Company Analysis Project

Part I: Introduction

Myriad Genetics is one of the first genomics companies in the history of the United States. The company was founded in 1991, ten years before human genome sequencing (Myriad Genetics, 2023). The company pioneers other leaders in the field of genetic testing. Myriad conducts genetic testing and offers precision pharmaceutical services such as the services for genetic testing of hereditary cancer, reproductive health, mental health, and breast cancer prognostics. Myriad genetics engages in genetic tests that gauge or analyze the individual risks of diseases and provides pharmaceutical actions that prevent or delay the onset of the diseases.

Myriad was founded by Mark Skolnick, Peter Meldrum, and Walter Gilbert as a for-profit company operating in the pharmaceutical and biotechnology industries. Myriad provides clinical and pharmaceutical services for diseases such as cancer. The product portfolio for this company includes molecular diagnostic testing services and products, genetic expression products, and services (Myriad Genetics, 2023). These services and products help predict the genetic predispositions that make individuals susceptible to diseases and illnesses or the likely response of the individuals to drugs.

Myriad Genetic markets its products and services through a sales force in Canada and Europe. Myriad has distributor agreements in Latin America, Asia, Africa, and the Middle East (Myriad Genetics, 2023). Today, the company has a vast global image with operations in the US, Germany, the UK, Switzerland, and Italy, among many other countries globally. Myriad genetics incorporation has 2400 employees distributed across multiple subsidiaries, and its headquarters is in the US in Salt Lake City, Utah (Myriad Genetics, 2023). Myriad is managed by a nine-member team led by Paul Diaz as the president, CEO, and director. The organization makes a profit by selling pharmaceutical and clinical services and products across its vast market segment in diverse markets. Also, the entity derives its operational finances from donations from not-for-profit organizations. It also enters acquisition deals to expand its presence and product portfolio.

Part II

Economic and legal environment

Myriad genetic Inc. relies on economic and legal factors to make significant business decisions. According to Nickels et al. (2019), economic and legal factors determine the decisions of businesses to invest and take risks. The willingness of the government to minimize spending and keep taxes at a minimum can make a business want to move to specific regions or avoid certain areas. Myriad has a substantial global presence. The willingness of this company to invest and open subsidiaries in different regions is affected by factors such as inflation, taxation policies, government intervention in the free market, the infrastructure quality in the research market, and labor costs and productivity, among other legal and economic factors (Nickels et al., 2019).

The other vital facets that Myriad considers include employment, data protection, anti-trust, and discrimination laws in research. Myriad Inc.’s leadership emphasizes the economic and legal factors before joining the markets. This is because some markets and regions may be volatile to the point of not shielding the entity from losing information resources or unhealthy competition and taxation policies (Paradise, 2004).

The technological environment

Technology plays a huge factor in the growth of industries. According to Nickels et al. (2019), anything ranging from phones to drones and other vital gadgets impacts businesses in many ways. The technological analysis of the industry and the speed at which technology can disrupt the industry are some of the critical factors that Myriad Genetics considers in its decisions. Myriad Genetics offers high-quality research-sensitive services and products and, therefore, needs to make decisions based on the capabilities of the industries in different regions to provide this strength to the company. Some of the essential areas of consideration for Myriad include recent technological innovations by the competitors, the impact of technology on products and services offered by the company, the rate of technological diffusion, and the impacts of value chain structures on the service industry (Gold & Carbone, 2010).

Competitive environment

Nickels et al. (2019) argue that competition shapes the operations of many firms. Firms always want a competitive edge over others, which is done through high-quality products and “outstanding service at competitive prices” (Nickels et al., 2019, p.13). Myriad Genetics’ revenue generator could be more promising, and this is because of the intense competition that is being witnessed in this industry. According to Nickels et al. (2019), there is a need for the company to quickly respond to the changing needs of customers to be able to regain its competitive advantage. Myriad continues to provide quality and differentiated services, such as genome tests that are highly affordable to customers and provide high precision. The company has two new running tests that can help protect the company from competitors such as Invitae. These tests include the Vectra DA and the Prolaris tests (Myriad Genetics, 2023). These two tests are a tool for the company to provide quality and high precision affordable tests to highly challenging problems such as arthritis and prostate cancer.

Social and cultural environment

Demographics are essential for any organization that wants to succeed in the market. These include the population, size, and composition, such as age, race, and gender (Nickels et al., 2019). Demography and culture play a vital role in the operation and growth of Myriad Genetics. Social and cultural factors such as shared beliefs, attitudes, and population composition play a role in how the marketers at Myriad Genetics design marketing messages for different services and products. For instance, services such as Prolaris mainly target male customers and the markets package information and statistics that attract male customers.

The global environment

The global environment surrounds all other influences (Nickels et al., 2019). This means that globalization significantly impacts businesses such as Myriad Genetics. For this company, as globalization intensifies, competition grows. This has been reflected in the continuous innovation and research by the organization. It has become hard for Myriad to operate without innovating new products and services that give the company an edge over its competitors (Myriad Genetics, 2023).

Part III: Analysis of Structure and Culture0

Myriad Genetics Inc. has a bureaucratic organizational structure with clear lines of communication and a chain of command. At the top of the hierarchy is the president of the company, who is also the chief executive officer. The president is the chief operating officer of this company, and all decisions emanate from him. According to Nickels et al. (2019), for bigger entities such as Myriad, the president alone cannot oversee the operations of the whole entity, and he needs assistants. For Myriad Inc., the president is assisted by four senior employees who report directly to the CEO. The four employees in the second hierarchy include the chief financial officer, the chief commercial officer, the chief operations officer, and the chief technology officer. The hierarchy in this organization has a third layer of leadership comprising four employees, including the chief scientific officer, the legal officer, the chief people officer, and the chief of staff and SVP and transformation (Myriad Genetics, 2023). The chain of command for this entity starts from the president to the lowest level of the hierarchy. The third layer of the hierarchy consists of the bureaucratic managers who oversee the implementation of all the decisions made at the highest management hierarchy. The four managers in this third hierarchy receive instructions from the four seniors, who receive direct commands from the company’s president.

Myriad Genetics Inc. has a formal organizational culture comprising a well-formulated mission, vision, and value statement. The entity strives to provide high-quality services to help change people’s wellbeing by offering solutions to public health complications. The value statement for this entity is to advance the health and well-being of all by providing research solutions to all the problems experienced by people (Myriad Genetics, 2023).

Part IV: SWOT Analysis

My SWOT Analysis

Myriad Genetics Inc. SWOT analysis

Myriad Genetics is constantly innovating new pharmaceutical products and clinical tests that can differentiate it from the competitors; with research and diversity skills, it becomes easy to incorporate into the organization’s innovation and research team (Liddicoat et al., 2019). The entity aims to solve human health problems and expand to diverse locations. The company will be able to meet my expectations. I have always wanted to impact the world and touch people’s lives. I will be able to achieve this goal by participating in pharmaceutical and clinical research efforts that provide solutions to people.

Part V: Conclusion

Myriad Genetics is one of the best organizations that provide health solutions through genetic research into diseases and illnesses. The entity has a host of experienced and skilled workforce that works hard to achieve the set objectives. The entity has a high global presence and has subsidiaries in different parts of the globe. I would gladly work with this organization in my biomedical career path.

References

Gold, E. R., & Carbone, J. (2010). Myriad Genetics: In the eye of the policy storm. Genetics in Medicine, 12(1), S39-S70.

Liddicoat, J., Liddell, K., & Aboy, M. (2019). The Effects of Myriad and Mayo on Molecular-Test Development in the United States and Europe: Interviews from the Frontline. Vand. J. Ent. & Tech. L., 22, 785.

Myriad Genetics. (2023, February 28). Advancing health through genetic testing. Retrieved March 21, 2023. https://myriad.com/

Nickels, W. G., McHugh, J. M., & McHugh, S. M. (2019). Understanding business. McGraw-Hill College.

Paradise, J. (2004). European opposition to exclusive control over predictive breast cancer testing and the inherent implications for US patent law and public policy: A case study of the myriad genetics’ BRCA patent controversy. Food & Drug LJ, 59, 133.