Current Australian Pharmaceutical Industry - Strategies and Government Policies - Term Paper Example

Pharmaceutical Industry Name: Pharmaceutical Industry Course: Tutor: Institution: Date: Table of Contents 1.0 Brief Theories Outline 3 2.0 Current Position and Australian Pharmaceutical Industry Analysis 4 2.1 New Trade Theory Analysis 4 2.2 Porters Diamond Analysis 5 2.2.1 Factor Conditions 5 2.2.2 Demand Structure 7 3.0 Recommended Strategies and Government Policies 11 3.1 Technology Adoption Legal Framework 11 3.2 Increased Industry Funding 13 4.0 Conclusion 14 References 16 1.0 Brief Theories Outline International trade philosophy has grown and expanded in popularity in the recent past. Under this approach, organizations result to the adoption of a multinational approach to strategy and strategic management. Free international trade as advocated by the World trade organization (WTO) is characterized by the removal of all trade barriers. As such, multinational organizations can venture and invest in the foreign markets at no extra costs. However, a review of the adoption, implementation and the merits of free trade concept adoption has led to increased global challenges. In this regard, the economy has registered the development of sequential trade theories to explain and model the free trade implementation process. However, Zhang (2008, p.15) argued that each model and developed theory has had a share of its limitations. Among the most recent theories developed on this concept include the new trade theory and the porters’ diamond theory. The two theories share a similarity on their approach on international trade. The shared aspect between the two is their argument for selective involvement in the free international trade (Robertson, 2000, p.6). The new trade theory is an improvement of Ricardo’s absolute advantage theory. The theory holds that nations have varied production competencies. Such variances are derived from both natural and manmade factors and processes. For instance, while as some are endowed with a large pool of natural resources, others have large pools of qualified workforce that exploits the former high natural resource deposits. The theory holds that based on the present resources and production process, nations acquire reduced costs of production and competitiveness in the production of a product line or industry over others. Consequently, as Jomo and Fine (2005, p.54) argued, the theory holds that such increased production of the respective products offers the nations the economies of scale with increased mass production. In turn, this offers the respective nations a comparative advantage on the product production over other nations. The new trade theory holds that such nations should focus on the production of such products as well as improving their systems in the international free trade market. On the other hand, the porters’ diamond competitiveness theory was developed to identify the issues and factors influencing nation’s comparative advantage over others. In its review, the theory argues that national competitive advantages are based on a range of factors in the market. As such, it evaluates and singles out the demand structure, factor conditions, firm structure and strategies as well as the presence of related supporting industry. In its analysis, the theory argued that the presence of these factors in varied measures implicates on the overall industry and process is functioning in the market (Quinn and Quinn, 2007, p.22). In developing an industrial competitive edge, it is imperative to evaluate the industry situational conditions based on the above two theories. As such, in an effort to recommend strategic alternatives for enhancing increased competitiveness in the Australian pharmaceuticals industry, this report conducts an industry analysis based on the above theories perceptions and subsequently offers improvement recommendations. 2.0 Current Position and Australian Pharmaceutical Industry Analysis 2.1 New Trade Theory Analysis A review on the Australian pharmaceutical industry based on the new trade theory evaluates two key strategic aspects, one is the cost of production and the second is the systems efficiency. The report analysis focuses on an evaluation of the two industry aspects as they enhance the establishment of economies of scale in the long run. An industry’s economies of scale are not only dependent on the concept of mass production, but also on mass quality production (Yin, 2010, p.56). An evaluation of the industry’s cost of production reviews the overall direct and indirect costs incurred in the production and manufacturing of respective products. In the pharmaceutical industry costs of production include the raw materials acquisition costs, drugs manufacturing costs, as well as the product distribution costs. A review of the Australian pharmaceutical industry establishes that the industry has increasingly invested and focuses on the research and development industrial component. Through this approach, the industry has over the years developed alternative development and pharmaceutical production processes. Muscio (2006, p.292) conducted a study t evaluate the role of research and development (R&D) in an industrial growth process. The study establishes that R&D enhances increased innovations and the development of strategic alternatives in the market. Therefore, the adoption of this approach in the Australian pharmaceutical industry has resulted to increased development alternatives. Therefore, this has enabled the industry establish cost effective production measures allowing for increased cost efficiency in its production process. Such efficiency levels enhance the development of increased industrial competitive edge offering the industry increased enjoyment of the economies of scale. In addition, in the view of the new trade theory principles, the report evaluated the industrial efficiency levels and enhancement structures. Efficiency is an imperative tool towards the development and retention of a competitive edge as it enhances both reduced production costs and the production of quality products. A review of the Australian pharmaceutical industry efficiency levels establishes that the development and incorporation of new technology in pharmaceutical production enhanced increased efficiency. The review based the analysis on a study developed by Sohal (2000, p.444) argued that the Australian pharmaceuticals industry has registered increased technology adoption. Technology adoption in production enhances quality production through defects and errors reduction. Therefore, based on the six sigma analysis under the total quality management tools, reduction of defective pharmaceutical products in the Australian industry adds up to the industry competitive edge. In the long run this reduces on the cost of wasted and defective products, thus offering the industry increased economies of scale. However, it is apparent that despite the development and use of technology, the industry has failed to apply other quality management systems to regulate the quality. Therefore, this exposes a weakness in the industry as the quality is irregular and not guaranteed. In this regard, quality production is based on respective organizations, and it is not an overall industry practice. This significantly reduces the overall industry competitiveness in the global market. 2.2 Porters Diamond Analysis 2.2.1 Factor Conditions In evaluating the porters’ diamond competitive analysis, the report evaluated the Australian market and pharmaceutical industry factor conditions. This analysis was guided by the porter’s diamond analysis classification of factors. The model classifies factors into general and specialized. While as general factors are available to almost all industries and nations, specialized factors are unique and rare and often form the basis for the competitive edge. An industrial analysis on the Australian pharmaceutical industry established that the industry enjoys reduced market industrial conflicts. Industrial conflicts are either between employees and their employers or between peer employees. A study by Bergiel, Bergiel and Balsmeier (2008, p.101) established that increased industrial conflicts had increased negative implications that resulted to reduced employees productivity as well as compromise on produced quality. Therefore, it is important for industries to develop conflict resolution proactive strategies. A review on the Australian market establishes that the government has played a significant role in facilitating such reduced cases. As Salmon (2013, p.176) reports, the government serves as a mediator for industrial disputes. Due to its impartial status as well as the availability of qualified conflicts resolution staffs, the Australian government has resolved increased industrial conflicts prior to their evolving into industrial crisis. As such, the governments’ contribution in the market has enabled the pharmaceutical industry increase its overall productivity and competitiveness enhancing its global comparative advantage status. In addition, the report reviewed the presence of a trained and qualified workforce in the industry. As such, the review evaluated the nature and qualifications of the available workforce. Xierali (2013, p.1414) conducted a study to evaluate the distribution of practitioners in the medical related field, among them the pharmaceutical industry. The review established that the industry faces increased brain drain form the developing nations to the developed nations. As such, it established that the developing nations face an increased labour shortage in these fields due to reduced remunerations. However, as Hunt, Hunt and International Monetary Fund (2010, p.11) evidence, the Australian market is classified among the developed nations. This is apparent in the Nations GDP levels increasing by an average 11% yearly. As such, the Australian pharmaceutical industry has attractive remuneration packages. This has consequently enabled the industry develop and retain competent and experienced workforce. As such, this has enabled the industry attain increased quality and efficiency production. Therefore, this offers the industry an increased competitiveness over other industries in the developing nations that lack such qualified workforce. However, despite the increased presence of specialized factors in the Australian pharmaceutical industry, a review on the industry technology application and adoption reveals a number of weaknesses. The majorities of the industry organizations have established and apply technology in their production, storage and distribution. Consequently, this has enabled the organization attained increased quality production processes. However, a critical review on the industry establishes that the industry lacks an industrial framework for the application of these technological aspects and processes (Mirghani, Murray and Mohamed, 2010, p.752). Consequently, technology application is organizational based and not an industry policy. Thus, failure by some of the industry players to apply technology in their operations exposes the industry to the risk of poor quality pharmaceuticals. As such, this report concludes that this failure reduces on the overall Australian pharmaceuticals industry competitiveness in the global market. 2.2.2 Demand Structure The porters’ diamond competitive theory considers the demand structure as one of the diamond pillars implicating on the overall national comparative advantage development. In its analysis, the theory holds that the existing demand structure in an economy influences its competitiveness and expansion levels in the industry. As such, the industry competitiveness and the eventual success levels are determined by the overall demand rates as well as the structures. The theory argues that the existence of an increase local demand enhances an organizations international demand and expansion opportunities. Through local demands, organizations increase their production capacities consequently facilitating increased production capabilities development. As such, the organizations result to increased market success levels in the international markets. Increased organizational success on the local market facilitates the development of efficient production systems that serve as an imperative internationalization strategy in the industry (Golombek, Gjelsvik and Rosendahl, 1998, p.3). In addition, the theory holds that the sophistication and consumer orientation levels in the market determine the respective industries competitiveness. In an analysis, to evaluate the role of consumer orientation in facilitating increased organizational success, Murray, Gao and Kotabe (2011, p.254) established that it facilitated increased consumer satisfaction that bred loyalty and increased organizational and industry development. Therefore, the analysis established that through increased consumer orientation, organizations result to increased unique products development facilitating market niche identification that is an imperative approach in the global market competitiveness establishment. Therefore, based on this theoretical knowledge the report evaluated the Australian pharmaceutical industry demand structures in terms of the overall organizational demand and the consumer orientation approaches. On one hand, the analysis established that the industry faces increased pharmaceutical products demand. In this case, the increased pharmaceuticals demand can be attributed to both economic and socio-cultural aspects in the market. On one hand, economically, the market faces increased standards of living. As such, the majority of the society members can afford the conventional pharmaceutical products (“Australian Government Department of Industry”, 2014). As such, this has considerably increased the industry overall sales in the Australian market as an increased number acquire the potential and ability to procure such pharmaceutical products whose quality and performance are relatively high due to the adoption of continues improvement strategy adoption in the strategy, as well as the application of technology in the industrial operations. Therefore, this has increased the consumer base confidence on the Australian manufactures pharmaceuticals as well as enabling the supply of these products into the market at reduced costs. In addition, the study evaluated the concept of consumer orientation. In this regard, the evaluation established the increased application of the research and development approach in the products design development (Beynon and Porter, 2000, p.30). As such, it established that the industry was increasing adopting consumer orientation strategies. Through these research and development, the industry increasingly evaluated the consumer needs. In essence this is based on the concept of changing pharmaceutical needs due to medical industry changes such as mutations, emergence of new infections, as well as the cases of allergies for specific consumer bases. In addition, the analysis established that the government controls the design, and testing of new pharmaceutical products. In this regard, the Australian government, through the Health docket has developed a framework through which the pharmaceutical products are tested prior to their supply in the market enhancing the development of superior products that have facilitated their increased demands both locally and internationally. However, a critical review on this process establishes that the industry has no external independent regulatory organs other than the government testing facilities. Thus, this exposes the industry to the risk of increased products failure due to the lack of confirmatory independent organs testing facilities. 2.2.3 Supporting Industries An additional influencing factor in the porters’ diamond competitive analysis was established as the presence of supporting industries. In this case, the theory applied the argument on the requirements for economic development. Economic development is a wholesome process that incorporates a strategic combination of the performance of all other strategic issues in the industry. In this regard, economic performance and development is evaluated on the basis of the functioning and interconnection between the existing industries (Kang and Sakai, 2000, p.20). Similarly, industrial development and performance levels are evaluated on the basis of the industry harmony with other industries as well as the nature and extent to which the respective industry align and work with the others in the market to boost its functioning, productivity and quality. Therefore, based on this analysis, the report evaluated the Australian pharmaceutical industry supporting industry base and presence based on the industry strategic alliances as well as the nature and quality of the industrial suppliers supporting its performance and quality production. On one hand, a review on the organizational strategic alliance was based on studies alluding increased strategic alliances with industrial success through increased productivity and cost reductions as a result of efficiency enhancement. Research studies, such as the one developed by Chang, Chen and Lai (2008, p.274) established that the development of strategic alliances enable industries complement each other to overcome industrial based weaknesses. The study concluded that through alliances industries enhance the enjoyment of the economies of scale through shared increased production rates facilitating eventual costs reduction in the economy. Therefore, the study concluded that in order for industries to establish increased market competitiveness, it is imperative for them to adopt and develop such strategic alliances. Thus, the report evaluated the extent and nature of strategic alliances in the Australian pharmaceutical industry. The analysis established that the government has provided increased and efficient legal framework for the establishment of these strategic alliances. In this case, it established that the government has developed a legal framework through which such developed inter industrial alliances operate (O’Brien, Wakeham and Walsh, 1999). Consequently, the Pharmaceutical industry has increasingly invested in strategic inter industrial alliances with the healthcare facilities as well as distribution and logistics partners. As such, the industry enhances the distribution of its products at relatively reduced costs. In addition, the development of alliances with the healthcare facilities in the Australian market supports the industry research and development strategy. Through the alliances, the industries share information and patients’ data. The sharing enables the pharmaceutical industry determine and establish the medical trends in the market based on the common ailments as well as emerging market conditions in the industry. As a result, this has enabled the industry attain a competitive edge through the production and development of the required pharmaceuticals enabling it meet the market demands. In addition, a review on the industry structures establishes that the Australian pharmaceutical industry has developed a strong supply chain management base. As such, the market utilizes these supply chain partners to avail its products in the market as well as acquire market feedback (Zhang, 2007, p.104). Therefore, it is apparent that the existence of strong supply channels, as well as well established supporting industries in the Australian market, enables the pharmaceutical industry increase its overall competitiveness in the global market offering it a national comparative advantage over others. 2.2.4 Firm Strategy Structures and Rivalry A final determinant factor in the porters’ diamond competitive analysis is the firm strategy structure and rivalry. As such, the evaluation determines the respective structures and approaches through which the firms develop strategic development approaches in the market. Through the respective firms’ strategies in the market, the industry develops its strategic advantage. The firms serve as the building blocks that facilitate increased market success by the respective industries. In its analysis, the theory argued that the level of competition, firm structures as the nature and extent of operations in the market. Therefore, based on this analysis, the report evaluated the Australian pharmaceutical industry on the basis of its competition levels, corporate cultures well as the extent and nature of technology adoption in the industry. Benrimoj and Frommer (2004, p.241) developed a study evaluating the Australian pharmaceutical industry competition levels. The study evaluated the number of stakeholders in the industry. In its analysis, the study established that the market enjoyed an increased competition levels due to its perceived current and future growth potentials. As such, the majority of investors both local and international have resulted to increased investment in the economy. As such, this has increased the market supply facilitating the adoption of unique strategic competitive approaches. Bottom line, the organizations, have resulted to increased competitive levels through production efficiencies and reduced costs of production. Z and Cavusgil (1997, p.67) evaluated the role of competition towards an industry development. In its analysis, the study suggested that increased competition facilitated increased innovation as well as quality improvements in the respective industries. A review on the Australian pharmaceutical industry establishes that the industry has increased its overall competitiveness through increased innovation processes. Thus, the industry has established a competitive edge in the market through increased innovation facilitating overall national advantage over others in the market. In addition, the report reviews the concept of technology application in the market. Thatcher and Oliver (2001, p.19) argued that increased technology adoption in an industry facilitates increased production efficiency offering organizations market competitive edges. An evaluation on the Australian industry reveals that the industry is yet fully to adopt the technology in its operations. This reveals that the market has no established technology framework and application is based on the respective organizations frameworks. Therefore, the analysis establishes that the industry has a weakness in technology adoption necessitating the need for the development of policies and legal framework by the Australian government to make technology adoption a policy. 3.0 Recommended Strategies and Government Policies Based on the new trade theory and porters diamond competitive analysis on the Australian pharmaceutical market, this report develops two strategic improvements alternatives. In essence, these recommendations are based on the analysis that the government plays a significant role in developing and sustaining a national competitive advantage. In this case, this report argues that the Australian government has a strategic role to improve the pharmaceutical industry competitiveness in the global market. As such, the report recommends the establishment of the legal framework for technology adoption as well as increased budgetary funding on the industry. 3.1 Technology Adoption Legal Framework The report analysis establishes a major weakness in the Australian pharmaceutical industry as the lack of technology adoption. Although the review establishes that a number of the organizations adopt technology in their operations, it is apparent that the market lacks a legal implementation framework for technology application. As such, technology application is currently not an industry process and requirement. Consequently, this has resulted to increased quality fluctuations. Studies developed in the pharmaceutical industry illustrate that technology adoption is an imperative towards increased market success. Such a study is the review developed by Zhi-dong, Shu-shen, Yun, Yong and Li (2011, p.197). The study evaluated the role and merits of technology adoption in production of the pharmaceutical products. In its analysis, the study established that through technology adoption the respective organizations enhanced quality production at reduced costs. In addition, Bhakoo and Chan (2011, p.184) evaluated the role of technology in pharmaceutical industry supply chain and distribution. In its analysis, it established that the majority of the products require special storage and transportation conditions in order to retain their functionality as well as quality. Therefore, the studies argued that technology adoption was an imperative towards enhancing the retention of these conditions. Apparently, the Australian pharmacy industry relies on individual organizations decision to adopt the technology in their operations. As such, the industry faces quality fluctuations. This report concludes that quality fluctuations in any industry are a major negation from the desire market competitive levels (Weckert, Lucas and Selgelid, 2013, p.239). This is because, the consumer bases looses trust and confidence in an industry whose products quality is not guaranteed. Instead, such a consumer base results to increased adoption of alternative industry products in search of quality guarantee. Therefore, it is clear that the Australian market looses a great deal of its competitiveness for the lack of technology adoption framework. As Karsten and Kees (2005, p.238) argued, the government has a role to play in facilitating respective industries competitiveness. As such, this report recommends that the Australian government, in collaboration with other stakeholders such as the organizations and consumer groups, should develop a policy for technology adoption. Such a policy should among other issues address the need for organizations seeking to venture into the industry to conform to minimum technology standards. As such the government should besides the legal registration requirements for the pharmaceutical organizations, incorporate a technology compliance requirement. Such a requirement should consequently form part of the pre establishment evaluation tool for the issuance of operational license in the industry. In addition, in order to promote increased conformance to these requirements, the developed policy should provide a legal framework for continuous inspection of the existing organizations operations. Those none confirming to the set rules, operational licenses should be withdrawn and legal penalty measures enacted. Through the adoption of this strategic approach, this report argues that the government will facilitate increased technology conformance in the Australian pharmaceutical industry. Consequently, this will enhance quality consistency, a virtual bound to significantly increase the overall industry competitiveness through quality and efficiency enhancement. In order to facilitate this recommendation successful implementation, the government should constitute a technology compliance team for the industry to be charged with inspection and action recommendation to the respective authorities in the industry. 3.2 Increased Industry Funding The report analysis on the pharmaceutical industry establishes that research and development are imperative approaches towards increased industry innovation. As such, the analysis establishes that the market faces increased need for innovation in order to retain a competitive edge on the global platform. As evidenced in the analyzed literature, the medical industry experiences increased market needs changes with increased mutations as well as the emergence of new disease strains. Therefore, the pharmaceutical industry, as the medical branch charged with the responsibility of developing appropriate medical drugs must continuous innovates and develops new products. Studies such as the one developed by Holtzman (2008, p.1038) argued that increased innovation is based on the presence of appropriate research and development tools. The study argued that organizations obtain data from the research in order to develop an appropriate product reflecting and meeting the market needs in the industry. Therefore, in order to facilitate innovation, the study concluded that research was paramount. However, industrial research, especially in the medical field is an increasingly expensive venture. As such, the processes require increased capital investments. Unfortunately, although the Australian pharmaceutical industry has enough capital investments, it lacks sufficient capacity to develop enough research studies in the market. Therefore, this has over the years served a major setback to innovations in the industry. Primarily, the industry relies on its strategic alliances and the support of the supporting industries such as the healthcare facilities as their main research samples. As such, they rely on medical records developed by these organizations to formulate pharmaceutical's development decisions. Although such records represent important medical analysis on the society, they are not comprehensive. They fail to offer an analysis of individuals who failed to seek medical care. In addition, the approach is a secondary data collection approach. Thus, it exposes the industry onto the risks of data collection bias where mistakes and bias on the recorded data may spill onto the development of inappropriate products that fail to meet the overall market demands (Sparrow, 2014). This report establishes that the Australian government has a role to play in helping the pharmaceutical industry overcome this challenge. As such, the report recommends that the government should consider facilitating research in the industry. This can be achieved through two strategic approaches. On one hand, the government can enhance research through offering technical support to the industry. Such supports include availing staff to aid the respective organizations in their research process. In addition, the government can offer training facilities through which the organizational research functions are trained to enlarge their capacity for quality data collection (Nargundkar, 2008, p.37). On the other hand, the government can offer funds to the respective organizations in order to increase their potential and capability for quality and comprehensive research conducting. 4.0 Conclusion The above analysis is based on the concepts of new trade theory as well as the porters’ diamond competitive analysis. Based on the above analysis, it is apparent that the Australian pharmaceuticals industry offers the national competitive advantage. Based on the new trade theory analysis, the report establishes that the industry has established economies of scale in production based on production costs as well as efficiency levels. The review establishes that increased market competition, as well as the adoption of the research and development approach, has increased the industry cost effective production measures. In addition, the review establishes that the industry increased competition has resulted to increased innovation as well as improved efficiency levels. Therefore, based on the analysis, the report concludes that the industry attains a national competitive advantage in the Australian market. Consequently, the industry can be relied upon to promote the national comparative advantage in the international market. On the other hand, a porter’s diamond analysis establishes that the industry offers an increased competitiveness both locally and internationally as compared to other industries. On one hand, a factors analysis establishes that the industry has a large pool of both capital and human resources. The Australian market has steadily increased its overall GDP levels resulting to the eventual development and availability of investment capital into the industry. In addition, the high GDP levels enable the industry remunerate the workforce enhancing industry attractiveness. As a result, this has enabled the Australian pharmaceutical industry retain a qualified workforce promoting its quality and competitive levels. In addition, the review establishes that the industry has increased demand as well as the presence of strategic alliances with supporting industries in the Australian market due to increased infrastructural development. Finally, the review establishes that the industry has an increased intra industrial competition. However, technology adoption is singled out in the analysis as a major challenge in the market. In order to overcome these challenges, the report recommends that the Australian government should adopt a series of strategic approaches to boost the overall market competitiveness. In this case, the report recommends the adoption of two key strategic approaches, namely technology adoption legal framework as well as increased government funding respectively. This report establishes that with the adoption of the recommended strategic options, the Australian market can focus on the pharmaceutical industry as its main competitive edge in the international market. 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