Management Principles in the Pharmaceutical Industry

Running head: MANAGEMENT
Management principles
Name of the student
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Executive summary
In this study, it has been identified that the competitive trends in the global pharmaceutical
industry, it can be said that based on the intensity of research and development practices the drug
development process gets influenced. In case of generating the high revenue, the price
maximization has become common in the pharmaceutical industry. Increasing growth
opportunities in the market, it has become highly challenging for the pharmaceutical companies
to survive in the competitive business environment. In case of generating the high revenue, the
price maximization has become common in the pharmaceutical industry. Analyzing the
Australian Pharmaceutical industry it has been identified that highly insensitive competition in
the particular industry, various challenges have been aroused in the particular industry.

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Table of contents
Introduction......................................................................................................................................3
Identification of issues in the competitive pharmaceutical industry...............................................3
Comparative analysis of Priceline, Chemist Warehouse and Amcal’s operations..........................6
Critical and futuristically analysis of the most profitable pharmaceutical company in Australia
2022.................................................................................................................................................6
Evaluation of suggested solutions for overcoming the issues.........................................................7
Recommendation with action plan..................................................................................................8
Conclusion.......................................................................................................................................9
Reference list and bibliography.....................................................................................................10

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Introduction
In the current business scenario, pharmaceutical industry is being considered as one of the
important knowledge intensive and highly globalized industries (Thai, Vitry & Moss, 2014). In
case of both the developing and developed countries, the development priorities are influencing
the currently influencing the competitive factors in the particular industry. Analyzing the
competitive trends in the global pharmaceutical industry, it can be said that based on the intensity
of research and development practices the drug development process gets influenced. In case of
generating the high revenue, the price maximization has become common in the pharmaceutical
industry (Steinhauer et al., 2019). Analyzing the Australian Pharmaceutical industry it has been
identified that highly insensitive competition in the particular industry, various challenges have
been aroused in the particular industry. Amcal, Chemist warehouse and Priceline are the popular
names in the Australian pharmaceutical industry, which are dealing with the high market
challenges due to intensive competitiveness in the market.
The purpose of the study is to shed light on different management theories in order to relate the
situational impacts on the companies. The strategic initiatives which have been adopted by these
organizations have been critically compared in case of identifying the most profitable
pharmaceutical company in Australia within coming 2022. The report has shed light on the
evaluation processes of strategic initiatives in the companies and introduced and effective action
plan. At the end of this study, the measurable recommendations have been introduced in this
report.