, 2021) We will ensure that patients comprehend the implications of genetic testing and feel supported throughout their healthcare journey through comprehensive education and counselling programmes.

Conclusion:

As we embrace the genetic revolution, CVS Health knows how genetic testing can revolutionize healthcare. We want to promote precision medicine, enhance patient outcomes, and enhance the healthcare experience by introducing complete genetic testing services. By boosting population health and patient experiences, lowering costs, and improving the work-life balance of healthcare workers, CVS Health is committed to the IHI Quadruple Aim. This is done through preventative care, optimized medication management, and patient empowerment. Let’s start this exciting path of personalized medicine together and give people the tools to take charge of their health.

References

Dillner, J. (2019). Early detection and prevention. Molecular Oncology13(3), 591–598. https://doi.org/10.1002/1878-0261.12459

Godfrey, M. (2021, June 8). Design Leadership: On trust and empowerment. Medium. https://uxdesign.cc/design-leadership-series-on-trust-and-empowerment-f62af0e3894f

Kent, J. (2021, May 21). Enhancing Population Health Approaches to Deliver Preventive Care. Analytics. https://healthitanalytics.com/features/enhancing-population-health-approaches-to-deliver-preventive-care

National Library of Medicine. (2022, May 17). What is the difference between precision medicine and personalized medicine? What about pharmacogenomics?: MedlinePlus Genetics. Medlineplus.gov. https://medlineplus.gov/genetics/understanding/precisionmedicine/precisionvspersonalized/

Global Business Aspects Essay Example

EXTENDED SCRIPT

Almost every business vision to serve in the global market because of its potential benefits. Global business entails the exchange of goods and services in more than one country. It differs from operating a local business because one must consider the key aspects, including international regulations and laws involved, market, entry, supply chain, technology and culture (Worthington et al., 2018, p.12). XYZ is a growing automotive firm established in 2015 and headquartered in London, UK. Its main operations are engineering, designing, and manufacturing of motor vehicles. The vision of XYZ company is to develop a recognisable brand that exhibits luxury and style on a global scale. It is currently focused on producing luxury care with interests in the mid and front engines to fit sports car designs. It mainly sells its cars within the UK and has started sales to neighbouring countries. It also sells vehicle parts and offers vehicle servicing.

Protecting Intellectual Property in Global Market

Intellectual property (IP) protection is critical for maintaining a competitive edge and managing international open innovation that may improve a company’s business development and entrepreneurial success. It protects inventors’ intellectual properties, such as symbols, designs, literary names and images, to help them get commercial benefits from their work. The IPs are categorised into trademarks, copyrights, designs, patents, and trade secrets, among other new developments (Bently et al., 2022). Both small and large companies acquire the IP rights through registration with an authorised body. Protection of IP I The global business offers new opportunities and promotes market position among competitors (Paunov & Planes-Satora, 2019). It is useful in international business activities such as advertising and differentiation. The UK has an IPO (Intellectual property office) that manages IP rights.

UK-based businesses willing to trade internationally can protect their IP through registration using the Madrid protocol. The Madrid protocol operates under the WIPO ( world intellectual property organisation) that manages IP in the UK. Persons found with counterfeit products are charged with criminal activity and products.

Design and Copyrights for XYZ Company

Car design is a conspicuous feature that most clients use to differentiate brands. Relatively, XYZ Company has unique designs with wide flat edges from the front view for its cars. Therefore, the company must protect its designs when entering the global market. According to the registered Design ACT 1949 of the UK, design rights protect the shape, including internal and external aspects (Volkwn, 2021, p.11). Moreover, investors only receive design rights when a design is documented, irrespective of the time used in public. Only new designs with individual characters are registered, where new means it is not similar to any other design. However, vehicles are categorised as complex products because they involve more than two removable parts and qualify for special conditions of registration. The design rights are valid for 25 years and must be renewed every five years.

Patents

Patents are protection granted to firms and individuals towards their inventions to recognise them as the original owner of the idea. It prevents others from creating, using or commercialising the invention without the knowledge of the original creator. In the Automotive industry, patents cover suppliers’ and manufacturers’ technological and innovative aspects (Paunov & Planes-Satora, 2019). XYZ Company, therefore should protect any aspect of technology and innovation used in manufacturing their XYZ-branded cars when venturing into a global business. The Patents Act 1977 states patents last for 20 years (Matheson & Kirkinis, 2021, p.488). With the increasing changes in technology in the automotive industry, Companies should ensure they protect their inventions.

Trademarks

Several well-known and valuable trademarks with high brand value exist in the global automotive sector. A trademark is a unique symbol, phrase, word, sign, or a combination of all listed that distinguishes a firm’s goods from the other firms operating similar business lines. XYZ Company operates within the UK with a combination of symbols and words which will be applicable in global business. Registration of trademarks in the global business, just like other IPs, gives owners a long-lasting right. However, in international trade, some cases may prevent a firm from protecting its trademark, such as those with non-distinctive features (Dratler & McJohn, 2023). Different counties have different restrictions on trademarks. If XY is interested in working with Ukraine, it is important to note that Ukraine does not validate trademarks in the shape of goods.

Managing Business Functions in an International Context

Business functions entail the activities that firms engage in daily basis and are categorised into two that is core functions and support functions. The core functions are main activities that include the production of goods, while support functions facilitate main activities such as marketing, supply and distribution, R& D (research and development), technical and administrative and ICT services (Tien, 2019). In international trading, business functions are the activities carried out by businesses in the global business environment as exporting, importing, marketing, production, administration, ICT and human resources. Marketing is a business function that entails popularising a product or service to potential customers (Tien, 2019). International marketing is affected by legal, political, technological, ecological and demographic issues

Managing exports and imports is an international business function that requires documentation to meet a country’s regulatory requirements. These documents include a bill of lading, customs invoice, certificate of origin and export declaration. Export and importing companies must ensure they have all the right documents for smooth trading. It is also important to manage accounting and finance in international business. Accounting is essential to show stakeholders the business’s financial position (Camfferman, 2020, p. 256). The financial statements should conform to IFRS (international financial reporting standards). Other bodies that standardise accounting are GAAP (generally accepted accounting standard principles and FASB (financial accounting standards Board. Because different countries follow different accounting standards, it is critical to understand the appropriate standard for the trading country.

The WTO is actively involved in helping firms manage their operations in the international market. Its functions are categorised into settling disputes, execution and monitoring of commitments to trade practices, trade negotiations to ensure a smooth flow of products and services among trading countries, and support traders to access participation in countries with free trade (Qureshi, 2022). The WTO aims to improve transparency in the decision-making process, ensure maximum resource utilisation worldwide, environmental protection, and embrace sustainable development.

Impact of National Cultures in International Markets.

The international market contains multinationals and businesses from different cultural backgrounds collaborating in decision-making and other business functions. Culture influences processes, values, etiquettes, practices and thinking patterns. Different nations practice cultures that are different from other countries, influencing trading in the international markets. Many countries value corporate social responsibility in international business (Weatherly and Oter, 2014, p.34). Therefore, firms must study and understand cultures to make informed decisions before entering the market. The national differences using the five dimensions by Hofstede are individualism, power distance, uncertainty avoidance, long-term orientation and masculinity.

Power distance culture

Power distance is a national culture that interferes with business operations in the international market. It refers to the extent to which people with less power agree that power is evenly distributed. Power distances are different, with some considered low while others are high. A high power distance culture tends to consider people in powerful positions as more deserving of respect and power than those in lower positions (Palmer & Harftley, 2011). This kind of culture affects the customer purchase power in the market, whereby consumers tend to prefer widely recognised brands as worthwhile and disregard brands with little recognition. Therefore, firms must first strive to build brand names when trading in such countries.

Uncertainty avoidance culture

Uncertainty avoidance (UA) culture is people’s attitude in a given country to interpret the unpredictability of the unknown future. It shows the risk-taking abilities of a people within a nation in unknown circumstances. Nations that practice high uncertainty avoidance are very strict and do not easily conform to changes (Espig et al., 2021). This means that there is little room for innovation in such countries, and it may be difficult for them to accept goods and products they are not familiar with. Such nations include Greece, Japan, and Portugal, among others. On the other hand, nations with moderate UA welcome new ideas, for example, the US. This offers an opportunity for global business. Nations with low UA can comfortably approach change, making them a good opportunity for international business. These include Denmark, Sweden and Singapore.

Culture of Individualism

Individualism is an unwritten belief within a nation where people develop a sense of self-reliance instead of relying on others for help. Nations that practice individualism believe that their success is embedded in their ability to remain unique (Espig et al., 2021). People in such nations lack the heart to support others, including supporting foreign businesses. They tend to focus more on themselves and forget about social interactions that may benefit them. Some of the nations with individualistic cultures include Canada and Hungary.

Culture of Masculinity and Feminism

Nations that practice masculinity culture prioritise competition, acquisition of wealth and success. They also value men’s contribution to society, making men more competitive and assertive than women. On the other hand, feminist culture is a nation that highly regards the quality of life, caring for the vulnerable and maintaining good relationships (Wenxin & Yue, 2022, p.382). Masculine cultures allow the international market to create competition and a great market as men are willing to acquire more wealth to be successful. Otherwise, feminine culture creates international market opportunities for products that promote quality of life.

Long–term orientation culture

Hofstede defined long-term orientation as the cultural practice of non-western nations where people foster characters that build into the future. According to this culture, what is seen as evil or good depends on the situation. These nations respect market positions and relationships and emphasise persistence. They believe that leisure is not an important part of human life. Long-term orientation culture may mean a foreign business takes longer to develop. Therefore, foreign investors should not expect quick progress but remain persistent in achieving their business goals.

Entry Strategies in International Market

When expanding into international markets, a company must determine whether there is a market for its product and the amount it will cost to operate there. Market entry ideas give companies a road guide for entering foreign markets. Entry strategies are organisations’ techniques for planning, distributing and delivering goods and services in the global markets (Tien et al., 2022, p.24). Numerous strategies require proper initial understanding to make a suitable decision for trading internationally (Ohmae, 1990). Factors such as financial constraints, control of resources, sourcing and marketing greatly impact the choice of market entry strategy. Moreover, analysing the entry strategies is essential for prior planning and management (Sloman & Jones, 2017). Common entry strategies include importing, exporting, franchising, licensing, piggybacking, joint ventures, outsourcing, and greenfield investment.

Exporting

Exporting is a market entry strategy involving producing a service or a good and selling it to consumers in a different country. One could do direct or indirect exporting, where in indirect exporting, an intermediary is assigned the task of selling on behalf of producing company, whereas direct exporting is where the producing firm directly sells to consumers (Tien et al., 2022, p.25). Most start-up ventures in the international market choose indirect exporting to minimise losses by using agents who are well-experienced in the market. The companies can export auto parts or wholly assembled cars in the automotive industry.

Franchising

The IFA (International Franchise Association) define franchising as a license between two firms or persons that operate independently to allow the franchisee rights to engage in business operations using the franchisor’s business or trademark. This is a method used by many businesses to enter the international market. In this agreement, there is standardisation where the franchisee must design the business according to the franchiser’s interest, including staffing uniforms and trademarks. The renewal of the franchising agreement is done according to the franchiser’s terms (Burhanuddin, 2021,p.38)s. However, some countries, such as China and the United States, regulate franchising. Franchising to enter the international market has numerous benefits, such as the low risk for the franchiser because the franchisee takes care of major start-up needs such as staff, land, and local licensing.

Joint ventures

Another method companies may adopt for entering the international market is by forming joint ventures. Joint ventures are where two companies that could be a foreign and domestic partner to start a business in the global market. A domestic firm depends upon the foreign company to offer expertise and support for starting the business in the foreign country. Each party must be committed to each other to make it work. Different countries have different rules and regulations about joint ventures. In some countries, joint ventures must be partially owned by a partner from the country (McAlees, 2004). It is therefore important to study the rules and regulations of various countries to choose the most favourable deal.

 Foreign Direct investment

Businesses can enter the international market by directly investing in their country of interest. The company set up a business by identifying a location and acquiring all the legal formalities to start the business. Many companies that use this method do so because of tax incentives offered to encourage foreign investments in the country (Mistura & Routlet, 2019). Alternatively, the business can buy a firm of interest in the target country. This method is risky and costly as it requires the business owner to cover all the business capital. The major challenge with this method is that foreign investment varies widely between nations, and over time, it is difficult to pinpoint the factors that best encourage investment flow.

Appropriate Global Strategy for XYZ Company.

As discussed above, there are many entry strategies that a company can choose to trade in the international market. This offers XYZ Company many choices that it can use to trade in the global market. XYZ Company can start by exporting its luxurious sports cars to the European Union countries. This will offer it a chance to test the reception of its products by the market outside the United Kingdom. Likely, exporting is a favourable opportunity for companies with market experience constraints, and XYZ currently has no expertise in global business. The UK is well known for its great performance in automotive exports, which is an advantage to XYZ because of its good reputation. Besides, there is great market potential for cars globally because most countries do not have domestic car manufacturers, and consumers prefer a wide range of designs from which they can choose.

The company can directly export to selected countries and use intermediaries to sell their products to other selected countries. There are numerous benefits, including increased profits, because the number of consumers increases with expansion into wider markets (Raei et al., 2019). Besides, the international market reaches customers with varied tastes that may fit XYZ’s large production of luxurious cars. Exporting will also increase the competitiveness of the firm, whereby XYZ will be exposed to better marketing techniques and ideas that it can implement to improve its products. Likely, exposure to more customer tastes and preferences when exporting offers a chance for creativity.

References

Bently, L., Sherman, B., Gangjee, D. and Johnson, P., 2022. Intellectual property law. Oxford University Press.

Burhanuddin, S.F., 2021. Franchise agreement in civil law perspective. Enrichment: Journal of Management12(1), pp.39-43.

Camfferman, K., 2020. International accounting standard setting and geopolitics. Accounting in Europe17(3), pp.243-263.

Dratler Jr, J. and McJohn, S.M., 2023. Intellectual property law: Commercial, creative and industrial property. Law Journal Press.

Espig, A., Mazzini, I.T., Zimmermann, C. and de Carvalho, L.C., 2021. National culture and innovation: a multidimensional analysis. Innovation & management review.

Matheson AM, S. and Kirkinis, A., 2021. Compulsory licence and Crown use provisions in the Covid-19 pandemic—the Australian perspective. Journal of Intellectual Property Law & Practice16(6), pp.484-497.

McAleese, D. (2004) Economics for Business: Competition, Macro-Stability and Globalisation, 3rd Edition, Pearson

Mistura, F. and Roulet, C., 2019. The determinants of Foreign Direct Investment: Do statutory restrictions matter?

Ohmae, K., 1990. The Borderless World, New York: Harper Business.

Palmer, A. and Hartley, B. (2011), The Business Environment. 7th Ed., Maidenhead: McGraw-Hill.

Paunov, C. and Planes-Satorra, S., 2019. How are digital technologies changing innovation?: Evidence from agriculture, the automotive industry and retail.

Qureshi, A.H., 2022. The World Trade Organization: implementing international trade norms. In The World Trade Organization. Manchester University Press.

Raei, M.F., Ignatenko, A. and Mircheva, M., 2019. Global value chains: what are the benefits, and why do countries participate? International Monetary Fund.

Sloman, J. and Jones, E. (2017) Essential Economics for Business (formerly Economics and the Business Environment), 5th Edition, Pearson

Tien, N.H., 2019. International economics, business and management strategy. Dehli: Academic Publications.

Tien, N.H., Dana, L.P., Jose, R.J.S., Van Dat, N. and Duc, P.M., 2020. Analysis of Mcdonald’s’ entry strategy into the Vietnam market. International journal of advanced research and development5(3), pp.23-29.

Volken, B., 2021. Requirements for Design Protection: Global Commonalities. In Research Handbook on Design Law (pp. 2-29). Edward Elgar Publishing.

Weatherly, P. and Otter, D. (Eds) (2014), The Business Environment: Themes and Issues in a Globalised World. 3rd Ed. Oxford: Oxford University Press.

Wenxin, Z. and Yue, W., 2022. An Analysis of Sino-UK Cultural Differences in Education from the Perspective of Hofstede’s Cultural Dimensions Theory (A Case Study of Are Our Kids Tough Enough?). Journal on Education4(2), pp.373-384.

Worthington, I., Britton, C. and Thompson, E. (2018) The Business Environment: A Global Perspective, 8th Edition, Pearson

HR & People Analytics: Improving Performance Free Sample

Introduction:

Businesses can enhance their overall success by implementing HR and People Analytics; using data and analytical tools in human resource management enables organizations to make well-informed business choices that positively impact their bottom line. HR and People analytics are instrumental in improving the efficiency of businesses, as is clear from the illustrated example in this essay.

Body:

Data-Driven Decision-Making:

One must rely on data-driven decision-making to build effective HR and People Analytics strategies. Objective insights that are free of personal biases can be gained by utilizing data analysis in addition to relying on one’s intuition. According to Mohammed’s research from 2019 on HR practices, aside from assessing engagement levels, it is common for HR professionals to evaluate metrics like employee retention rate. Accessing such insights assists them in making informed decisions that support organizational objectives while improving overall business results.

Talent Acquisition and Retention:

HR departments may find value in using people analytics to boost employee retention rates. Additionally, carefully analyzing historical hiring patterns can help organizations identify essential qualities in new employees. Recruitment strategies could be enhanced by using this information to streamline the candidate screening process, reducing time-to-hire (Sousa, 2019). Additionally, by analyzing patterns of worker mobility over time using data from human resource databases, organizations can better understand why some workers leave while others stay, enabling them to design retention initiatives more effectively. IBM’s application of HR analytics allowed them to effectively identify those at risk for leaving, making it possible for them to reduce employee turnover by 20% annually, ultimately saving the company $300 million

Performance Management:

Business success hinges on having solid systems for managing employee performance. Incorporating HR and people analytics aids organizations in refining their performance evaluation processes by fostering an environment that promotes continuous improvement. Performance data analysis is critical in recognizing patterns and trends that inform providing targeted feedback as well as development chances for staff. This method ensures that the evaluation of employee performance aligns with our business goals while maintaining fairness and objectivity through its data-driven approach (Sousa, 2019). Google’s implementation of utilizing people analytics led them to identify the traits that made for effective managers, and as a result, they saw an improvement of 75% in manager quality over one year

Employee Engagement and Productivity:

Engaged and motivated employees can significantly contribute to any given business’s success. HR, along with People Analytics, offers an excellent resource for identifying the most influential factors in employee engagement levels and overall productivity. The measurement of engagement levels through surveys and sentiment analysis combined with additional data sources allows for identifying areas needing improvement (Beak 2016), which is crucial for organizations as it leads to improved productivity and better overall business results. According to the report submitted by Baek, companies who have highly engaged employees noticed an incremental rise of about 21%in the profits made.

Learning and Development:

Organizations that invest in their employees’ growth through training and development programs are more likely to be successful. With the implementation of HR and People Analytics, we are better equipped to pinpoint areas that require further training. Organizations can utilize performance data analysis to identify unique areas where employee development and additional training are required (Shrivastava, 2018); utilizing a data-driven approach guarantees that our training initiatives are aligned with business needs and lead to improved performance. Walmart’s identifying areas where employees required extra assistance by analyzing training data caused a 10% rise in customer satisfaction ratings.

Conclusion:

Implementing HR and People Analytics is an effective way to boost business performance, as data and analytics provide a means for evidence-based decision-making by HR professionals across multiple areas. Utilizing HR & People Analytics solutions allows organizations to improve their recruitment process for more effective talent acquisition efforts that contribute to retaining employees through enhanced performance management initiatives. This creates a culture where employees are engaged, leading to higher productivity levels with a focus on learning & development programs. We can enhance our business performance to achieve greater profitability and competitive advantage by making such improvements. As more and more businesses understand the importance of basing decisions on data analysis rather than intuition, we expect HR and People Analytics to become even more common.

References

Baek, P. (2016). New trends in people analytics.

Mohammed, D. A. Q. (2019). HR analytics: A modern tool in HR for predictive decision making. Journal of Management6(3).

Sousa, M. J., Pesqueira, A. M., Lemos, C., Sousa, M., & Rocha, Á. (2019). Decision-making based on big data analytics for people management in healthcare organizations. Journal of medical systems43, 1-10.

Shrivastava, S., Nagdev, K., & Rajesh, A. (2018). Redefining HR using people analytics: the case of Google. Human Resource Management International Digest26(2), 3-6.