SWOT Analysis A Useful Tool to Help Define Strategic Business Planning - Focus Area Working Group: Medical Strategy and Launch Excellence ...
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SWOT Analysis
A Useful Tool to Help Define
Strategic Business Planning
Focus Area Working Group: Medical Strategy and Launch Excellence
Medical Affairs Professional Society | 2020 Medical Affairs Professional Society (MAPS) | 2021 1
Disclaimer
The views expressed in this Webinar are those of the presenters,
and are not an official position statement by MAPS, nor do
they necessarily represent the views of the MAPS organization
or its members.
This presentation is for informational purposes only and is not
intended as legal or regulatory advice.
Medical Affairs Professional Society (MAPS) | 2021
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Medical Affairs Professional Society (MAPS) | 2021
Introductions
Moderator Presenters
Yasamin Mir-Shekari, DPhil Kevin Asher, PharmD Arron Mungul,, PhD Leah Williams, MSc
Global Lead. Medical Strategy Most recently: Worldwide Medical Capabilities Director, Medical Education &
Envision Pharma Group Global Head of Medical Bristol Myers Squibb Communication
United States Strategy and Innovation United Kingdom CSL Behring
Allergan/AbbVie United States
United Kingdom
Medical Affairs Professional Society (MAPS) | 2021
Educational Objectives
• Understand what a SWOT analysis is and why it is important
in strategic business planning
• Illustrate the different components and how to conduct a
SWOT analysis
• Recognize how to apply the outputs of a SWOT analysis to
strategic business planning efforts
Medical Affairs Professional Society (MAPS) | 2021
What Is a SWOT?
Arron Mungul, PhD, Bristol Myers Squibb
Medical Affairs Professional Society (MAPS) | 2021
Situational Analysis:
Understanding Where We Are Now
Strategy is never developed in a vacuum, so it is important to understand a product in
the context of the therapeutic space and available treatment options
S W
O T
Strategy
Current Desired
Situation Situation
Medical Affairs Professional Society (MAPS) | 2021 7
Situational Analysis in Three Parts –
External Analyses
External analyses look at the current environment –
mostly independent from the product or organization
External Analyses
Disease Landscape Competitor Analysis Audience Analysis Regulatory Analysis
Standard of care, Literature, clinical Providers, payers, Approvals, approval
unmet medical needs, data, competitive patients, & others pathways, pricing,
cost/value, patient intelligence, launches, & criteria for
journey, diagnostic label updates, external reimbursement
criteria, external insights & analysts’
insights & congresses reports
Medical Affairs Professional Society (MAPS) | 2021 8Situational Analysis in Three Parts –
Internal Analyses
Internal analyses look at your product, organization, and other internal factors
Internal Analyses
Clinical and Regulatory External Expert/ Gap Identification
Analysis Field Insights
New and upcoming data, Advisory boards, Internal gaps in evidence
clinical development, and stakeholder engagements, generation, interpretation,
regulatory milestones field insights (MSLs), and communication, and/or
additional research education
Medical Affairs Professional Society (MAPS) | 2021 9Situational Analysis in Three Parts –
SWOT Analysis
SWOT is completed in culmination of the internal and external analyses
External Internal SWOT
Analysis Analysis Analysis
Medical Affairs Professional Society (MAPS) | 2021 10SWOT Analysis
• A strategic planning tool used to understand where
your product and organization stands in the current
environment and disease state Strengths (+) Weaknesses (-)
• A highly collaborative process requiring effective
coordination among various departments within the S W
organization
Opportunities (+) Threats (-)
• Enables an organization to identify the internal
& external strategic factors
– Internal: Strengths and Weaknesses O T
– External: Opportunities and Threats
Medical Affairs Professional Society (MAPS) | 2021 11SWOT Overview
Internal: Strengths (+) Weaknesses (-)
Product or Company What does your product or company What does your company or product
Specific offer that provides a competitive offer or not offer that may be
advantage? considered a disadvantage?
S W
External: Opportunities (+) Threats (-)
Environment Specific What environmental factors provide What environmental factors pose
opportunities for your product? challenges for your product?
O T
Medical Affairs Professional Society (MAPS) | 2021 12Strengths – Thinking Internally
Internal: Strengths (+) Weaknesses (-)
Product or Company What does your product or company What does your company or product
Specific offer that provides a competitive offer or not offer that may be
advantage? considered a disadvantage?
S W
Positive attributes or factors, tangible and intangible, that are within
your control
EXAMPLES • Preclinical and clinical data • Important information
• Unique features of product • Differentiators or advantages over
• Beneficial aspects, capabilities, other products
or resources of your organization
Medical Affairs Professional Society (MAPS) | 2021 13Weaknesses – Thinking Internally
Internal: Strengths (+) Weaknesses (-)
Product or Company What does your product or company What does your company or product
Specific offer that provides a competitive offer or not offer that may be
advantage? considered a disadvantage?
S W
Negative attributes or factors, intangible and tangible, that are within
your control
EXAMPLES • Key concerns or considerations • Improvements needed to processes
• Factors the product or company may lack • Perceived weaknesses relative to
• Clinical issues of product other products
• Concerns about data/study design
Medical Affairs Professional Society (MAPS) | 2021 14Opportunities – Thinking Externally
Factors outside of your direct control that help your product tap into the
potential of the environment in the therapeutic space and in turn, provide
value to patients
EXAMPLES
• Beneficial trends or potential changes • Unmet medical or clinical needs
in the environment, competition, • Gaps or disadvantages in the competitor
industry/government, and technology or competitor’s data
External: Opportunities (+) Threats (-)
Environment Specific What environmental factors provide What environmental factors pose
opportunities for your product? challenges for your product?
O T
Medical Affairs Professional Society (MAPS) | 2021 15Thinking Externally – Threats
Factors outside of your control that reduce the potential for your product
in the environment in the therapeutic space and in turn, provide value
to patients
EXAMPLES
• Risky trends or negative changes in the • Obstacles that need to be overcome
environment, competition, • Perceived or real advantages of
industry/government, and technology competitors
External: Opportunities (+) Threats (-)
Environment Specific What environmental factors provide What environmental factors pose
opportunities for your product? challenges for your product?
O T
Medical Affairs Professional Society (MAPS) | 2021 16Limitations of SWOT Analysis
Certain capabilities can be both a strength and weakness
Not an end in itself
A starting point for a discussion
A static assessment – a moment in time in a
dynamic environment
May lead to overemphasize a single internal or external
factor in formulating strategies
Medical Affairs Professional Society (MAPS) | 2021 17Polling Question
When do you complete a SWOT analysis?
A. At the start of the annual planning process
B. As part of pre-launch readiness
C. When new data becomes available (your product or competitor)
D. When a significant market event occurs
E. All of the above
F. Not routinely done in our organization
Medical Affairs Professional Society (MAPS) | 2021 18How To Execute the SWOT
Analysis?
Leah Williams, MSc, CSL Behring
Medical Affairs Professional Society (MAPS) | 2021Elements For Successful SWOT Workshop
Team composition: Making it happen Appropriate briefing,
Getting the right people pre-work, content, and
in the room (or online) structure
Prioritized strengths,
Completed internal and weaknesses,
external analyses opportunities, and
threats
Clear scope, goals,
and objectives
Success Follow-up: Focus on
strategies and actions
Medical Affairs Professional Society (MAPS) | 2021 20Get the Right People Involved*
A collaborative cross-functional mix of internal stakeholders is critical!
Utilize the unique knowledge and experience that currently exists within the company:
Discovery/ Clinical Development HCP Education &
Training Health Outcomes
Preclinical and Data Generation Communications
Life Cycle Commercial/ Patient Education &
Patient Advocacy Payer Strategy
Management Marketing Communications
Product Development Medical Information Regulatory Pharmacovigilance Others?
Creates great discourse around the product and current environment…
Should unify the product team!
*this will differ by organization Medical Affairs Professional Society (MAPS) | 2021 21In a Virtual World…
Best Practices For Virtual Workshops
1
CLARITY ON OBJECTIVES: Knowing what success looks like CREATE A COLLABORATIVE ATMOSPHERE: Firm but
helps shape the best agenda to get there flexible facilitation ensures all voices are heard, and conflicts
6
are managed. Knowing the role of each attendee helps the
2
MEETING DURATIONExample: Workshop and Prioritization
Split into four groups focusing on each element of the SWOT analysis
Breakout Groups Broader Team
Step 1: Step 2: Step 3: Step 4:
Identification Prioritization Feedback Re-prioritization
• Using the flipcharts, • Prioritize and rank • Present your findings to • Re-prioritize based on
brainstorm items that the items the broader group for group and rank the items
may contribute to your ‒ Cut to 10 items of the the product ‒ Cut to 10 items of the
element: highest priority to guide ‒ Identify a group member highest priority to guide
‒ No judgment, put all strategy for product, and who will give feedback scientific strategy, and
thoughts on the board place all other items in ‒ Each team will have place all other items in
‒ Use Post-it Notes to Parking lot 25 minutes to present Parking lot
capture key factors ‒ Prioritize from 1–10 ‒ Prioritize from 1–10
(high to low) (high to low)
Medical Affairs Professional Society (MAPS) | 2021 23Helpful Hints for Identifying SWOT Factors
SWOT should be completed based on current environment for specified timeframe*
✓ Be specific
✓ Be objective, yet open to other ideas
✓ Be realistic
✓ Keep it simple (and brief)
✓ Apply context (when necessary)
✓ Contrast and compare to competitors (if available)
*typical timeframe: within one year, as reassessed annually
Medical Affairs Professional Society (MAPS) | 2021 24Refine and Prioritize SWOT Factors
• Fill in your SWOT factors using concise bullet points
• Once completed, refine your information
– Eliminate redundancies, combine “like” bullets, eliminate any extra information, etc.
• Prioritize your information
– Rank the information that is most important to inform product strategy
Everything CANNOT be tackled in the strategy and tactical plan for the product!
Medical Affairs Professional Society (MAPS) | 2021 25Example: SWOT Analysis
Product Y: A mAb in a dermatology indication
Internal: Strengths (+) Weaknesses (-)
• Infrequent dosing • First in class novel MoA • Delayed launch
Product or (convenience) • Better efficacy vs standard • Not clinically differentiated
Company • Part of a portfolio of of care in direct H2H • Misperception of safety concern (driven by competitor
products studies messaging)
Specific
• Company is a scientific • No unexpected safety
leader in dermatology signals
S W
External: Opportunities (+) Threats (-)
• Large unmet need and an • Patients want improved • Competitive market that is • Price points are lowering
Market- expanding market efficacy from treatment perception-driven due to biosimilars
Environment • Patient preference for less • Large competitor • HCPs do not have desire to
frequent dosing (helps companies are well improve treatment goals
Specific them forget their disease) established (disconnect with
patients)
O T
Medical Affairs Professional Society (MAPS) | 2021 26What Does Good Look Like?
All critical internal stakeholders understand
the unique environment for the product
Delivery of a comprehensive and integrated SWOT
analysis that incorporates the cross-functional team’s
knowledge, expertise, and ideas
Teams are provided with a SWOT that can inform
strategic and tactical planning for each functional group
Medical Affairs Professional Society (MAPS) | 2021 27Polling Question
Which function leads the development of the SWOT analysis in your
organization?
A. Commercial/Marketing
B. Medical Affairs
C. Cross-functionally Co-lead (A & B)
D. Agency
E. Other
F. Not routinely done in our organization
Medical Affairs Professional Society (MAPS) | 2021 28Why is the SWOT Analysis
Important?
Kevin Asher, PharmB
Medical Affairs Professional Society (MAPS) | 2021Why is the SWOT Important?
• Outputs help guide strategy and overall business planning, including medical
strategy and tactical planning
– Based on the best fit of what your product has or could acquire (internal) and the current competitive
environment (external)
• In Medical Affairs, helps to inform scientific communications platform, data
gap analyses, strategic planning, pre-launch activities, medical education,
publication plan development, and other activities
Medical Affairs Professional Society (MAPS) | 2021 30SWOT Guiding Strategy (Approach 1)
Output will help guide medical and scientific strategy by answering key questions
How do we capitalize on How do we take
S or use each strength to
differentiate? O advantage
of each opportunity?
How do we overcome How do we counter or
W or stop each
weakness? T defend against each
threat?
Medical Affairs Professional Society (MAPS) | 2021 31Example: SWOT Analysis
Product Y: A mAb in a dermatology indication
Internal: Strengths (+) Weaknesses (-)
• Infrequent dosing • First in class novel MoA • Delayed launch
Product or (convenience) • Better efficacy vs standard • Not clinically differentiated
Company • Part of a portfolio of of care in direct H2H • Misperception of safety concern (driven by competitor
products studies messaging)
Specific
• Company is a scientific • No unexpected safety
leader in dermatology signals
S W
External: Opportunities (+) Threats (-)
• Large unmet need and an • Patients want improved • Competitive market that is • Price points are lowering
Market- expanding market efficacy from treatment perception-driven due to biosimilars
Environment • Patient preference for less • Large competitor • HCPs do not have desire to
frequent dosing (helps companies are well improve treatment goals
Specific them forget their disease) established (disconnect with
patients)
O T
Medical Affairs Professional Society (MAPS) | 2021 32Example (Approach 1): How Do We Capitalize On or Use
Each Strength ?
Strengths Potential Actions
• Infrequent dosing (convenience) ✓ Engage HCPs that currently have good
• Part of a portfolio of products relationships with our organization due
• Company is a scientific leader in portfolio products as a starting point
dermatology ✓ Focus communications, both patient and
• First in class novel MoA HCP, on greater efficacy with convenient
• Better efficacy vs standard of care in direct dosing, in line with patient desires
H2H studies ✓ Gain patient preference data (ie, improved
• No unexpected safety signals efficacy, dosing, etc.)
Medical Affairs Professional Society (MAPS) | 2021 33SWOT Guiding Strategy (Approach 2)
Another tool, called TOWS analysis is an alternative approach that helps you make
connections between each quadrant of the SWOT analysis to inform strategic actions
Opportunity (external, positive) Threat (external, negative)
Strength–Opportunity strategies Strength–Threat strategies
Strength Which of the strengths can be used to How can you use the strengths to minimize
(internal, positive) maximize the opportunities you identified? the threats you identified?
Weakness–Opportunity strategies Weakness–Threat strategies
Weakness What action(s) can you take to minimize the How can you minimize the weaknesses to
(internal, negative) weaknesses using the opportunities you avoid the threats you identified ?
identified?
Medical Affairs Professional Society (MAPS) | 2021 34Example: SWOT Analysis
Product Y: A mAb in a dermatology indication
Internal: Strengths (+) Weaknesses (-)
• Infrequent dosing • First in class novel MoA • Delayed launch
Product or (convenience) • Better efficacy vs standard • Not clinically differentiated
Company • Part of a portfolio of of care in direct H2H • Misperception of safety concern (driven by competitor
products studies messaging)
Specific
• Company is a scientific • No unexpected safety
leader in dermatology signals
S W
External: Opportunities (+) Threats (-)
• Large unmet need and an • Patients want improved • Competitive market that is • Price points are lowering
Market- expanding market efficacy from treatment perception-driven due to biosimilars
Environment • Patient preference for less • Large competitor • HCPs do not have desire to
frequent dosing (helps companies are well improve treatment goals
Specific established (disconnect with
them forget their disease)
patients)
O T
Medical Affairs Professional Society (MAPS) | 2021 35SWOT Guiding Strategy (Approach 2)
Weakness–Threat Strategies: Example
How can you minimize the weaknesses to avoid the threats you identified?
Threat (external, negative)
Weakness • Competitive market that is perception-driven • Price points are lowering due to biosimilars
(internal, negative) • Large competitor companies are well established • HCPs do not have desire to improve treatment
goals (disconnect with patients)
• Delayed launch
• Not clinically
differentiated Weakness–Threat strategies
• Misperception of
safety concern • Communicate on cost-effectiveness to counter lowering price points
(driven by competitor • Ensure robust differentiation from all competitors (mechanistic and clinical)
messaging) • Provide rationale for need to improve treatment outcomes grounded in patient benefits
• Proactively communicate safety in context
Medical Affairs Professional Society (MAPS) | 2021 36SWOT Guiding Strategy
No matter what approach you use…
Strengths (+) Weaknesses (-)
The SWOT helps to define clear S W
and poignant strategic actions
for your medical plans
Opportunities (+) Threats (-)
O T
Medical Affairs Professional Society (MAPS) | 2021 37Summary
→SWOT provides a foundation for good strategic decision-making
→SWOT offers insights in how to maximize the potential of your
strengths and opportunities while minimizing the impact of
weaknesses and threats
→Overall, SWOT enables the product team to focus its strategy,
resources and capabilities so that it can operate effectively in a
competitive environment
Medical Affairs Professional Society (MAPS) | 2021 38Polling Question
As a result of this webinar, what do you believe you will do differently?
A. Nothing
B. Applying this in different settings
C. Working with cross-functional team to complete
D. Revisit the SWOT analyses we already completed
E. Devise formal plan for regular SWOT updates
F. Better utilize the SWOT to inform strategy (eg, TOWS analysis)
G. Other
Medical Affairs Professional Society (MAPS) | 2021 39Thank you!
Questions?
Medical Affairs Professional Society (MAPS) | 2021
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