Careers at Henry Schein
Henry Schein’s mission is to provide innovative, integrated health care products and services, and to be trusted advisors and consultants to its customers.
Henry Schein is a provider of healthcare products and services. The firm operates two reportable business segments:
- Healthcare Distribution – This segment includes the dental, animal health, and medical operating businesses. It distributes consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, and vitamins.
- Technology and Value-Added Services – This segment provides software, technology, and other value-added services to health care practitioners. The technology group offerings include practice management software systems for dental and medical practitioners and animal health clinics. The value-added practice solutions include financial services on a non-recourse basis, e-services, practice technology, network and hardware services, and continuing education services for practitioners.
In 1932 pharmacist Henry Schein and his wife Esther founded the Henry Schein Company, a corner drugstore in Queens, New York. By the 1950s it had diversified into selling supplies to doctors through a mail order catalog. The firm’s success enabled it to move to a larger location. In the 1970s it grew again when it discovered the dental market and began selling supplies to dental practitioners.
At the time, most dental distributors sold their offerings at high prices and provided relatively poor service. Schein differentiated his business by marketing his products at lower prices and offering immediate delivery. Things went so well that by the mid-1970s he sold the retail store to become a full-time distributor of dental and medical supplies and generic drugs.
By the late 1970s the firm was generating annual revenues of $40 million; a decade after that it had become a leader in its sector, with a 40% share of the dental supply mail order market. In the early 1990s it differentiated itself again by opening its first foreign subsidiary in the Netherlands, then later establishing more operations in Europe. In 1995 Henry Schein filed an initial public offering.
Business model of Henry Schein
Henry Schein has a niche market business model, with a specialized customer segment. The company targets its offerings at medical professionals, dental professionals, and animal health practitioners.
Henry Schein offers two primary value propositions: convenience and brand/status.
The company offers convenience by making life simpler for customers. Its value-added services segment provides helpful software, education, and other components that help to boost practitioner efficiency. Its “Schein Direct” program offers door-to-door air package delivery to practitioners. Lastly, in North America 99% of its orders are shipped the same day the order is submitted.
The company has established a strong brand due to its success. It bills itself as the world’s largest provider of health care products and services to office-based dental, animal health, and medical practitioners. It offers over 110,000 branded products and Henry Schein private-brand products in stock, as well as over 150,000 additional products available as special-order items. It maintains operations/affiliates in 33 countries and serves over one million customers in more than 190 countries. It generated sales of $10.6 billion in 2015 and its sales have increased at a compound annual growth rate of 15% since it became public. It is a member of the Fortune 500, S&P 500, and NASDAQ 100. Lastly, it has won many honors, including the following:
- Recognition as one of the World's Most Admired Companies by Fortune
- Recognition as one of America's Best Employers by Forbes
- Recognition as one of the World's Most Ethical Companies by the Ethisphere Institute
- Ranking as #1 in the Wholesalers: Health Care industry category in the Fortune 500
Henry Schein’s main channel is its direct sales team, which includes field sales consultants and telesales representatives. The company promotes its offerings through its website, social media pages, and direct marketing. It distributed 34 million pieces of direct marketing copy in 2015, including flyers, catalogs, order stuffers, and other promotional materials.
Henry Schein’s customer relationship is primarily of a self-service nature. Customers utilize its products while having limited interaction with employees. That said, there is a personal assistance component. The company operates 199 equipment sales and service centers globally that offer repair, installation, and technical services for its customers.
Henry Schein’s business model entails designing, developing, and manufacturing its products for its customers and delivering related services.
Henry Schein’s key partners are the over 3,000 suppliers that provide it with the equipment and materials it needs to manufacture its products.
Henry Schein’s main resources are its human resources, who include the engineers that design, develop, and manufacture its products and the salespeople that sell them. It also maintains important physical resources in the form of its 61 distribution centers worldwide (with four million square feet of space) that provide rapid order fulfillment.
Henry Schein has a value-driven structure, aiming to provide a premium proposition through significant personal service and frequent product/service enhancements. Its biggest cost driver is cost of sales, a variable expense. Other major drivers are in the areas of sales/marketing and administration, both fixed costs.
Henry Schein has one revenue stream: revenues it generates from the sale of its products (consumable products, equipment, and software) and services to customers.
info: Stanley M. Bergman graduated from The University of the Witwatersrand in South Africa. He previously held several leadership roles at Henry Schein, including President, Executive Vice President, and Vice President of Finance and Administration.
info: Gerald A. Benjamin earned a Bachelor’s degree in Electrical Engineering at the City College of New York and an MBA in Marketing at Fordham University. He previously served as Director of Material Planning & Control at Estée Lauder.
info: James P. Breslawski earned a Bachelor’s degree in Accounting at St. John's University. He previously served in several leadership roles at Henry Schein, including Chief Financial Officer, Controller, and VP of Finance and Administration.
info: James A. Harding earned a B.S. degree in Accounting at Tennessee Temple University and an MBA in Finance at DePaul University. He previously served as Chief Information Officer of Olsten Corporation and worked at Mobil Oil Corporation.
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