(Pfizer, Inc., 2009)
Another component that provides strength to Pfizer Inc. is its effective training and education program. As well Pfizer boasts effective lines of communication including an 'open door' policy allowing and encouraging colleagues to "discuss any issues, concerns, problems and suggestions with their mediate supervisor or other manager without fear of retaliation and with the assurance that the matter will be kept confidential. There are corporate compliance hotlines available which are anonymous in nature as well as a corporate compliance inquiry line. The Corporate Compliance Group "communicates with management about compliance matters. The development and implementation of compliance policy benefit substantially when colleagues at all management levels are engaged." (Pfizer, Inc., 2009)
Vital parts of the Corporate Compliance Program are internal monitoring and Auditing of business processes which also "provide an organization with the capacity to detect and prevent deviations that in certain circumstances can potentially engender compliance concerns. The Corporate Internal Audit team maintains responsibility for auditing the policies and procedures of the Corporate Compliance Program." (Pfizer, Inc. 2009)
Opportunities are identified as it is stated by Pfizer, Inc. that growing in importance are Managed Care Organizations (MCOs) as 249 million individuals in the U.S. are now participants in some type of managed care program. Therefore, Pfizer, Inc. has identified marketing prescription drugs to MCOs to be of primary importance in the future.
The work of Pierce, Demetrakakes, and Barry (2003) entitled: "Pfizer's Strategy is Good Medicine: Drug Packager of the Year" states that Pfizer Inc. "has deftly followed several paths to the pinnacle of the world's pharmaceutical market: acquiring leading competitors, developing blockbuster products, taking advantage of favorable regulations (often after lobbying for them).
Packaging has been an indispensable part of Pfizer's journey. That's why Food & Drug Packaging has named Pfizer its 2003 Drug Packager of the Year. Smooth integration of packaging operations has been integral to the absorption of Pharmacia, Warner-Lambert and other former rivals. Innovative packaging has sped the acceptance of over-the-counter medicine and consumer products like Listerine PocketPaks. Judicious presentation of physicians' samples has helped introduce new medicines and impart correct information about them to doctors and patients." (Pierce, Demetrakakes and Barry, 2003)
The large variety of products produced by Pfizer results in a demand for diversity in packaging and estimations are that the "number of stock keeping units (SKU) supported by sites within the U.S. numbers more than 2,500. With the acquisition of Pharmacia, more than 5,400 packaging bills of materials and 8,500 package specification revisions are revised annually in support of these SKUs." (Pierce, Demetrakakes, and Barry, 2003)
Pfizer's business is stated to be divided between over-the-counter and prescription products and it is stated that "beating the competition to market is a priority. But the time window differs dramatically between OTC and prescription medication." (Pierce, Demetrakakes, and Barry, 2003)
Prescription medication being marketed directly to consumers "via print and television ads, has been credited with enormously increasing pharmaceutical sales and profits. One study estimates that for every $1 the industry spends on direct-to-consumer advertising it gains $4.20 in sales." (Pierce, Demetrakakes, and Barry, 2003)
Stated as a vital link in the advertising process are physician samples and it is stated as well that "shelf appeal is as important in a doctor's office as in a drugstore." (Pierce, Demetrakakes, and Barry, 2003) it is stated by Pierce, Demetrakakes, and Barry that the integration of the packaging operations at Pfizer Inc. begins "on the people level." (Pierce, Demetrakakes, and Barry, 2003)
Ensuring safety throughout the supply chain is stated as "a vital function of packaging for all types of consumable products. Drugs are no exception." (Pierce, Demetrakakes, and Barry, 2003) One of biggest safety concerns is the "multiplicity of distribution channels. These channels include primary and secondary wholesalers, repackagers and the dispensing pharmacist." (Pierce, Demetrakakes, and Barry, 2003)
The packaging strategies at Pfizer Inc. are "determined by new technologies, many of which are introduced through machinery and material suppliers. Working with suppliers is key to the developing well designed functional packages and filling them efficiently." (Pierce, Demetrakakes, and Barry, 2003)
Pierce, Demetrakakes, and Barry state that "speed isn't the only thing Pfizer asks of its suppliers...Pfizer needs equipment that merges flexibility with high speeds for optimal efficiency. This is not always an easy task because where equipment may have high speeds, it may not have the required flexibility. And flexible machinery may not be capable of high speeds." (2003) Harmonization for Pfizer is likely to occur when they work with the same suppliers "over and over again because they know exactly what to...
The return on assets was 7.3% last year, up slightly from 7.1% the year before. Again, the metric has fluctuated and 7.3% is in the middle. These figures indicate that Pfizer's returns are about average. Aside from an unusually good year in 2007 with respect to their returns, the company is rangebound in terms of its managerial efficiency. Recapturing the 2007 successes would be more encouraging but at present there
business model canvas developed by Osterwalder and Pigneur in order to evaluate and diagnose Pfizer Inc. organizational model. This is done to provide recommendations for improvements as identified using the canvas model. Key areas of internal assessment include its products and services offerings, key resources, capabilities and competitive advantages. Key areas of external assessment include Porter's five forces, including but not limited to, key products, major competitors, new entry
JOHNSON & JOHNSON The Fundamental Analysis of Johnson & Johnson Inc. (J& J, 2005) Economic and Market Analysis Globalization Industry Analysis Company Analysis Brief History of the Company Analysis of Capital Asset Pricing Model Intrinsic Value Valuation Measures Trading Information Competitors Awards & Recognition Our modern business world consists of an extremely competitive global economy where manufactures search for opportunities to strategically reduce costs and increase market share and profitability. Historically, the most often chosen solution for holding down costs was to systematically reduce
Business Plan INSIGNIA SYSTEMS Insignia Systems, Inc. Business Plan The Business Profile: Insignia Systems, Inc. Business Description "Insignia Systems, Inc. markets, sells and supports in-store advertising and promotional products, programs and services designed to provide retailers and consumer goods manufacturers with highly effective in-store programs and point-of-purchase display materials" (Insignia Systems, 2012) Insignia is engaged in advertising to customers in a retail environment who may otherwise not see the product advertised. One of the slogans that
Bankruptcy of WomenFirst Health Care, Inc. Women First HealthCare, Inc. entered the American business scene in 1996 and its declared mission was to "to help midlife women make informed choices regarding their health care and to provide pharmaceutical products" and, additionally, to provide specific pharmaceutical products to meet the needs of women over forty years. In this sense, the company developed several products, including hormone treatments, meant to improve the life
Japanese-American Biopharmaceutical Industry in the 21st Century Optimizing Ethical Drug Availability Between These Two Pharmaceutical Superpowers" The Japanese-American biopharmaceutical industry represents an ongoing international effort between the two top pharmaceutical markets in the world. These two economic powers provide consumers with a majority share of all pharmaceuticals produced in the world. However, a number of pharmaceutical products that are currently available to U.S. residents are unavailable to Japanese consumers. From a humanitarian perspective, this
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now