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PHARMA CORPORATIONS PHARMA CORPORATIONS Introduction

   

Added on  2019-10-18

21 Pages4911 Words500 Views
PHARMA CORPORATIONS

Table of ContentsIntroduction......................................................................................................................................2Answer 1..........................................................................................................................................31.1Risk Associated with Pharmaceutical Research...............................................................31.2Opportunities Associated with Pharmaceutical Research.................................................41.3Current Managerial Techniques........................................................................................5Answer 2..........................................................................................................................................62.1 Latest Practices of Change Management...............................................................................62.2 Latest Practices of Innovation Management..........................................................................7Answer 3..........................................................................................................................................8Answer 4........................................................................................................................................104.1 Pharmacorp Organizational Structure:.................................................................................104.2 Pharmacorp Organizational Culture:...................................................................................114.3 Pharmacorp Organizational Human Resources...................................................................114.4 Pharmacorp Technology......................................................................................................12Answer 5........................................................................................................................................125.1 Principles of Project Management.......................................................................................125.2 Dynamics of encouraging innovation..................................................................................135.3 Innovation Risk Management:.............................................................................................14Answer 6........................................................................................................................................15Conclusion/ Recommendation:......................................................................................................16References......................................................................................................................................181

IntroductionPharma Corporation is considered as the growing Pharmaceutical organizations which isspecialized in producing innovative Pharmaceutical products on the global basis. Change andInnovation management play a vital role in the success of the organizations. Pharma Corporationhas been growing at record levels in current years, but now it has various opportunities to expandin a number of fields. These are considered as a leader of the world in manufacturing high-quality generic medicines which help these organizations to rapid growth in the market.Pharmaceutical sector is contributing a large amount to country. In addition to it, the governmentalso plays an important role in the success of the Pharma Sector (Braithwaite, 2013). Thegovernment of different countries is developing attractive policies for the success of theseorganizations. The main aim of the government is to develop hospitals, improving the quality ofpharmaceutical products, and boosting local access to healthcare. For growing in theenvironment the organizations mostly focus on technological innovation which makes themseparate from their existing competitors. Technological innovation has become mandatory forevery organization to survive in the challenging environment. Organizations should struggle tomaintain and achieve competitive advantage. Current trends like globalization, greatercompetition, technology fusion, product modernization, and fast product-cycle times havebecome very crucial for the growth of pharmaceutical organizations. The foundation ofcompetitive advantage in the market largely depends on successful innovations of theorganization. The pharmaceutical organizations spend more in conducting research for buildingthe innovative products. These organizations are producing such products which make the life ofa human being very easier. They are mainly producing medicines, food ingredients, andintermediate chemistry (Brown, 2015). The organizations are dealing with a broad portfolio of2

materials through which they use automotive and electronic designs while manufacture life-improving medical and various other products. The main aim of these organizations behindconducting the business is to help customers in getting success by providing them differentinnovative solution. They introduce various new ideas for serving their customers in a significantmanner. These organizations are managing a global network of commercial offices, technicalcenters and also manage the additional strategic affiliate production services. The technologiesleading to drug development and discovery are at the limits of the human knowledge. The bigsize of the organizations brings various complexities of their technologies and processes. Inaddition to it, there is a growing technical capability to provide personalized medicine. All thisprovides various opportunities for organizations to target smaller patients group. Pharmacorporations should focus on establishing relevant business strategies for achieving competitiveadvantage in the market.Answer 11.1Risk Associated with Pharmaceutical ResearchConducting Pharmaceutical Research is considered very risky for the organizations. It includesfollowing risks:1.Impulsive Nature of Reimbursement and Pricing: Policies of the government keeps onchanging year by year. The government of different countries exercises strict control overprices of pharmaceutical products by using a broad range of cost-containment measures.This influences the functioning of pharmaceutical organizations in an effective manner(Khanna, 2012).2.Volatility during Regulatory Review: It is necessary for the organizations to generateincreasing amount of data after and before the approval of a new medicine becomes a3

strong risk to pharmaceutical research. Government introduces various regulatory waysto measure the quality of products. This will not be static it is continuously changing asper the innovation of products.3.Cost-effectiveness: It is crucial for the organization to determine further time and dollarsin cost-effectiveness studies because there are no predetermined set of measures by thepayers and the industry (Li, 2014). Measuring the Cost-efficiency is considered animportant task for the organizations to stop ever-increasing healthcare costs.Organizations should adopt efficient standards to measure the cost-effectiveness of theirproducts.1.2 Opportunities Associated with Pharmaceutical ResearchThe important opportunities for the organizations to growing in Pharmaceutical industry are inthe following areas:Generics: Global Generics market is growing continuously.If the organizationsproducing generic drugs at lower costs, it will provide them an edge over other genericproduction organizations. The world biggest pharmaceutical market is in U.S. People ofU.S consuming generic products in high quantity. This will give them the opportunity toexpand itself in the other areas of the world by producing high-quality generic products.Biotechnology Generics: Organizations of China and India could be the first tointroduce biogenerics to the regulated markets and faster than expected. The demand forbiogenerics products is enhancing nowadays. It was estimated that biogeneric productsaccounted for 12 % of global pharmaceutical sales during 2008 or about $ 50 billion inglobal sales for the year (Gassmann, 2013). Introducing biogenerics products is4

considered a big opportunity for pharmaceutical organizations to grow itself in thecompetitive market.Contract Manufacturing: It is considered as a growing sector of the pharmaceuticalsector. Organizations can enhance their size by focusing on contract manufacturing(Haddad, 2014). If the organizations adopted contract manufacturing, they could supplyactive ingredients to their potential customers. This helps the organization in conductingefficient clinical or preclinical trials in an effective manner.1.3Current Managerial Techniques There can be various managerial techniques for managing the risks and opportunities. In theprevious time, the techniques utilized for minimizing the risk seems irrelevant today. As pergrowth in technology, the risk level is also enhancing, and its management is also donethrough innovative ways. There are some techniques which currently used for managing riskand opportunities:Pre-Clinical: The organizations should measure preclinical requirements regularly.By using Preclinical techniques, the organization is able to calculate predictive valuesof the available risk (Phan, 2016). This will enforce the organization to perform case-control studies on marketed drugs. Clinical: The organizations should support and promote clinical research to determinethe best solution. In conducting the clinical research to find the solutions, thequalified staff is essential for the organizations because it requires high skill personsto conducted research.Post Marketing: The organizations should pay attention towards past marketing. Theyshould conduct smaller and shorter clinical trials which help the organization in5

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