Porter's framework is a powerful tool to understand an individual company's ROIC based on its choice of strategy and to understand its competitive advantages. The five forces are: threat of new entry, bargaining power of buyers, bargaining power of suppliers, the degree of rivalry among existing competitors and the threat of substitutes. Apply the Porter's analysis framework and explain the reasons why a pharmaceutical company that develops and sells rare cancer drugs is more likely have more sustainable ROIC over long term than a utility company, eg, an electricity or gas distributor. (12 marks)