On one hand, there is the need to target more pharmaceutical firms in order to have a wide portfolio of medicines, necessary to address a broad range of diseases and to try solving the prioritization problem.
This essay will argue that it is important to study management and organisations in a critical, questioning way for two reasons. First, it is important to do so due to the influence and reach of management in large commercial organisations that covers a lot of aspects in the society, economy and culture. Second, by taking a critical approach to management, there is a possible gain of knowledge and understanding of management and what it is which leads to a better and more effective manager in order to be in a position to secure positive results and prevent undesirable outcomes occurring. In Section One, it will demonstrate the first point with reference to evidences and arguments from (Morgan 2006) and (Bakan 2004) to
The company mission statement indicates that it envisions becoming a principal pharmaceutical manufacturing corporation with a special dedication to advance innovation in medicine with the
Pharmaceutical companies have been using a lot of various strategies to market their medications, notably in a contentious and lucrative market for prescriptions and non-prescription medications.
Pharm Universe is a global pharmaceutical organization that was established nine years ago. The company currently operates with 1,500 representatives across the globe and is headquartered in Boston, Massachusetts, USA. The company was founded after the success of work of a senior scientist in the line of business developing an alternative cure medicine for reducing the lung and other blood clusters. The new alternative medicine incredibly lessened the probability of clot occurrences.
Pfizer Consumer Healthcare Introduction Identification & Description of Internal Function Data Collection Approach Company's Supply Chain Management Flow Chart for the process 1 2 3 4 5 The Company: Incorporated in 1849 -Market Leader in Healthcare Industry Reliable Marketing and Sales Netwrok Strong Research and Development depratment for a number of years. Patent protection for products Effective Supply Chain Profitable Organization with growth potential -Earnings Before Tax and Interest (EBIT) $18,684 as of 31st Dec, 2012 $15,755 as of 31st Dec, 2011 $11,212 as of 31st Dec, 2010
AstraZeneca is the second largest pharmaceutical company in UK, which has biopharmaceutical business in over 100 countries. In 2015, company’s market capitalization is $70.816 billion, and their net income is US$2.826 billion, with a 4.5% market share of US and a 2.5% market share of Europe, and the number of employees is 61500 (AstraZeneca, 2015). Their main competitors are GlaxoSmithKline & Amgen. The purpose of AstraZeneca is to promote scientific advancements through innovative science and sustainable development to provide life-changing medicines to patients. So, they have a clear vision: to be a global company which focused in core therapy areas (AstraZeneca, 2016). Besides, company’s main organizational structure including: Board, audit committee, remuneration committee, nomination and governance committee, science committee and the senior executive team.
Instead, human resource practices of ‘best fit’ are more effective when they are designed to fit certain contingencies in the organization’s specific context. Consequently, ‘best practice’ is perceived to improve performance within an organization when a select bundle of policies is implemented and the employees are managed more efficiently. Jeffrey Pfeffer’s (1994) work under this conception offers a list of seven practices assumed to be most beneficial to an organization for achieving competitive advantage ‘through people’. (1) The importance of employment security is emphasized because it is unrealistic to expect such hard work and commitment from employees without some expectation of security on their part. (2) Selective hiring is a source of sustainable competitive advantage through its “capturing” of particularly exceptional human talent (human capital). (3) Self-managed teams require efficient teamwork, and are seen as a route to achievement of more creative solutions. Employees deserve to be rewarded for
In the United States, due to the reduction in opportunities in generics specifically of small molecule domain, Glenmark shifted its focus from this domain to mainly respiratory, dermatology and oncology. Glenmark was also facing challenge from the entry of new companies in the market which was increasing its competition; hence they identified the strategy of differentiation and started releasing novel products. Glenmark was noticing that all its competitors were crowding around United States of America and United Kingdom, moreover these markets of the first world country were offering a lot of pricing pressure. At the same time they were also facing the challenge of shift to local manufacturing of generic drugs in the important emerging market. To this, the company started focusing on its R&D for its specific niche and complex commodities, Glenmark also started focusing on newer dosage sizes which had lesser competition. The company also increased its New Molecular Entities pipelines and it also expanded its partnerships in the market to cater to the local requirements.
It will explore methods that can be practiced to improve research and development and innovate business models in established and emerging marketplaces. Which can in turn be used to lessen the forfeiture of earnings on account of patent expiration and absence of prominent medicines. Johnson and Johnson, Novartis and Abbott are just a few companies that are modernizing their facilities, devices and diagnostics. They are transforming their actions outside the traditional business model. Some companies are proceeding in the direction of the Emerging Markets who have not fully developed their potential such as, Astra Zeneca and GlaxoSmithKline (GSK). These companies mentioned are recognizing that if they do not initiate a response to these problems, they could develop into a permanent setback.
Lack of scientific productivity and innovation is one of the main issues the pharmaceutical industry is suffering from. Research is the essence of pharmaceutical industries. Researchers and developers are under serious scrutiny and extreme safety standards by the Food and Drug Administration (FDA). This results in little room to innovate. There are fewer products being permitted and scientists are thus failing to reach potential in delivering care for patients and their own commercial profits. Companies do not take risks and therefore have bad portfolios. Pharmaceutical industries need to allocate the expense and the risks of backing research and development. Innovation is a
Best practice approach makes enterprises adopt HR policies. And it is more possible that HR practices can create a high commitment workplace. It will improve organization performance (Nickson, 2007, p.11). According to Pfeffer (1998), people should be the key and given top priority, and not the profits. The ‘best-practice’ approach is very similar with the ‘soft’ HRM model. There are seven factors of successful organizations, which include:
According to Peter Drucker, one of the most prominent business gurus of recent times, management is a timeless, human discipline. It has been used to build the Great Wall of China, to run empires and armies throughout history, and guide the development of the joint stock company, which has been the key institution in the development of the joint stock company which has been the key institution in the development of modern capitalism. If there is a lack of communication in an organisation there is tendency that the organisation will fail in achieving its goals and objectives more so, if there is lack of encouragement in terms of motivation as regards to salaries or better still working hours of the employees are not suitable for them the level of absenteeism will rise and recruiting an inexperience managers will only worsen the case. Organisations should be very careful when choosing the management style in order not to create chaos within the employees and also chose a suitable management style that welcomes equality and diversity principles so as to create a good working atmosphere and embrace all cultures within and outside the organisation environment.
There are a lot of the management knowledge and concept issues during the foundation of management from week 1 to week 5. Therefore, I am going to have a discussion on four different areas of the management study which has the most relevant to the effective management of contemporary organization. The four different areas of management which I learnt are the workforce diversity, the principle of the scientific management, Maslows’ theory of human needs, and the ethical behaviors of the organization. They all contribute to improve the effectiveness of the management in the contemporary organizations, while there are also some of the developed knowledge in related to them and the developed knowledge will also be discussed in the following paragraphs. At the end of this article, an overall sum up of all the four areas of management will be provided as in conclusion.
We deem it an honor to our respected teacher her guidance and help that she has provided throughout this course of principle of Management. Because of her patience and extended knowledge over the subject, we were not only able to understand the course but also took keen interest in her lectures. Without her suggestions and advises we would not have been able to produce this report according to their requirement of standard.