Pfizer Pharmaceutical Company, Essay Example

Effects of Globalization on Pfizer

Pfizer pharmaceutical company is one of the biggest companies in the world. It ranks number one in the sales of pharmaceuticals products. Pfizer pharmaceutical is based in the New York City while its research headquarters are based in Groton, Connecticut. Pfizer’s leadership team brings together its top leaders to focus on the major strategic, financial and the operational decisions of the company. As a road map towards its future as well as maximizing new opportunities in the biomedical research, Pfizer has created two research organizations. They include Bio Therapeutics Research & Development Group which focuses on the research of large molecule that includes vaccines. The other organization is Pharma Therapeutics Research & Development Group that focuses on small molecules and related modalities discovery (Gary, 2001).

Pfizer has developed a commercial operating system that is enhanced, to enable it survive in the global world. It has nine diverse businesses in health care. They include primary care, emerging markets, consumer health care, specialty care, oncology, established products, nutrition, animal health and capsugel. Each and every business is led by an executive who is accountable for that business. Each and every business is provided with adequate resources to enable them pursue the opportunities of attractive growth as well as delivering benefits to those who rely on the company around the world (Charles, 2008).

Having that structure in place, the Pfizer pharmaceutical is capitalizing very rapidly on the opportunities in advancing its business by increasing support in new medicines success. It is also able to forge the partnership with the key customers, investing in the new technologies in adding value to the products and entering into licensing agreement and co-promotion as well as acquiring of the new services and the products outside the company.

Globalization being a process where people around the world are made to be a single society, involves combining technological, economic, political and socio-cultural forces. In 1992, Pfizer was first U.S. Company to establish a department of corporate governance. This department considers the stakeholders perspectives in the decisions of the company concerning emerging and also current social, political and policy issues. Towards implementing commitment by employees, the company has developed business conduct policies. Pfizer pharmaceutical has increased its production of products and increasing new brands of pharmaceutical products in the market.

There has been increased focus on the improvement of business and increasing transparency in its operations. It is working in partnership with everyone involved in its business from employees, stakeholders, management and world government and non-governmental organizations. The management aspect has been the key area of enhancing the business hence increased focus on the management sector. This has led to establishment of several small groups of management which are led by executive who gives all the information regarding the products information to its accessibility to the patients. This has enabled the Pfizer to thrive in the pharmaceutical industry. This trend and culture is expected to be used even in future as its results are seen to bear fruits to the company, this will enable the company towards increasing its share in the global market (Pfizer, 2009).

The management aspect is seen to have played a great role towards the development of the Pfizer Company. However, other areas like new innovations are also being used in the establishment of the company’s business, these include coming up with the new products and shift in the production patterns or systems.

Globalization has enabled the Pfizer to be able to penetrate the global market s and society due to the tactics it has established to enable it to survive. The company has been enabled to trade all over the world due to globalization and its well management structure.

References

Charles, W. (2008). Global business today. New York: McGraw-Hill Irwin.

Gary, H. (2001). Hoover’s Handbook of American Business, Volume 1. California: Hoover’s Business Press.

Pfizer. (2009, July). Pfizer Leadership and Structure. Retrieved March 1, 2010, from http://www.pfizer.com/about/leadership_and_structure/leadership_structure.jsp