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Strategy and Transformation - Essay Example

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Pfizer Incorporated Introduction Pfizer incorporated is a multinational pharmaceutical company that is based in New York City, which deals with the drugs of both animals and humans. The company was founded in 1849 and it has headquarters in Midtown Manhattan, in New York City…
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Strategy and Transformation
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Download file to see previous pages The company has been listed on the New York Stock Exchange, listed on the Dow Jones Industrial Average on April 8, 2004 and appears on the S&P 500 Component. Pfizer revenue for the year ending 2011 amounted to $67.425 billion, while the operating income was $8.739 billion in the same fiscal year. During the same year, the company’s net income amounted to $10.009 billion while the total assets and equity amounted to $188.002 and $82.190 billion respectively. The company employs a great number of employees who totaled to 103,700 by the year 2011. Pfizer Company also has a number of subsidiaries, which include, Agouron Pharmaceuticals, G. D. Searle & Company, Greenstone, Parke-Davis, Pharmacia, Upjohn, Warner Lambert, and Wyeth. However, this giant firm has faced a number of challenges in the last few years. In the year 2009, the company pleaded guilty of health care fraud that was the largest fraud case ever to be heard in the US. It also received the largest criminal penalty ever levied because of illegal marketing of four of its drugs, which included Bextra, Geodon, Zyvox, and Lyrica. The company was called a repeat offender since it was its fourth such settlement with the US department of Justice in the last decade. That year, the company agreed to purchase Wyeth, a large pharmaceutical company, for $US$ 68billion. Cash, shares, and loans financed this deal. The completion of this purchase was finalized in October 15, 2009. These challenges have forced the company to think of strategic decisions that will enable the company achieve its vision, mission, objectives, short-term, and long-term goals. Strategic Uncertainties Facing Pfizer Pfizer Company faces a number of uncertainties, which are also facing various pharmaceutical firms. The modern pharmaceutical market place is characterized by change and uncertainty. Pfizer is facing a tough road ahead in its future markets with some of its major products facing patent rights expiration. Additionally, its new drugs are not replacing the ageing products. The approval by NMEs is declining and the development and commercialization cost continues to increase at a high rate. There is an increasing pressure in the pharmaceutical industry due to the increasing competitive pressure and cutthroat rate of spending. This rate of spending cannot continue at infinitum. Pharmaceutical will linger on being the most cost effective health care intervention initiative and the market for its products will always continue to exist and expand as people and animals increases. Emerging trends in the pharmaceutical industry will persist and others will need to be transformed in order to cope with the modern changes. Some of the strategic uncertainties that the Pfizer are the changing landscape of the pharmaceutical industry. This is happening because the contemporary state of pharmaceutical industry is not good. A recent research has indicated that the current US prescription drug sales indicate growth of only 4% whereas the wholesale grew by only 3.8%. This is low increase compared to the previous years since 1961. It shows a slow growth rate that means, with the increase in the number of pharmaceutical firm, the market will increase more division and therefore, minimal sales. Pfizer has shown these trends by making changes, which will respond to the unfolding pressure in the industry. Pfizer has been forced by this circumstance by resting off workers in order to focus on the therapeutic areas and respond ...Download file to see next pagesRead More
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