Michael Porter captured this entire process in a concept he called the "value chain." It is composed of primary activities (directly associated with the manufacture and distribution of a product) and support activities (assist in accomplishing the primary activities) (Moseley, 2018). The idea is to break a company's operations into stages and identify where value is added in the process. Hospital Value Chain. The five primary stages in a hospital's value chain might include: Patient Admission, Diagnosis, Treatment, Recovery and Discharge, and Post Discharge Care.A competency associated with each stage could be:Efficient patient admission process,Accurate and timely diagnosis, Effective treatment protocols,Comprehensive recovery and discharge planning, andRobust post-discharge follow-up and care. Pharmaceutical Company Value Chain.The five primary stages in a pharmaceutical company's value chain might include: Research and Development (R&D), Clinical Trials, Regulatory Approval, Manufacturing, Marketing and Sales. A competency associated with each stage could be:Innovative R&D capabilities,Efficient clinical trial management,Expertise in regulatory affairs,High-quality manufacturing processes, andEffective marketing and sales strategies. In both cases, the competencies associated with each stage of the value chain contribute to the overall value created by the organization. By identifying and strengthening these competencies, organizations can enhance their competitive advantage and create more value for their stakeholders.

Reference:

Moseley, G. B., III. (2018). Managing health care business strategy (2nd ed.). Jones & Bartlett Learning.

What is your concise reply to this post above? Use at least one source to support your reply.