SMALL BUSINESS

Small Business

Business Plan for ABC Medical Devices

Type of company

ABC Medical Services is a manufacturing company of safety syringes. It operates in the medical syringes industry. It aims to manufacture less costly, safe and easy to sue syringes (Burnes, 2000).

Purpose of writing a business plan

ABC Medical Services is just an idea of a business, now. The purpose of writing this business plan is to have the idea for the company would stand after it entered the market. This plan would give the company an idea of its elementary happenings (Burnes, 2000).

Need to be fulfilled or problem solved

The syringe market is facing an enormous problem. Most of the syringes have exposed needles stuck during a medical procedure. This problem costs the market $3 billion for the tests and treatment of health care workers. There are roughly less than 10% safety syringes in the medical market.

Target market

Initially, the target market of ABC Medical Services would be psychiatric hospitals. Later, the company is aiming to achieve the target market of pre-filled nuclear medicine syringe, hospital markets and family practice.

Speed of market growth or shrinkage

The market is expected to grow because the sales of traditional syringes are shrinking 12.8% annually. In the year 1994, the demand for medical syringes was $4.8 billion which provided the market with $700 million revenues. 80% of the medical syringes market has the potential to accommodate the production of safety syringes.

Achievement of market

ABC medicals services plans to grab 15% market share in U.S psychiatric hospitals and pre-filled nuclear medicine syringe market just within three years. This would lead to the market share of 9% of overall America's safety syringe market by the fifth year. ABC plans to capture 15% market share of the U.S. psychiatric hospitals and, the company is planning to move towards growth gradually ...