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SWOT Analysis For A Quick UnderstandingOfThe Position Of The Current Pharmaceutical Industry

Pharmaceutical industries have come a long way, from small factory outlets to hospital pharmacies to retail medical stores and finally to online pharmacies. Here are some of the major break throughs that the pharmaceutical industry has seen over the past few years:

Creation of more and more so phisticated research centers

Increased production of novel the rapeutics and specialty pharmaceutical products

Production of more affordable medicines

Reduction in illegal and low-qualitydrug trade due to high standards set by the Medicines and Healthcare products Regulatory Agency (MHRA) and the Food and Drug Administration (FDA)

Increase in revenuemainly from the developing markets of India, China, Africa and more

Encroaching the world of internet through online pharmacies

Below is a broad overview to depict where the current pharmaceutical industries stand in terms of business operations.

Introduction to SWOT Analysis

SWOT analysis is a business analytical too lused to analyze the business operations in its environment. SWOT is the short form of Strengths, Weaknesses, Opportunities, andThreats that a business will encounter during its venture.

SWOT analysis can beperformed for any entity, be it a person, product, place, company or industry. It is basically executed to identifythose elements, within and outside the business,that is favorable and unfavorable for the business to carry out its operations smoothly.

Strengths and weaknesses are the internal elements of a business, whereas opportunities and threats are the external elements that can affect the business.

Strengths-Those characteristics of the business that gives the business an advantage over other businesses in the same industry.

Weaknesses: Those characteristics of the business that put the business in a disadvantageous position compared to other businesses in the same industry.

Opportunities: Those elements in the external environment that the businesscan make the most of.

Threats: Those elements in the external environment that can damage the businessif not identified and averted in time Thus, it is right to say that a business must focus on its strengths, work on its weaknesses, take advantage of the opportunities and identify the threats.

 

SWOT Analysis on the Pharmaceutical Industry

Industry Strengths

Operatingcost ofoverhead is low

Housed with experienced staff and moreover,the turnover of staff is comparatively low

Good control over finances

Return on investment (ROI) is quite high

One of the industries that havestate-of-the-art laboratory and modern equipment

The industry is adding value to the society as a whole

Produces quality drugs every year through continuous research and innovation

Presence of qualified pharmacists or other medical professional ensures excellent customer services

With improved technology, marketing and distribution of pharmaceutical products have become easier

Industry Weaknesses

Involves high risk in the businessoperations

Branding of these industries ispoor

Some companies experiencelow staff moraleand diseconomies of scale.

Required modern and current technologies and equipment

Illegal entry and sale of duplicate and low-qualitymedicines

With new drugs being modified and manufactured every year, the industry needs to stay updated and get rid of all outdated medicines which incurcosts


Industry Opportunities

Increase in the demand for health care products

 

There has been an increase in the number of people of who are becoming more conscious of maintaining good health. The industry can tap into this new potential.

 

Recent developments in the field of medicine that can be obtained from latest journals, patents,andcitationsare good opportunities.

 

Constant changes in Food and Drug Administration standards can also be seen as an opportunity

 

Employee health care benefits at organizations can indirectly open up new prospects.

 

An increase in the export potential

 

The emergenceof online pharmacies has also opened new windows of opportunities to expand nationally and globally.

Industry Threats

Increase in the demand for health care products

 

A decline in the current economic trend

 

Increasing costs of medical research and development (R&D)

 

Population control or overall reduction in the world population

 

Thus, you can now get the right treatment at the right time by taking advantage of the evolving pharmaceutical industry and by availing quick assistance by means of online pharmacies such as MedicineDirect.co.ukand continue to remain in the pink of health and happiness.