Environmental Scan
External Environmental Factors
Stryker is a medical equipment manufacturer and marketer. The regulatory environment is the most critical external factor for the company. The medical device industry is governed by the FDA, which must approve all medical devices prior to their use by the public. Almost all of Stryker's products is under FDA jurisdiction, and therefore the company is highly dependent on the FDA for getting its products to market. If a product is not granted approval, it cannot be sold until it has been modified to get approval. There are high costs to the company associated with the regulatory burden, and the company needs to develop competency in navigating these regulatory waters.
The legal environment is another point of interest, at the very least, for Stryker. The new health care laws of the Affordable Care Act are likely to affect the industry in a range of ways....
[ View Full Essay]