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Essay / Research Paper Abstract
5 pages. The purpose of this paper is to research the Biomet Company and determine what the CEO of a consulting firm would recommend to the Board of Directors of the Company. This recommendation should tell the Board what strategic plans should be used to increase competitive advantage in their industry. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: D0_JGAbiomt.rtf
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of the Company. This recommendation should tell the Board what strategic plans should be used to increase competitive advantage in their industry. ABOUT BIOMET Industry research shows that
Biomet, Inc. is a company dealing in orthopedic specialties. Biomet manufactures surgical and nonsurgical medical devices including "reconstructive products (hips, knees, and shoulders), fixation devices (bone screws and pins),
orthopedic support devices, dental implants, and operating-room supplies" (Hoovers, PG, 2001). Biomet has a subsidiary called EBI which handles "electrical bone-growth
stimulators and external devices, which are attached to bone and protrude from the skin" (Hoovers, PG, 2001). The subsidiary of Walter Lorenz Surgical is in charge of marketing such
items as "craniofacial implants and bone substitute material for craniomaxillofacial surgery" (Hoovers, PG, 2001). Reconstructive medical equipment accounts for approximately sixty percent of Biomets sales. The biggest market
is the United States that accounts for seventy-five percent of total sales. COMPETITIVE STRATEGIES Currently investors are pumping millions of dollars into biotech stocks such as Affymetrix, Human
Genome Sciences, Inc., Incyte, Biomet and Millennium. These are all major firms in the competitive biotech industry. Because of the steadily increasing wealth in the biotechnology arenas these
companies are able to spend more dollars on their different research methods. Because of the increasing resources at hand, biotechnology is able to fund research and patent the devices
that are being researched. In order to compete in this highly fought-for industry, a CEO for a consultant firm would more than likely suggest taking a look at the current
situation at hand. For instance, many biotech companies are chosen for their performance in the stock market. While they have all grown substantially since their initial public offerings,
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