SWOT analysis provides internal and external information about specificorganizations from positive and negative perspectives. Strengths and weaknesses are related to the internal aspect, while opportunities and threats give examples of external factors (Wang and Wang, 2020). Advantages and disadvantages can be identified in the early stages of a business if the concept is used correctly. Consequently, it might greatly influence the entry strategy, which shows primary business goals, specifies the target market, and estimates sales (Fang et al., 2020). SWOT analysis is used to evaluate the level of competition and create strategies to stay competitive and receive an increased market share in the healthcare industry.
Many factors affect the health care industry and its entry strategy. Digital activity is considered to be one of the most significant factors. With the development of new technologies, many managers started introducing mobile applications in their entry strategies. Implementing different digital programs brings external and internal advantages and disadvantages that professionals in this industry should evaluate. For instance, during the COVID-19, a special application made tracking people who were in self-isolation easier. The internal environment for digital activity includes a company’s resources to sustain information technology, while the external environment is about competitors’ digital activity and promotion.
To improve the healthcare industry, the SWOT analysis for this sort of entry strategy can be focused on competitors as an external factor and profit from services as an internal factor. This is the main strength that contributes to saving people’s lives (Fang et al., 2020). However, there were some weaknesses with the use of the SWOT analysis, like lack of resources and the inability to contact patients directly to understand their health conditions. Social media started sharing many healthcare organizations’ achievements; thus, their reputations have increased (Fang et al., 2020). The competition has emerged as more laboratories and businesses want to become the first who create a vaccine. According to Fang et al. (2020), the Med-Tech industry was greatly influenced by the healthcare entry strategy as the pandemic has become an acute problem. The main entrances are the easy access to modern technologies, which is a strength of the industry. However, the need to compete with other innovative organizations may negatively influence some businesses. Consequently, it became crucial to evaluate all strengths, weaknesses, opportunities, and threats to increase the performance of laboratories.
References
Fang, I., Chen, P., and Chiu, H. (2020). Med-Tech industry entry strategy analysis under COVID-19 impact. Healthcare, 8(4).
Wang, J., and Wang, Z. (2020). Strength, weaknesses, opportunities and threats (SWOT) analysis of China’s prevention and control strategy for the COVID-19 epidemic. International Journal of Environmental Research and Public Health, 17(7).