In analyzing the competitive advantages of the medical devices industry in Australia, not only should we focus on the internal factors but we should also pay attention on the external factors that create competitive advantages. By looking at the related and supporting industries and firm strategy, structure and rivalry, we can obtain a boarder image of the strengths of this industry.
Related and Supporting Industries
The related and supporting industries create a mutual influence relationship with the medical devices industry. Owing to this relationship, these industries are therefore upgrading by obtaining an effective utilization. First, the Research and Development Institution provides new ideas and trends for the next level of Australian …show more content…
By matching this, medical devices industry is, therefore, motivated to develop more and expend its current position and supporting such as human resources and capital funding, with the industry strategy of high level of innovation and relatively short product life cycles (ATSE, Para 13), medical devices has a strong view and determination that in other term of competitive advantage to push it to a higher level. On the other hand, the healthy competition between its own rivalries help it to continuously reflect and improve itself in order to strengthen its status in the medical devices. For internal rivalry, drugs and healthcare products industries are the two main and critical competitors of medical devices since the existing of these industries reduce the importance of medical devices. However, to some extent, medical devices industry has its superiority to override. When comparing the drugs, medical devices are relatively less side effects and controllable such that when dealing with cancer, using chemotherapy is better than taking tones of pills that the effects on patients are easily to control and observe. Moreover, one of the critical point for medical devices is that the time of discovery new devices is shorter than a new drug is found (AusBioTech, 2015, para 5). Compare to healthcare products, the treatment of time is relatively shorter. Unlike the healthcare products, its curable instead of prevention or slow down the sickness. To some extent, medical devices are necessities to patients. For example if you have heart disease, you can’t live without cardiac pacemaker but you can throw away the Blackmore’s Omega Daily Capsules in your home. When looking at the regional rivalry, in Asia-Pacific Region, Australia is the top 1 or 2 in medical devices due to its competitive advantages.
Related and Supporting Industries
The related and supporting industries create a mutual influence relationship with the medical devices industry. Owing to this relationship, these industries are therefore upgrading by obtaining an effective utilization. First, the Research and Development Institution provides new ideas and trends for the next level of Australian …show more content…
By matching this, medical devices industry is, therefore, motivated to develop more and expend its current position and supporting such as human resources and capital funding, with the industry strategy of high level of innovation and relatively short product life cycles (ATSE, Para 13), medical devices has a strong view and determination that in other term of competitive advantage to push it to a higher level. On the other hand, the healthy competition between its own rivalries help it to continuously reflect and improve itself in order to strengthen its status in the medical devices. For internal rivalry, drugs and healthcare products industries are the two main and critical competitors of medical devices since the existing of these industries reduce the importance of medical devices. However, to some extent, medical devices industry has its superiority to override. When comparing the drugs, medical devices are relatively less side effects and controllable such that when dealing with cancer, using chemotherapy is better than taking tones of pills that the effects on patients are easily to control and observe. Moreover, one of the critical point for medical devices is that the time of discovery new devices is shorter than a new drug is found (AusBioTech, 2015, para 5). Compare to healthcare products, the treatment of time is relatively shorter. Unlike the healthcare products, its curable instead of prevention or slow down the sickness. To some extent, medical devices are necessities to patients. For example if you have heart disease, you can’t live without cardiac pacemaker but you can throw away the Blackmore’s Omega Daily Capsules in your home. When looking at the regional rivalry, in Asia-Pacific Region, Australia is the top 1 or 2 in medical devices due to its competitive advantages.