Essay About Market Share And Orthopedic Surgeons

Synthes Executive Summary
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Executive SummaryCurrent Situation/IntroductionSynthes is the production and distribution leader of “internal fixation devices” used by orthopedic surgeons all over the country, currently holds 50% of the market share and is the clear leader in the U.S. trauma implant space.  As like any company that holds a majority share in their respective market, to stay on top, your company finds itself working to both keep up, if not stay ahead of the ever-growing technology that is the implantation market.  While the Company has proven its value in this space and has become a household name in the category among orthopedic surgeons all over the world, there is a growing need for something better including better blood flow, increased comfort beneath the skin and faster healing time w/ less stress on bones and joints while minimizing the risk of duplicate surgeries. Bioresorbables are new to the implantation market and have shown promise but the market is slow to grow and has not come without many hiccups.  There is clearly an opportunity here for the company to capitalize on the market if you can do what so many others have failed to do, which is “get it right.”SWOT AnalysisStrengthsEducation – AO Training CoursesProduct – exclusive access to AO implantsSales Force – close working relationship with surgeons Prior experience in bioresorbable market – face/skull implantsWeaknessesBioresorbable market is slow growingFirst and second generation bioresorbables have tried before and failedConcern of surgeons re sterile abscess and proof of conceptOpportunitiesReputationAlready invested millions of dollars in R&DSister company manufactures productsPossible release of 3rd generation bioresorbables in 3-5 yearsThreatsCompetitors have prior experience with bioresorbablesJohnson & Johnson is a heavyweight in marketKey IssueBased on my review of the your company, there is one main issue: How can you capitalize on the technology needed to become experts in the new bioresorbable market while maintaining if not increasing your market share?Alternative SolutionsYou can do nothing with bioresorbables and continue to improve your staple metallic implant products. By doing nothing with the new market and growing the existing, there’s a decreased risk of failure and an increased opportunity for a monopolization of the market.You can monitor your competitors’ advances while continuing to invest in your own research and development without actually marketing any bioresorbable products.  By doing this, you’ll learn what is working and shows promise based on both efforts but not have the risk of failure attached with no real proof of concept. You can develop and market your own line of bioresorbable products using the 2nd generation polymers in hopes that your loyal customer base will continue to invest in your products while you, like your competitors, attempt to perfect your line of products.You can invest in research and development of the next 3rd generation of bioresorbable implants while working on improving safety and strength of implants to meet the modern day needs of the orthopedic community without the questions and hesitations from failed previous attempts.Recommended SolutionAfter having reviewed all possible solutions and alternatives afforded to your company, my recommendation would be to focus on continual improvement of those products within the market you hold a majority, increase your investment in research and development beyond your staple products, monitor your competitors progress on improvement of their existing bioresorbables through their research and development, and infiltrate the market at the first sight of reliability based on both your own and your competitors’ research.