Your client is a medical device start-up developing a internal stent. In order to market this device in the US, the client needs your help with a “SWOT” analysis. Develop a short, basic analysis briefing all elements.
In this hypothetical company, for the sake of clarity we will name it BioStents. BioStents is a privately owned company based in the US, and is primarily focused in R&D, in which they are developing new materials and innovative structures for their internal stent technology. A short SWOT analysis may be drawn from the information provided:
S: BioStents is creating some new innovative technology will give them a competitive edge towards others in the market
W: BioStents is relatively small and does not have same amount of capital and resources as some of the larger companies.
O:There is a need for the device which BioStents is creating, and may potentially replace other methods, allowing them more market share.
T: Stents are classified as Class III devices therefore they need a premarket approval.
In this scenario, a small division of a big medical device company will start developing stents. The company primarily focuses on orthopedics and is starting to develop smaller divisions to branch out into different areas in the medical device world and see which ones do well. The SWOT analysis for a division focused on developing a stent could look something like this:
Strengths: Well-established company that comes with a lot of resources and experience with regulation and quality.
Weaknesses: Unexplored territory for the company, so a lot of time, money, and effort needs to be put into researching vasculature and innovation in stents.
Opportunities: As a big company, they have their hands in a lot of foreign markets, where stents have not been introduced.
Threats: This company needs to deal with foreign regulatory bodies and comply with them if they are to sell in those untapped markets.
For the scenario of stents, here is a SWOT analysis:
Strengths: since there is a large need in the US for improved stents, this start-up company has a substantial growth opportunity for reaching its targeted audience.
Weaknesses: there would be multiple regulatory hurdles for the company to go through before the product can be used and this would be time-consuming as well as costly.
Opportunities: the company could have the opportunity to use telemedicine to its advantage by providing remote monitoring technologies to support stent implantation through online means.
Threats: since medicine is constantly and rapidly advancing, there may be a chance that the stent could become obsolete or less appealing to healthcare providers and patients.
