SWOT Analysis of Optimum Pharmaceuticals
We, under the name of Optimum Pharmaceuticals limited, are going to launch a new Pharmaceutical company with a view to fulfilling the unmet demand of medical commodity in Bangladesh as well as around the globe. Optimum Pharmaceuticals Limited would not merely be a profit oriented organization than it works for social welfare activities with considering the quality of medicines and services. Vision: The vision of our company is to create brand image within 2016 in Bangladesh as well as cross the world with an intention to improve the quality of life for patients.
Mission: The mission of our company is to accomplish the faith to its customers, stakeholders and maximize value of shareholders with safety drugs, reasonable price and better supply chain management process.
Objectives: We also want to gain some specific objectives which are as under: Provide the best drug services to the customers Taking competitive advantages as the best pharmaceuticals institute in our country Achieving the target profit in each year Achieving the satisfaction from its customers
Annual increase in earnings per share Achieving lower overall costs than rivals
The Strategy: Our goal is to become a leading integrated specialty pharmaceutical company that develops and commercialese new products.
Key elements of our strategy to achieve this goal are:
Use revenue from product sales to fund new product development and expand commercial infrastructure.
Effectively manage risks associated with new product development.
Employ up to date technologies in the development of newly formulated versions of existing drug compounds.
Employ Sales Representatives to meet with the health-care professionals to communicate the benefits and risks of the company’s products.
Provide different technology-based solutions like: E-detailing to the doctors, mobile and social media marketing and provide value-added offerings. Arrange different seminars and programs to educate the patients regarding the use and the benefits of the drugs; especially in the rural areas.
SWOT Analysis: SWOT is a strategic planning tool used to evaluate the firm’s strengths, weaknesses, opportunities and threats.
We will do SWOT analysis Just to define the factors which are favorable and unfavorable to achieving the objectives of our company. In that case it is useful to ask these questions: How can we use our strengths? How can we address each weakness? How can we exploit each opportunity? How can we guard against each threat?
Availability of human resources including
Pharmacists and workforce
High SWOT Analysis By museums
Research and Development department comprised with Entrepreneurs
Low operating overhead
Low staff turnover
Use of new technology Dynamic Board of Directors
Lack of brand reputation to the doctors and patients
Weakness in operating efficiency due to new entry in the market budget or funding
Failure to achieve the economics of scale
Failure in supply chain management
Inadequate Massive demand for Pharmaceuticals products within the country as well as across the world Build strong relationship with famous foreign companies and distribute their well-known products
Huge prospects of exporting products in broad
Cheap labor costs Sustainable market demand
Positive aspects of Government in case of Pharmaceuticals Industry
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Restriction of law and regulations may severely affect the company
Unexpected increase of tax rate may decrease the profit margin
Rise of price of raw materials of global market
Global competition with China and India
Declining economy of the country and global market
Any flaw of production process may cause the death of patients