External Environment Analysis:KRS Global Biotechnology Organization
KRS Global Biotechnology is a leading and certified outsourcing institution that deals with the procurement of sterile and non-sterile medical services to various facilities in the United States of America. It is located in Boca Raton, Florida. This company was founded in 2001 and served as a pharmaceutical that is privately owned. The main objective of the organization is to provide high-quality pharmaceutical services geared towards quality assurance and quality control for better health. External environment analysis is part of organizational strategic planning, and it involves examining the industrial environment (external) to establish how the factors can affect the company (Phadermrod et al., 2019). This essay will perform an external environmental analysis on the KRS Global Biotechnology Company.
Economic Environment
KRS Global Biotechnology Company boasts of a thirty-million dollars annual revenue. The organization, which is in the state of Florida, has the responsibility to other states like Nevada to supply pharmaceuticals to hospitals in the state. It boosts the financial income of the company as the external environment supports the growth of the company (KRS Global Biotechnology, 2020). Don't use plagiarised sources.Get your custom essay just from $11/page
Regulatory Environment
The main regulatory bodies to this company are Food and Drug Association (FDA) and Drug Enforcement Authority (DEA), which offer licensure and allow the company to sell its products to its customers. KRS Global Biotechnology complies with the set guidelines from its regulatory bodies, and this makes its operations smooth and successful (KRS Global Biotechnology, 2020).
Social or Cultural Environment
The KRS Global Biotechnology Company has various potential customers like hospitals and schools as well as medical companies that require pharmaceutical drug supplies, and this promotes business for the company.
Political Environment
The State of Florida (authorities) provides ultimate support to the KRS Global Biotechnology organization, as its headquarters are located in Boca in the same state. This company is one of the best drug manufacturers and suppliers across the state and in the nation. These state officials authorize the sale of various products while counterchecking whether they are of the desired FDA qualities. They also advertise job opportunities offered by the company. This support makes it easy for the state to market its services across the nation, as it is the best company, which provides quality services to its customers (KRS Global Biotechnology, 2020).
Demographics and Market
KRS Global Biotechnology Institution has its main headquarters in Boca Raton, Florida State. The main market segments include human outsourcing (503b), Life sciences, and contract manufacturing. This company is located between two main Florida interstates and airports, which make it easy to transport goods. The corporation is situated near its logistical partners like UPS, FedEx, and DHL. The main market is the state of Florida that has major access to the goods from the headquarters. Nevada State is also among the main beneficiaries of this organization and its services (KRS, 2020).
Competitive Environment
Various pharmaceutical companies are present in Florida and possess a competitive advantage to the KRS Biotechnology Company. They include Remedex pharmaceuticals in Boca and LGM Pharma among other institutions. These companies are among the best pharmaceutical producers in the state and pose as competition to the KRS institution.
Technology Environment
Boca Raton is a modern town in Florida that provides the best technological environment to KRS Global Biotechnology Company. The company has various supplies of information technology systems, backup systems, and Wi-Fi connections that facilitate research and communication. Strong electric cables allow for the smooth functioning of the institution (KRS Global Biotechnology, 2020).
External Stakeholders
The FDA, DEA, Florida State, and the United States of America government are among the external stakeholders of the KRS Company situated in Boca Raton. These bodies contribute to the success of the company by providing a conducive environment for business and ensuring that the activities are in line with the regulatory policies (KRS Global Biotechnology, 2020).
References
Phadermrod, B., Crowder, R. M., & Wills, G. B. (2019). Importance-performance analysis based SWOT analysis. International Journal of Information Management, 44, 194-203.
KRS Global Biotechnology. (2020). The Evolution of an Outsourcing Facility. Retrieved from https://krsbio.com/about-us/