SWOT Analysis

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School

Brown University *

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0320

Subject

Marketing

Date

Feb 20, 2024

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docx

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Uploaded by CommodoreWater17495

SWOT Analysis- Sonam Christopher T2 Biosystems is a technology-driven company with a spirit of benevolence reflected in its mission statement and goals to eradicate deaths due to sepsis, reduce cost, and improve the quality of health care overall. The value that T2 Biosystems brings to healthcare is unprecedented due to the staggering numbers highlighted by their team. The first is the 11 million annual deaths; second, the 62 billion in healthcare costs and third, half to a third of U.S. hospital death all caused by one factor, sepsis. T2’s technology is aimed at attacking the main path the sepsis has been wreaking such havoc. Reducing the time to initiate targeted therapy. Initiating targeted therapy has a twofold effect. First, it reduces the waste of resources and money by avoiding administering broad-spectrum antibiotics till blood culture results return. Second, limiting the use of broad- spectrum antibiotics also reduces the emergence of drug-resistant pathogens, aka superbugs. Superbugs are a growing threat to the global healthcare community, and new bugs are being identified more often. The main reason for the emergence of superbugs is the over-prescription of broad-spectrum antibiotics in patients fitting the sepsis diagnostic criteria. T2 Biosystems already has a strong foothold in the market by having only two FDA-approved bacteria and candida (fungi) detection panels. This foothold proved useful during the COVID pandemic when their technology was highly desirable and resulted in many studies and scholarly articles featuring the unique, expert, and cost-effective capabilities of their technology. The small scale and cost of producing this technology is an area that has limited their ability to increase their profit margins and break out and distribute more widely and commercially. Sourcing some of the minerals used in their products keeps their price tag high, causing the health care to not completely embrace T2’s technology and implement it as part of the standard of care. T2 should focus on improving its marketing strategy and highlighting the cost-effectiveness of its technology. They should start getting major organizations, such as the American Medical Association, and American Nurses Association, as well as surviving sepsis campaign, to engage and focus on conducting more research and developing case studies to highlight the lives saved, which addresses T2 Biosystems' mission statement and company goals. The involvement and favor of organizations such as these are key to maintaining stakeholders’ interest and slowly implementing change in practice in the healthcare industry. The current projects in the pipeline for T2 that address threats from bioweapons such as anthrax and other biological agents will be key to tapping into new and larger markets both in the U.S. as well as internationally. The healthcare industry is a profit-driven industry regardless of whether certain institutions fly under the banner of not-for-profit or for-profit. Highlighting the increase in profit margins by adding government agencies and contractors as potential customers will be key in maintaining stakeholders' interest and excitement to keep believing and investing in T2 Biosystems. T2 should also engage with local public health agencies to conduct more reviews and research into the benefits and cost-effectiveness of implementing T2 technology in the other hospitals. https://www.t2biosystems.com/wp-content/uploads/2019/06/664695A.pdf https://www.sccm.org/SurvivingSepsisCampaign/Home

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