Competitor Analysis in Life Sciences: Top Players & Strategies

[Document Subtitle] [DOCUMENT TITLE] Franks, Shira [Company Name]

For the purposes of this report, we will be conducting an competitor analysis of the top three competitors in the life sciences industry with a focus on the pharmaceuticals and medicines division. A competitor or “competitive” analysis is a way to identify competitors within the industry and research the marketing strategies they employ. This analysis will help the organization in the formation of its contingency plan to identify potential buyers to assist with an acquisition analysis by utilizing the information obtained to use the company’s strengths against the weaknesses of the competitors. To better prepare for our analysis we must first determine the appropriate North American Industry Classification System (NAICS) code to be utilized to identify potential buyers within the market. An NAICS code is a methodology in which businesses of similar industries and processes are grouped together for a high level of comparability amongst three countries which is helpful in data collection, analysis, and reporting purposes. North American Industry Classification System Based upon the detail provided the NAICS code for our organization is 325412 Pharmaceutical Preparation Manufacturing . The NAICS code is a highly effective method for identifying potential buyers due to its ability to locate customers based on specific market segments as well as drilling it down further by industries like the business service that the organization provides that are region specific. This will then allow us to be able to find similar businesses to the audience that is being targeted, along with their customer base. Thus, providing a way to identify potential buyers and expand its market reach. Top Competitors Based on the NAICS code of our life sciences organization as well as utilizing a specific set of criteria to include: percentage of market share, total revenue, product core, as well as the

size of their business. To properly identify organizations within the same industry it was determined that after identifying businesses classified under the same NAICS code, that we would then need to identify organizations that possessed a large market share. Organizations possessing a large market share were indicative of having an increased sales volume and a strong indicator of growth and success within the industry. Additionally, a second criteria that was utilized was organizations with a large revenue cap as this to correlated to a large sales volume. Lastly, the product core specifically referenced organizations that mirror product lines and service offerings and therefore focused on reaching the same target audience. This criterion was determined to be the best indicators to identify competitors within the same industry. The top three competitors based on the above-mentioned criteria are: Bristol Meyers & Squibb (BMS), AbbVie and Johnson & Johnson. Utilizing this criterion to identify top competitors allows an organization to “evaluate its product core, the size of their user base, design, brand strength, and speed of your competitors which helps you gain valuable insights. Armed with this knowledge, you can make informed decisions, differentiate your offerings, and enhance your competitive position in the market” (Tunç, 2023). Properly identifying key competitors helps to properly analyze how the competition meets the needs of its customers, what benefits they provide as well as how they maintain their unique position of power and selling potential. These key details help the organization understand its strengths and weaknesses, as well as helps identify opportunities for growth and opportunity. Company Information AbbVie

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Biopharmaceutical company specializing in development and manufacture of drug treatments in chronic and complex diseases focused in oncology, aesthetics, neuroscience, and eye care. Strategic Vision: “ Create an innovation-driven, patient-focused specialty biopharmaceutical company capable of achieving sustainable top-tier performance through outstanding execution and a consistent stream of innovative new medicines ” ( Strategy , n.d.). Revenue: 58,054 million (2022) Market share: 13.7% (2023) Compound annual growth rate : 15.5% (5-year) Bristol Meyers BMS is a global biopharmaceutical company that specializes in development, manufacture and distribution of therapeutic medicines that primarily focus on cardiovascular and oncology. Strategic Vision: “ To discover, develop, and deliver innovative medicines that help patients prevail over serious diseases” ( Our Mission, Vision and Values - Bristol Myers Squibb , n.d.). Revenue : $46,159 million (2022) Market share: 12.98% (2023) Compound annual growth rate : 17.3% (5-year) Johnson & Johnson

J&J is a company that develops, manufactures and develops pharmaceuticals and medical devices in the areas of oncology, immunology, neuroscience, infectious disease, vaccines, pulmonary hypertension, metabolism and cardiovascular areas. Strategic Vision : “ Bringing science and sense of sight to life through world-class innovation and customer experience” (Johnson, 2023) Revenue : $94,943 million (2022) Market Share : 12.11% (2023) Compound annual growth rate : 5.0% (5-year) References Johnson, K. (2023, January 16). Johnson & Johnson Mission Statement | Vision | Core Values | Analysis (2023) . Business Strategy Hub. https://bstrategyhub.com/johnson-johnson- mission-statement-vision-core-values-analysis/ Our mission, vision and values - Bristol Myers Squibb . (n.d.). https://www.bms.com/be/about- us/who-are-we/mission-vision-values.html#:~:text=To%20discover%2C%20develop %2C%20and%20deliver,patients%20prevail%20over%20serious%20diseases. Strategy . (n.d.). AbbVie | Pharmaceutical Research & Development. https://www.abbvie.pr/our- company/strategy.html#:~:text=Create%20an%20innovation%2Ddriven%2C %20patient,stream%20of%20innovative%20new%20medicines. The complete toolbox for investors | Finbox.com . (n.d.-a). https://finbox.com/NYSE:BMY/explorer/total_rev_cagr_5y/ The complete toolbox for investors | Finbox.com . (n.d.-b). https://finbox.com/NYSE:ABBV/explorer/total_rev_cagr_5y/

The complete toolbox for investors | Finbox.com . (n.d.-c). https://finbox.com/NYSE:JNJ/explorer/total_rev_cagr_3y/ Tunç, E. (2023, June 21). The 5 Criteria for Understanding Competitors | Product Management. Medium . https://erdeniztunch.medium.com/the-5-criteria-for-understanding-competitors- product-management-96f83e882eb6#:~:text=Evaluating%20the%20product%20core %2C%20the,competitive%20position%20in%20the%20market.

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Module 4b Report-Potential-alt buyers

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