|Overview | | |Why would I contemplate a massive transition with a large price tag when I get everything I need out |
|Country: Canada | | |of Microsoft Dynamics NAV? |
|Industry: Pharmaceutical | | |Jean-Francois Boily, Senior Manager, Finance & Information Systems Teva Neuroscience |
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|Customer Profile | | |
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| | | |Teva Neuroscience Inc. (Teva) is a subsidiary of Teva Pharmaceutical Industries Ltd., a multinational|
| | | |generic drug manufacturer based in Israel. The parent company established Teva to develop and market |
| | | |branded neurological products like Copaxone®, an injection for treating multiple sclerosis. With the |
| | | |drug’s blockbuster popularity, Teva’s Canadian division had grown rapidly needed a more complete |
| | | |solution to meet its increasingly complex reporting needs, and a system that made it simple to drill |
| | | |down into financial data for better budgeting and forecasting. Using an ACCPAC accounting system it |
| | | |had inherited from its U.S. sister company it made a case for deploying made a case for deploying |
| | | |Microsoft Dynamics™ NAV, because the Microsoft solution met all of the needs of the organization but |
There were two pharmaceutical companies that were looking for ways to expand globally to position themselves in a competitive advantage from their competitors. One was located in the United States, which was Eli Lilly and
changes in the nature of running a healthcare business. Lastly, they were able to realize the
Teva pharmaceutical’s primary customers are wholesalers and retail drug chains. Physicians and hospitals are the other major customers. Women with hormonal ailments and patients above 65 also form an important and a growing market. Also, many pharmaceutical
the harsh financial situation faced by Continental as a result of the recent financial crisis
“Access to good financial information is essential to success in the policy and financial management arenas” (Bartle, Hildreth, Marlowe. P. 222). Proper accounting is the cornerstone to working towards a balanced budget. The CAFR (comprehensive annual financial report)
Lynas, K. (2010, November/December). Canadian pharmacists journal: Universal pharmacare could cut up to $10.7 billion from Canada’s annual drug bill. Notes, 143(6), 262. doi: 10.3821/1913-701X-143.6.262
Understanding the sources (incomes) and uses (expenses) of funds, and the budget deficit/surplus that results, are core accounting measures to consider in short and long term personal financial planning. Also, grasping key concepts like how your salary/wages are earned and segmented/taxed is important in determining your net incomes. How to approach deficits and surpluses and their associated action plans come from sound accounting understanding. Accounting develops controls on how to deal with budget deficits like increasing income, reducing expenses and borrowing. Understanding how sunk costs and opportunity costs factor into alternative choices and borrowing come to us from sound accounting knowledge and play a role in personal planning. Lastly, through various standard reporting approaches, we, though accounting, can develop the ability to look at current and future personal finance decisions and health via income statements, balance sheets, ratios and other common size book keeping measures.
A company like Teva Pharmaceuticals is subject to all of the factors of the external environment given the nature of its business and global expansion. Pharmaceuticals is an industry where high profits can be achieved, but it is also an extremely challenging business when one considers all of the political/legal aspects involving government regulation and patents. Every country has strict regulation and testing requirements for drugs that affect companies differently depending on their position in the market. Originally, innovative pharmaceutical companies had to obtain patent protection and FDA approval but this would translate to years of protection from the generic competition. Once the
Eli Lilly was approached by a leading pharmaceutical firm in India to consider building a joint venture together. Ranbaxy Laboratories began as a family business in the 1960’s, but with strong entrepreneurial skills the company grew to become one of the largest manufacturers for bulk drugs and generic drugs. The two companies considered pursuing a joint venture that would support on another’s products by supplying one other with ingredients to complete company products without having to trade with other companies internationally. The JV would potentially lead both companies, together to become a dominant force in the Indian market.
Group President, Worldwide Biopharmaceuticals Businesses, 2006-2010 Led commercial businesses in Europe, Canada, Latin America, Africa and Middle East Regions, 2000-2006 Led Latin America and Canada
This document is authorized for use only by Albertina Dias at ISG Business School until September 2013. Copying
Pfizer Inc is a multinational investment company. It ventures in the medical and pharmaceutical industry. It is renowned as a giant pharmaceutical company, founded in 1849. It is based in the United States, New York, Manhattan at Midtown. It is the largest universal producer and trader of pharmaceuticals (Turner, 2005, pg 161). Some of the products availed to the market by the company are Lipitor, Lyrica, Diflucan, Zithromax, Zoloft, Viagra and Celebrex. These products are targeted to patients and persons in need of enhancements in their body systems and anatomy. It has an employee capacity of 12000 people in all its departmental sectors and sub-branches. The sub-branches are distributed all over and in all continents (Turner, 2005, pg 163).
Biovail Corporation was a large publicly traded pharmaceutical company located in Canada which merged with Valeant Pharmaceuticals International, Inc. in 2011 (SEC, 2011). Said organization engaged in the development and large-scale manufacturing of pharmaceutical products (Chapman, 2009). As such, products were shipped to domestic and international distributors with products to United States customers shipped via truck transport.
Pfizer is known as one of the first and one of the world’s largest Pharmaceutical company that was establish in 1849. It was founded by two cousins called Charles Pfizer and Charles F. Erhart in New York City. Pfizer was as a manufacturer for fine chemicals but because of the discovery that was made in 1950 which made the company the path towards becoming the research-based pharmaceutical that it is update. The product that was first produced was the palatable form of sautonin which was used to treat intestinal worm. The Headquarters of Pfizer is located in New York City, with its research headquarters in Groton, Connecticut, which is nowadays the top multinational corporation that is sold all over the world. It is ranked as the second in the US and Japan market, and Novartis in first place and Roche in third place. The Pfizer Inc. is consisted with a trademark that is called PFIZER. Because of Pfizer’s strategies, Pfizer
has opened up for us, and it appears that we finally have a chance to resolve, once