Product portfolio management as a method of crisis management in laboratory business

Abstract

In modern economic reality, practical science is tightly integrated into the business environment. High3tech developments require government funding or private investment, and research results are aimed at application and profit. Advances in chemical industry have broad potential for implementation, from civilian to military sectors, biotechnological innovations are associated with medicine, food production, agriculture and projects in ecology. Without any differences of subject area, the final result of scientific activity is a product in material or unmaterial form, which must be developed through various channels, including B2B, B2C, and B2G sales. At the same time, entrepreneurs operating in scientific and regulated spheres of business, such as medicine, pharmaceuticals or chemical engineering always face a variety of crises and risk factors. In conditions of political and economic turbulence, companies develop strategies of adaptation to changes of external environment. One way to respond is to switch to creation of products which are in high demand. The author of article examines product portfolio management as a crisis management method in commercial organization. Using an experience of a company distributing analytical and medical laboratory equipment, author demonstrates indicators of product portfolio efficiency, points of risk, strategy of diversification and further development aimed at improving of sustainability and efficiency of business at all. The results of research can be used by professional managers, executives or business owners.