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Current economic trends in equine practice.

Andrew R Clark1

  • 1Hagyard Equine Medical Institute, 4250 Iron Works Pike, Lexington, KY 40511, USA. aclark@hagyard.com

The Veterinary Clinics of North America. Equine Practice
|December 1, 2009
PubMed
Summary
This summary is machine-generated.

Equine practices face economic weakness, shifting to survival mode. Implementing cost control and efficiency is crucial for practice survival and future prosperity.

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Area of Science:

  • Veterinary Economics
  • Business Management

Background:

  • Equine practices experienced a decade of growth, but current economic trends indicate significant weakness.
  • Many practices have rapidly transitioned from growth to survival mode due to economic shifts.

Purpose of the Study:

  • To analyze current economic trends impacting equine veterinary practices.
  • To identify necessary business model adjustments for practice survival and future prosperity during economic downturns.

Main Methods:

  • Application of the Porter five forces model to assess the competitive landscape.
  • Analysis of economic trends and their differential impact across regions and disciplines within equine practice.

Main Results:

  • Economic trends necessitate a shift towards survival strategies in most equine practices.
  • The Porter five forces model highlights key areas for business model adaptation.

Conclusions:

  • Cost control and enhanced work efficiency are essential alongside price adjustments to navigate the economic recession.
  • Strategic business model changes are vital to ensure practice survival and enable future growth post-recession.