| There are many types of analyses that help to | | | | of them should be created. |
| illuminate potential issues as well as areas of | | | | Threats could include clinical trials in this area by other |
| opportunity for a new business - one is known as a | | | | competing companies, new regulations that would |
| SWOT or Strengths - Weaknesses - Opportunities | | | | make it difficult to get approval, adverse press |
| and Threats analysis. This type of analysis forces the | | | | garnered by any preannouncements of what you are |
| executive team of any pharmaceutical company to | | | | working on, or a loss of any type of funding for the |
| brainstorm these critical items before launching a new | | | | project. Threats may or may not be real - but |
| company, new division or new product - which may | | | | contingency plans to address them should be in place. |
| help decide whether or not to venture into this new | | | | A SWOT analysis of your main competitor's position |
| direction. | | | | is an opportunity to demonstrate your strategic |
| Strengths are attributes that are unique to the | | | | position to senior management or potential investors |
| company, product or division in question. Some | | | | as part of your business plan. It can also be a way of |
| examples of strengths would be having a key | | | | presenting to investors that you have mapped out |
| scientist on your team that has a unique skill set or | | | | the landscape for your potential product, and can |
| knowledge that will make your new product a | | | | both address the opportunities and eliminate or at |
| success. Other strength examples include patents, | | | | least appropriately address the threats. If properly |
| knowledge of a particular niche area, and | | | | mapped, each can be a consolidated table in your |
| manufacturing advances that allow you to create | | | | plan which makes it very easy to communicate your |
| something that was not readily available in the past. | | | | intentions to the investors or management teams |
| Weaknesses are just the opposite - some examples | | | | authorizing the necessary financial resources to |
| include lack of a patent or relying on unpatented | | | | execute the plan.. |
| discoveries, having no clear manufacturing process or | | | | Pharmaceutical consultants can help you prepare this |
| significant process issues, or not having talent specific | | | | type of analysis to assess any new business decision |
| to the area you are moving towards. Weaknesses | | | | you may be facing, or as part of a comprehensive |
| are pointed out as areas to be addressed. | | | | business plan for a new pharmaceutical business you |
| Opportunities would include an increase in the disease | | | | are launching. Their experience, expertise, and |
| group that your new product is expected to address, | | | | industry insights can serve as a tremendous boost to |
| the opening of a new global market that the product | | | | your new venture. Once they have helped you |
| can fulfill, or a new federal grant to help subsidize the | | | | brainstorm these key areas, they can also help you |
| cost of your new drug or treatment. Once | | | | formulate comprehensive plans for action in each of |
| opportunities are identified, a plan to take advantage | | | | the four areas of the analysis. |