BMS (Bristol-Myers Squibb) is a pharmaceutical American multinational company. ER Squibb, John Ripley Myers, and William McLaren Bristol founded the pharmaceutical company in 1887. Today, we’ll discuss the SWOT analysis of BMS (Bristol-Myers Squibb); it outlines strengths and weaknesses; opportunities, and threats that the company has to face; as a business strategy analysis example company.
Products and services portfolio of BMS
- Psychiatric disorder drugs
- Rheumatoid arthritis medicine
- Hepatitis medicine
- Diabetes drugs
- Cardiovascular medicine
- HIV AIDS drugs
- Cancer medicine
Industry Area of BMS
- Pharmaceutical
Statistical facts and figures of BMS
- Annual revenue: 45.01billion USD (2023)
- Net income: 8.04 billion USD (2023)
- Asset net worth: 95.16billion USD (2023)
- Employees: 35000
Competitors of BMS (Bristol-Myers Squibb)
- Novartis
- Johnson & Johnson
- Pfizer
- Amgen
- Gilead
- AstraZeneca
- Lilly
- AbVie
- Merck
The SWOT analysis of BMS would analyze the internal strengths and weaknesses of the company; and external opportunities and threats that the brand has to face. Here’s BMS SWOT analysis as a business strategy analysis example company as follows;
Strengths of BMS
Some of the main internal strengths in the BMS SWOT analysis example company as business strategy analysis are as follows;
Large Portfolio
BMS (Bristol-Myers Squibb) has developed a significantly large portfolio comprising a very large number of pharmaceutical drugs and medicines for multiple diseases. The large and diversified medicine portfolio helps the company target a large number of customers in various countries worldwide with different medical needs and requirements.
Innovation & Research
BMS (Bristol-Myers Squibb) has established a very large network of research and development facilities in various countries worldwide. The pharmaceutical brand invested approximately 10 billion USD on research in 2022, more than the total revenue of many companies. It shows the company’s strong commitment to research and innovation. The pharmaceutical brand has earned a strong market reputation for launching innovative drugs and medicines for various types of diseases.
Free Medicines
The interesting fact about BMS (Bristol-Myers Squibb) is that the company offers free medicines and drugs to deserving and needy people across the US. If the poor and deserving patient qualifies for the free medicine and passes the company’s criteria; the company would provide medications for free.
Acquisitions
BMS (Bristol-Myers Squibb) has a very large history of mergers and acquisitions and building strategic alliances with other pharmaceutical brands. Joint ventures and alliances show the company’s strong commitment to the pharmaceutical industry developing new drugs for the patients and serving sick people.
Sponsorship & Membership
BMS (Bristol-Myers Squibb) has been sponsoring various medical and research projects for the medical breakthrough and discovery of medicines. Some of the main medical societies that BMS has been sponsoring are as follows;
- European Society of Cardiology
- Canadian Society of Internal Medicine
- Spanish Cardiac Society
- Arthritis Society
Weaknesses of BMS
Some of the main internal weaknesses in the BMS (Bristol-Myers Squibb) SWOT analysis example company as business strategy analysis are as follows;
Decreasing Sale
BMS (Bristol-Myers Squibb) has been heavily relying on cholesterol-lowering medicine, Pravachol, blood thinner, Plavix, and others as its main sources of revenue and sales. Their decreasing sale in recent years is negatively impacting the company’s revenue and profitability.
Reliance on 3rd Parties
BMS (Bristol-Myers Squibb) is collaborating with various research societies, manufacturers, research and development facilities, and other institutes. High dependence on other firms is negatively impacting the company’s growth and performance in the timely developing the medicines for customers.
Employees Strategies
BMS (Bristol-Myers Squibb) has strict employee lay off and retirement policies, and it is negatively impacting the company’s relationship with its customers and stakeholders.
Opportunities for BMS
Some of the main available opportunities in the BMS SWOT analysis example company as business strategy analysis are as follows;
Market Expansion
BMS (Bristol-Myers Squibb) should expand its market by entering new countries and geographical regions across the globe. The Asian, African, Indian, Chinese, and European markets hold great growth potential, and it allows the company to amplify its market share, sales, revenue, and profitability.
Product Expansion
BMS (Bristol-Myers Squibb) should expand its product portfolio by developing new medicines, medical equipment and devices, and herbal medicines. Portfolio expansion allows the pharmaceutical brand to amplify its customer market reach and target new segments of the market.
Strategic Alliance
BMS (Bristol-Myers Squibb) should keep developing strategic alliances, partnerships, mergers, and acquisitions of research societies and medical institutes and organizations. Sharing of knowledge, expertise, and resources would help the company to amplify its market reach and profitability.
Threats to BMS
Some of the main potential threats in the BMS SWOT analysis example company as business strategy analysis are as follows;
Competition
BMS (Bristol-Myers Squibb) is facing tough competition from competitive brands like J&J, Novartis, Pfizer, and AbVie. They all have earned a significant market share and loyal database of customers; their market growth and presence are negatively impacting sales and profitability.
Regulations
BMS (Bristol-Myers Squibb) should comply with government regulations and FDA requirements while launching the new medicine and improving the existing one in the market. Any type of mistake would cost millions of dollars of lawsuits, heavy fines, and settlement fees.
Pricing Pressure
BMS (Bristol-Myers Squibb) is facing tough competition from its competitors over pricing strategies. The increasing cost and pricing pressure have made it difficult for the pharmaceutical brand to maintain its profitability and cover all its expenses.
Conclusion: BMS SWOT Analysis Example Company |SWOT Analysis of BMS |Business Strategy Analysis
After an in-depth study of the swot analysis of BMS (Bristol-Myers Squibb); we have realized that BMS is the world’s leading pharmaceutical brand. If you are learning about BMS SWOT analysis example company; then you should keep in mind the abovementioned internal strengths and weaknesses; external opportunities and threats as brand strategy analysis.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.
