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Boston Scientific SWOT & PESTLE Analysis

ID : 52620753| Jul 2020

COMPANY PROFILE -Boston Scientific

Business Sector :Medical device

Operating Geography :United States, North America, Global

About Boston Scientific :

Boston Scientific Corporation is a top multinational company which specialized in the manufacture and marketing of medical device equipment related to various field like interventional radiology, neurovascular intervention, electrophysiology, cardiac surgery, vascu4lar surgery, endoscopy, oncology, urology and gynecology. Founded in 1979 in Watertown, Massac4husetts by John Abele and Peter Nicholas, in the last 40 years Boston Scientific has provided cutting edge solutions to address unmet patient needs and contributed significantly towards reducing healthcare expenses. The Company’s core business strategy is to Strengthen Category Leadership, Expand into High Growth Adj4acencies, Drive Global Expansion, Fund the Journey to Fuel Growth and Develop Key Capabilities. In orde4r to achieve these the company exclusively focuses on innovation and technological advancement.
The company has 60+ extensive product categories like CRT-P, CRT-D, Defibrillators (ICD), Left Atrial Appendage Closure Device etc. Boston Scientific has stayed on a very tightly wound strategic path acquisition and has done various acquisitions like BTG, Augmenix, Emsicion etc. The company is very well acclaimed for innovation and advanced medical business solutions. It has won numerous awards like Forbes World’s Most Innovative Companies (2018), Top 100 Global Innovators by Clarivate Analytics (2016, 2017, 2018), Forbes America’s Best Large Employers (2016, 2017, 2019) to name a few. The company is also dedicated to social responsibility by committing to neutralize the carbon neutrality in all manufacturing and key distribution sites by 2030. As of early 2019, Boston Scientific employed approximately 32,000 people and nurtured a goal to make a difference to the lives of 30 million patients by serving them the best medical facilities.
Boston Scientific’s mission statement reads “Boston scientific is dedicated to transforming lives through innovative medical solutions that improve the health of patients around the world”.

Boston Scientific Revenue :


$9.823 billion (net profit $1.671 billion) – FY ending 31st December 2018 9 (y-o-y growth 8.6%)
$9.048 billion (net profit $ 0.104 billion) – FY ending 31st December 2017

Competitive Analysis of Boston Scientific

SWOT
PESTLE
The SWOT analysis of Panasonic is presented below:
Strengths
Weaknesses
1. Diversified product portfolio
2. Strategic acquisitions and partnership
3. Leadership across multiple category and innovations driving a robust pipeline
4. Strong financials and cash flow
5. Robust R&D investments and results
1. Contingency liability risk
2. Over dependency on outsource manufacturing
3. Frequent recalls over faulty products and adverse side effects
4. Dependency on US markets for net sales
Opportunities
Threats
1. Extending category leadership in New Markets
2. Expanding global presence and penetration in emerging economies
3. Data driven advanced analytics and digital health
4. Less invasive endoscopic alternative to surgical resection
1. Intense competition in the field of medical device equipment
2. FDA regulations and clearance mandates
3. Proprietary Rights and Patent Litigation
4. Counterfeit medical devices eating into marketshare
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Detailed SWOT Analysis of Boston Scientific

 

Strength

1. Diversified product portfolio: One major strength of Boston Scientific Corporation is its diverse portfolio of products. These products are divided in three major segments like medsurg (31% revenue), Rhythm and Neuro (31% revenue), Cardiovascular (38% revenue) as per 2018 figures. A diverse portfolio catering different segments, helps to build the brand awareness more holistically. One key benefit of diversification is that if one product portfolio performed poorly due to any external stimulus, the revenue drop can be balanced by other portfolio products but if there is heavy dependency on one product, risks are significantly incremented. The U.S healthcare giant collaborates with healthcare professionals around the globe to develop a broad portfolio of value-based innovations across their following business lines – Endoscopy, Interventional Cardiology, Neuromodulation, Peripheral Interventions, Rhythm Management, Urology and Pelvic Health. Boston Scientific is now focused on driving a portfolio shift and beefing up investments in high growth markets where they have limited presence today but are armed with unique pipeline technologies to fuel market penetration in the future. Their expansion into Multiple High Growth Adjacencies is expected to touch ~$20B in 2022.

2. Strategic acquisitions and partnership: Boston Scientific has a successful track record of business development and takes a disciplined and balanced approach to mergers and acquisitions, investing strategically in companies that complement their existing portfolio in order to continue to enhance category leadership and growth. It is very important to meet the pace of the current innovation and disruption era and for this it is imperative for corporate level strategies to keep a vigil on competition. Fiscals 2018-2019, saw the US healthcare major drive a number of noteworthy acquisitions like Emcision, NxThera, Securus, nVision, BTG, Millipede, Augmenix, Claret Medical, Apama Medica to name a few. While the acquisition of BTG, gave the Company leadership in minimally invasive therapies targeting cancer and vascular diseases, it invested in novel therapies for men’s health with Augmenix, including the SpaceOAR™ Hydrogel System to help reduce common and debilitating side effects that men may experience after receiving prostate cancer radiotherapy.

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Weakness

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Opportunity

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Threat

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Boston Scientific SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). Boston Scientific SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/boston-scientific/ [Accessed 08 Aug, 2020].

In-text: (SWOT & PESTLE.com, 2020)

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Boston Scientific SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.

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