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  • R-002-006 SWOT and CAME analysis_2023_001

R-002-006 SWOT and CAME analysis_2023_001

Definitions​

SWOT

SWOT analysis is a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities and threats.

CAME

CAME (Correct; Adapt to; Maintain; Explore) is the tool that will help us put into practice what was obtained in the SWOT analysis. We are going to correct weaknesses, face threats from the environment; we are going to maintain the strengths and finally we are going to explore the opportunities.

Threads

External risks that we do not have direct control over.

SWOT analysis​

Weakness
  • W1. The company is very young.
  • W2. Low awareness of potential customers of the company's existence.
  • W3. Online web presence could be improved.
  • W4. Not enough marketing materials to influence the different stages of the sales funnel, especially:
    • W4.1. Lead generation stage.
    • W4.2. Sales stage.
  • W5. The sales team is too small.
  • W6. Few people leading many areas and tasks.
  • W7. Reduced team to cover all developments and market demand.
  • W8. The team has not enough experience in the sector.
  • W9. Not enough use cases to help understand product implementation and facilitate closing with potential customers.
Threads
  • T1. There are already other competing companies with greater positioning/trajectory in the market.
  • T2. Competing companies could copy our value proposition
  • T3. Risk of being penalized by regulatory limits for claims that can be made when marketing the product.
  • T4. Difficulty in complying with GDPR and privacy and related regulations.
    • T4.1. ISO / IEC 27001.
    • T4.2. UNE-EN 15713: 2010.
  • T5. Being copied by a large pharmaceutical company.
  • T6. Due to being new solutions in the market, there is a limited understanding and interest in understand regulatory aspects by our clients
  • T7. Failure to provide sufficient clinical evidence of product claims.
  • T8. Delay in obtaining MDR certification due to lack of availability of notified bodies
  • T9. Difficulty in accessing international markets due to different requirements:
    • T9.1 USA market
    • T9.2 UK market
Strengths
  • S1. The product is co-developed and validated with specialists/end users and responds to real needs.
  • S2. The leadership team knows the competition very well and knows how to differentiate itself.
  • S3. The company has a differential and validated value proposition
  • S4. The technology for disease tracking or severity classification is very novel, pioneering and the company is the leading technology figure.
  • S5. Competition is patient-centered, not physician-centered.
  • S6. Competition is only diagnosis-centered, not severity-centered.
  • S7. The team has a lot of knowledge of the market needs.
  • S8. The team has a leading team expert in technology development.
  • S9. We are a company that documents all knowledge and automates many processes; which helps to learn and go faster
  • S10. We are a company that creates and documents good practices to improve the work process in all areas.
Opportunities
  • O1. Reduced number of specialists and cannot cover all the demand
  • O2. The specialists are focusing more on aesthetics than on the medical care
  • O3. Growing demand due to the increase of skin diseases in the population
  • O4. Care providers need to automate and digitize processes
  • O5. Need for care providers to reduce the error rate of referrals to specialists
  • O6. Need to improve patient adherence to treatment in order to improve results
  • O7. Greater focus on value-based medicine with the need for real-world data evidence.
  • O8. Pharmaceutical companies need to improve processes to accelerate the launch of new drugs
  • O9. The global pandemic has increased and accelerated the digitalization in healthcare and the need for the product.
  • O10. Technology adoption is increasing in day-to-day healthcare.
  • O11. Market with a very low saturation rate.
  • O12. Continuously growing market with very good future prospects.
  • O13. The product can be expanded to new markets. Additional departments: allergy, head and neck, primary care, wounds.
  • O14. Scientific publications in dermatological and AI journals.

CAME analysis​

Correct
  • C1. That at least the key decision-making members understand very well the value proposition and the competitive advantages of the product with respect to competitors in order to improve decision making.
  • C2. According to the needs and growth of the company; have a more specialized team with greater knowledge of the sector.
  • C3. Improve leadership; more experts who can lead departments instead of having the same people leading many areas; in order to streamline and improve processes.
  • C4. Have enough financial coverage to improve business development and carry out large-scale development of the planned developments that help us cover the market demand and don’t let competitors win the market.
  • C5. Have a better organization and improve the process of the business development.
  • C6. Improve the strategy to improve the presence of the brand in the sector
  • C7. Use of SEO tools to increase online presence.
  • C8. Generate more evidence and build use cases that make it easier for the target to understand the implementation and advantages of the product
Adapt
  • A1. Study, knowledge and compliance with the regulations that apply to your product, considered a medical device.
  • A2. Expert advice on GDPR and MDR.
    • A2.1 Obtain ISO 27001 certification
  • A3. Intellectual property strategy of the company to protect its Know How.
  • A4. Technology Watch and continuous R&D
  • A5. Sign a contract with a NB and have all the documentation prepared (Objectives 1 & 2).
  • A6. International market:
    • A6.1. Obtain FDA approval
    • A6.2. Registration at the MHRA (Objective 6)
Maintain
  • M1. Key partnerships with customers, suppliers, medical and patient associations for the product improvement and brand positioning.
  • M2. Continuous training and technology watch.
  • M3. Generate new alliances with prestigious universities, governmental institutions and environmental associations.
  • M4. Develop new functionalities that will allow the platform to continue to grow in the services it offers and to increase the automatisms for proposing interventions.
  • M5. Continue the good practices, know-how documentation and process automation (Objective 3)
  • M6. Keep updated with market and competitors.
Explore
  • E1: Identify new ways that facilitate the positioning of Legit.Health as a benchmark in AI for skin conditions.
  • E2: Potential distributors in new markets to accelerate the entry.
  • E3: Generate evidence and use cases by directly offering dermatological services.

Record signature meaning

  • Author: JD-004 María Diez
  • Review and approval: JD-001 Andy Aguilar
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  • Definitions
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