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.