WorldCare International, Boston, MA
This summer, I was a Global Business Strategy Intern at WorldCare International, a company specializing in medical second opinions for critical illnesses on a global spectrum. The company leads in product quality through their partnership with notable medical institutions such as Massachusetts General Hospital and Partners, Harvard Medical School, Mayo Clinic, UCLA Health, and many more. With the company’s industrial placement and my specific intern role, I was able to directly incorporate my educational background into the work I was doing. I found this incredibly rewarding.
As a strategy intern, my main goal was to work closely with management to create a strategic plan toward expanding global market share within the next three years. This was accomplished by laying down initial groundwork of conducting a competitive analysis on 16 different international and domestic markets. Throughout this process, segments such as competitive advantages, target markets, product segmentation, and pricing were comprehensively evaluated. This eventually led to the process of performing potential client evaluations. Specifically, within this evaluation, I was tasked with analyzing a potential Chinese client and our company’s own branch. Being bilingual in Chinese Mandarin and English, I was able to thoroughly evaluate, summarize, and report current statuses and key factors of the potential client and company branch.
After analyzing different competitive, client, market, and client segments, in collaboration with the COO, director of strategic initiatives, director of finance, chief medical director and CEO and account managers, we established a market evaluation system that simultaneously factored internal and external elements to determine potential market expansion or penetration. In order for this to be established, my partner and I determined segments within two categories: client and company position, and ease of implementation. Several factors were placed in each category, then given a weight depending on the potential impact it creates. Then, following a curated rubric paired with the system, each market was then evaluated and given a score to determine its potential. Lastly, after desired markets were identified, all our previous analyses were compiled into a final strategic document consisting of a company status and growth potential summarization, target market and regional breakdown, and target country market evaluation.
The amount of exploration and insight I gained from this internship was truly astounding. As an individual who had only seen the research, lab, and practiced areas of the healthcare industry, working on the business side was truly eye-opening. Not only was I able to practice, conduct, and learn in a rewarding manner through my project, but I was also able to partake in the evaluation of acquisition targets and receive formal HIPAA training. The extent to which I learned and partook about the business/entrepreneurial industry was truly inspiring, and convinced me to continue down this path once I start my career. Without this opportunity, I never would have discovered this newfound passion, and I have everyone who has supported me this summer to thank for it.