Introduction
A consortium is a group made up of two or more individuals, companies, or governments that work together to achieving a common objective. Entities that participate in a consortium pool resources but are otherwise only responsible for the obligations that are set out in the consortium's agreement. Thus, it’s the working relationships that allow an organisation to achieve its mission and goals, while overcoming challenges and driving innovation. The consortium may have its own officers, infrastructure, and funding resources. It may also have some type of legal framework that allows it to function as an independent entity from its members. Every entity that is under the consortium, therefore, remains independent with regard to their normal business operations and has no say over another member's operations that are not related to the consortium.
Almost every Organisation functions as a consortium of some sort. It’s the working relationships that allow an Organisation to achieve its mission and goals, while overcoming challenges and driving innovation. Consortia are often found in the non-profit sector, for example, among educational institutions. Educational consortia often pool resources such as libraries, research activities, and professors and share them throughout the members of the group to benefit their students. Several groups of North American colleges and universities operate as consortiums. Here, the work and activities about United Medical Education (UMEC) Consortium are described.
About UMEC Consortium
UMEC Consortium is a group of dynamic not for profit organisations, including academies and associations, which work together to attain a common objective of promoting excellence and maintaining high quality in medical and healthcare education, research, innovations, development and patient care. The Members of UMEC Consortium pool their resources together in achieving set goals and objectives for the benefit of the population in general.
UMEC Consortium was established in January 1943 to meet the needs of global emerging medical and healthcare education alliances, industry consortia, trade associations, and other education collectives. UMEC Consortium provides the infrastructure, support and expertise to support standards development efforts and market adoptions of emerging educational strategies. UMEC Consortium offers legal not-for-profit formation, technology association management, executive leadership, financial management, membership administration, web and digital marketing, and more. UMEC Consortium is a neutral, safe harbour for Organisation and government to build relationships, successfully collaborate and fulfill their missions.
Objective/Purpose of UMEC Consortium
The purpose UMEC Consortium is to create education and research services, provide information, undertake research and development, impact the medical and healthcare education sector and , or simply share knowledge. UMEC Consortium is also an umbrella Organisation for joint ventures and alliances for its members in certain instances.
Officers of UMEC Consortium
Steering Committee Members
Infrastructure of UMEC Consortium
The basic physical and organizational structures and facilities, for example, buildings, access means like transports/vehicles, and power supplies, machinery, systems, furniture etc., needed for the operations of UMEC Consortium are jointly owned by the members.
Funding Resources of UMEC Consortium
UMEC Consortium gets its funding from:
Membership of UMEC Consortium
The current members of UMEC Consortium are:
Institutions may be invited to join the Consortium only by the unanimous decision of the Steering Committee and on the condition that the new institution/organisation abides by the rules set out by the Committee. If your Organisation would like to join UMEC Consortium, please send an Email to: info@umec.org.uk
Benefits of UMEC Consortium to its Members
The five areas of benefits of UMEC Consortium to its Members are described below:
1. Work sharing and Costs Reductions
UMEC Consortium allows its members to share resources, labour and responsibilities across the Organisations. This helps to reduce costs and save time in creating new products or services by the Organisations. For example, if an Organisation is working on a project that requires expensive equipment or software licenses, the company may not be able to afford all of them on its own. Joining UMEC Consortium allows the Organisation to make use of these resources as well as other benefits like sharing knowledge among its members.
2. Increased Credibility
UMEC Consortium helps its members to gain credibility. Through peer-reviewed publications, leadership roles, and other forms of participation, UMEC Consortium would give an organisation and its individual members the opportunity to advance their careers in their industry or field. Additionally, joining UMEC Consortium allows for networking with other professionals in the same sector who can help one to achieve his/her professional goals. A stronger network of peers and experts is not only beneficial for finding viable opportunities but also for building new relationships that will be valuable when applying for jobs in due course. Finally, being associated with an existing credible organization can increase your credibility as well as lend legitimacy to any work that you do on behalf of said organization (or vice versa). This is the opportunity that UMEC Consortium provides to its members.
3. Improve Chances to Achieve Organisational Goals
Each member in UMEC Consortium has an incentive to contribute. This shared incentive causes them to work together towards common goals, and the result is better collaboration and cooperation between members. This is especially true when all parties involved share a vested interest in achieving organisational success by working together (as opposed to working alone). More diverse opinions and perspectives for solutions are brought to the table when dissecting a problem that a member can take up with the educational alliance. Within UMEC Consortium, there is a variety of expertise and opinions that increase the chances that a problem can be addressed appropriately instead of having to hire outside consultants for example. UMEC Consortium create better opportunities for attracting new customers as well as investors because it has more credibility than individual Organisation do on their own—after all, it takes many organizations working together to achieve something significant. Clients or member pools often overlap in UMEC Consortium where everyone can benefit.
4. Growing of People’s Network and Knowledge
UMEC Consortium quenches people’s thirst to both, make higher quality connections and obtain knowledge by providing:
5. Access to funding resources
A grant is an award that provides money towards an organization’s project or idea in exchange for specific deliverables and requirements (for example, creating a prototype). In some cases, it can also include salary costs while working on the grant project itself. Once you’re part of UMEC Consortium, it’s much easier for you and your team to apply for grants and contracts as well as build partnerships with other organizations that have other funding vehicles.
Conclusion
UMEC Consortium can positively impact any organization or professional in the healthcare sector. It is not only a great way to share resources, but also provide the chance to expand your network and make connections, increase credibility and knowledge, better achieve your goals, and provide an opportunity to generate funding towards your cause.
Key Messages
For more information on the work of UMEC Consortium, please contact: info@umec.org.uk