The Governance Of Pfizer

One primary goal of Pfizer is to deliver sustained, excellent product by outperforming Pfizer’s competitors and must differentiate itself adequately from its competitors. Competitive advantage is central to strategic management in that it will produce and sustain superior performance. To be competitive in a business environment, often it requires the company to have a product or service different and better than other organizations competing in the same marketplace. According to Wadman (2007) “Pfizer and the rest of the pharmaceutical industry need to develop more sophisticated drugs, targeted at a smaller number of people more quickly, efficiently and at a lower cost” (p. 1). Once Pfizer’s strengths, weaknesses, opportunities, and threats are assessed and analyzed, managers must decide a set of strategies to reduce or eliminate its weaknesses and capitalize on its strengths and maximize opportunities. An example is Porter’s three generic strategy approaches of differentiation, cost leadership, and focus strategy by using differentiation strategies to differentiate Pfizer from its competitors. Strategies are essential; however, it is useless unless they are effectively implemented levels of the company. Business-level strategies are typically developed and implemented by heads of business units and are first approved by top management. The functional level strategy is the last level that focuses on developing strategies for managing the various departments to

Pfizer’s ethical responsibility is to control the distribution of their cold and allergy medications, as meth cannot be made without the ingredients found in these types of medicines. Controlling the purchase of these over the counter medications may decrease the number of small toxic labs and the manufacturing of meth in the State of Arkansas.

Pfizer Inc. is a large pharmaceutical company that engages in the discovery of new technologies, the manufacture of prescription and "over the counter" (OTC) medicines, as well as the marketing of such products. It operates in three distinct segments that include Human Health, Consumer Healthcare, and Animal Health. For fiscal year 2004, the company generated approximately $53 billion in revenue that contributed to over $11 billion in net income. (Pfizer, 2004)

According to Bureau of Labor Statistics, the pharmaceutical industry plays a major growing role in the United States economy, with both the consumption and the production of its products. Total value of U.S. consumption of pharmaceutical drugs in 2009 was $300 billion, or about 40 percent of the worldwide market share, and reflected a 37-percent increase since 2003. (Statistics, U.S. Bureau of Labor, 2011). Also, the projected growth rate is 6% per annual.

The Pharmaceutical business and Big Pharma specifically are currently encountering the same marvel that numerous different commercial enterprises have confronted in the past where numerous organizations have been compelled to attempt and reevaluate themselves even with difficulties in their business surroundings. One of the world's greatest pharmaceutical organizations, Pfizer have reported a potential merger with Allergan that would unite the producers of Viagra and Botox, making the world's biggest drugmaker.

Corporate management is complex as challenges are often diverse. The ability of the managers to maintain efficient performance and the ability to prove resilient to the management wrangles are considerable factors that make managers proficient (Yukl & Lepsinger, 2004). More frequently, controlling the top management officials where personal interests and professionalism are constant dilemmas often proves challenging (Yukl & Lepsinger, 2004). The case of Pfizer 's Palace Coup is among the cases that present significant management dilemmas. Pfizer is a global pharmaceutical firm.

The federal anti-kickback law prohibits offering anything of value in order to influence an individual’s decision to recommend, prescribe, endorse or purchase a healthcare product or service for ensuring healthcare provider’s treatment recommendation is not influenced by motives of personal gain. (Anti-Kickback Laws, p 17)

According to the reading Pfizer’s Drug-Testing Strategy in Nigeria in Chapter 4 of International Business (Hill, 2011), in 2006 it was determined that the world’s largest pharmaceutical company, Pfizer Inc, violated an international law by Nigerian officials. This is law made it illegal for unapproved drugs to be tested on human beings. The crime took place in 1996 when a test drug, Trovan, was given to nearly 100 children suffering from a deadly strain of meningitis. Five of the children given the drug died while 6 others died after receiving a comparison of the antibiotic. This case questions the ethics of decision making on Pfizer’s behalf. Though Pfizer obtained verbal consent from parents to administer Trovan to their children, all ground was not covered. There is an issue of falsified documentation, the omission of information (mainly that Trovan was experimental), and the disregard for the well-being of the children by not taking them off of the drug. Based on information presented in this case it is believed that Pfizer did not act ethically because the sick children’s best interest was not taken to heart.

Living in the United States of America can give us a false sense of comfort in our democratic system. At the core of the democracy system is the belief that the voice of the people, either directly or through representative, is the defining power within the country. Due to the freedom within our culture, our economy has grown at unprecedented rates and to levels that exceed almost all other countries. However, because of the growth and size of industry their voices are also being heard and followed within our democratic system. These massive companies have lobbying power and can directly impact this country’s economy in either a positive or negative manor. Therefore, it is critical that these large companies act in an ethical manor

The surge in revenues and development of product lines resulted in Pfizer moving to Manhatten in 1868 to support its rapid growth; the headquarters remained there for nearly a century. In 1880 Pfizer created citric acid and quickly becomes the leading product as Coca-Cola and Pepsi-Cola gain popularity and demand more of it. This marks another turning point in growth for Pfizer as citric acid launches this company into another market.

Pfizer Inc is the largest research based biomedical and pharmaceutical company in the world. Headquartered in New York, Pfizer has major research and development locations in England and the United States. Since its inception in 1849, the organization has remained dedicated to discovering and developing new and better ways to prevent and treat disease, while helping to improve health and well being for people around the world.

The followings are take ways from Pfizer’s primary business activities, stock market research and evaluation of the firm’s overall financial health of historical performance and current trend

Pfizer is a global pharmaceutical and consumer products company, which discovers, develops, manufactures, and markets medicines for humans and animals. The company consists of three SBU's (Strategic Business Units):

Pfizer, one of the largest pharmaceutical companies in the world, owned by CEO Ian C. Read has proven itself to be a controversial company as it headlines one of America’s largest industry. Making a huge revenue of over fifty billion dollars a year, the company dominates its industry here in the United States, second to none. Taken over in 2010 by Ian C. Read, the company has only grown and they continue to do that throughout 2017. Their journey to the top really began in 2000 when the company made their first major merge. Pfizer merged with Warner-Lambert, another company in the industry. 3 Years after that, Pfizer merged with Pharmacia and then in 2009 Wyeth. These three transactions made by Pfizer led them to skyrocket to the top of the food chain. With the company being so profitable in a controversial industry, Pfizer is often subject to various disputes and negative feelings toward the company. Pfizer has dealt with numerous lawsuits and have even been responsible for the deaths of many users who have used their products. Ian C. Read and Pfizer are “Robber Barons” due to these reasons.

Each and every year over 4.1 trillion dollars is spent globally on health services but yet 10-25 percent of public procurement spending is lost to corrupt practices (prezi.com). It’s estimated that over two billion people lack access to medicines globally. It brings me to the question is the pharmaceutical industry corrupt? Is it right for pharmaceutical companies to put profit over human lives? Especially when significance amount of funding comes from the taxes payers! To answer this question I’ll use the world’s largest and most successful pharmaceutical company Pfizer vision statement: