SWOT Analysis in Medical Technology

SWOT Analysis stands for Strengths, Weaknesses, Opportunities, and Threats Analysis. This method is used to evaluate the strengths, weaknesses, opportunities and threats involved in a project. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. This technique was introduced by Albert Humphrey who used data from from Fortune 500 companies and led a convention in Stanford University in the '60s.

The aim of the SWOT Analysis is to identify the internal and external factors that are important in meeting an objective. The two groups of information needed in SWOT analysis are the internal factors consisting of the strengths and weaknesses of the organization and the external factors, which consists of the opportunities and threats that are aimed towards the organization. SWOT Analysis can be used in any decision-making situation where an end-objective is to be met.

Examples of application of SWOT Analysis in Medical Technology:

1. The Application of SWOT Analysis in Clinical Information Systems.

A clinical information system can be defined to be a system that offers a set of tools and storage space for data processing and data storage respectively. The set of tools is used for the advanced processing of data using intelligent, intuitive, or bioinformatic algorithms rendering advanced diagnostic capabilities, and this processed data is afterwards stored in a digital form in the backend hardware, which is then further archived. In all these cases the data ideally is clinical, that is, the data is patient biological data. The term 'biological data' can be related to a patient pathological study or a patient histological study or patient medical bills. Hence, any information system dealing solely with patient medical/clinical data is called a clinical information system. (taken from http://www.growthconsulting.frost.com/)

2. The Application of SWOT Analysis in Data Interpretation and Processing
The interpretation of data obtained from medical treatments and such through graphs, charts and other tools can be applied with SWOT Analysis. The strengths and weaknesses of the softwares used can be analyzed as well as the outside threats such as viruses and security issues. Information leaks may be harmful to the patients involved.

What is Medical Technology?

It is a part of the Health technology which encompasses a wide range of health care products and, in one form or another, is used to diagnose, monitor or treat every disease or condition that affects humans. These innovative technologies (application of science and technology) are improving the quality of health care delivered and patient outcomes through earlier diagnosis, less invasive treatment options and reductions in hospital stays and rehabilitation times. Incessant medical technology innovation enhances the quality and effectiveness of care. Billions of patients worldwide depend on medical technology at home, at the doctor’s, at hospital and in nursing homes.

Information Technology:

It is the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware. IT deals with the use of electronic computers and computer software to convert, store, protect, process, transmit, and securely retrieve information. A few of the duties that IT professionals perform may include data management, networking, engineering computer hardware, database and software design, as well as the management and administration of entire systems.

SWOT Analysis on Medical Technology with Information Technology:

Strengths:

• More organized way of storing data
• Faster way of accessing data when needed
• Different medical equipment using microprogramming and the like can be invented
• Equipments are easily used and improved
• A systemized way of acquiring, storing and editing data is presented

Weaknesses:

• Current state of the country hinders medical technologists in acquiring the latest equipments and technology
• No available monetary resources to fund projects aimed to improve the state of technology in the Philippines
• Applicable only to those who are computer literate

Opportunities:

• New knowledge in information technology can be learned
• Current medical technology can be improved
• New ways of inventing new equipment
• New methods in treatment of diseases can be discovered
• New ideas regarding traditional medicine can be realized

Threats

• Lack of care and maintenance can cause equipment breakdowns
• Hacking and the like may cause information leakage
• Virus attacks may wipe down systems
• The career field is considered to be very challenging