MediBoc’s First Target Market: Korea
MediBloc is targeting South Korea as the first target market because of its favorable healthcare market conditions. Korea’s yearly healthcare expenditure is $100+ billion. Healthcare providers in Korea spend more than $2 billion every year. Every Korean visits hospitals more than 16 times per year, which is over 2.5 times OECD average. Over 90% of medical centers/clinics are using standardized electronic health record systems which makes adopting new healthcare IT system very easy. MediBloc’s two founders also can leverage their own network among healthcare providers in Korea as they themselves were physicians.
Promotions Strategy
MediBloc has formed a consortium with Korea’s biggest medical centers and also with the National Health Insurance Corporation to conduct pilot tests for MediBloc service. With this pilot testing results, MediBloc plans to knock doors on the smaller local clinics Local clinics as of now has every incentive to become a contributor in MediBloc ecosystem because they currently have disadvantage over patient data access and over marketing exposure. MediBloc service will be an essential tool for the local clinics to provide better healthcare service and effectively accumulate reputation. MediBloc aims to work with various associations of local clinics to efficiently reach out to hundreds and thousands of clinics at once.
As MediBloc has already partnered with a wearable device company WELT, healthcare mobile app maker Huray Positive, and research institute Syntekabio, it will continue to form alliances with EMR/EHR companies, other third-party applications, and more research institutions and pharmaceutical compnaies who are willing to purchase patient data. The efforts in inviting a mix of different users to MediBloc ecosystem will help MediBloc to experience a more balanced growth and quick monetization.
Next Marketing Plans
MediBloc will initiate cross-border service through penetrating China and Southeast Asia markets. For example, Singapore has the highest standardized EMR/EHR adoption rate in the world. Public healthcare providers in Singapore and China have integrated service which makes adoption of new technology much easier. China is spending astronomical amount of money to transform their current healthcare system into next-generation IT ecosystem. Vietnam is already beginning to adopt online remote healthcare service as their offline healthcare infrastructure is under-developed and concentrated in only few cities. MediBloc is already making connections with the healthcare industry experts in these Asian countries. MediBloc’s marketing and promotion efforts in these regions will go in parallel with its marketing in Korea, so that MediBloc service can experience exponential growth.
