Merck Business Analysis
Merck: Business Analysis
Merck is a flourishing research-driven pharmaceutical company, which discovers, develops, manufacturers, and promotes an extensive variety of human and animal health products. Although Merck is one of the biggest pharmaceutical companies of the world, they still come across problems today while striving to sustain a lead against its competition. Merck has achieved success with its lengthy history of breakthrough drugs and the development of three significant pharmaceutical products: antibiotics, vitamins, and hormones. Merck’s success relies heavily on its management and how they modify the business model in place to that of the ever-changing economy.
Influence of Economic Trends
The global pharmaceutical market is likely to undergo a wide variety of changes with new competition arising in India, China, Malaysia, South Korea, and Indonesia. This new competition has a growing economy and has made a difference between the product cost and disposable income of consumers. According to NASDAQ (2011),“ Global pharmaceutical market sales are expected to grow at a 4-7% through the year 2013 largely being driven by the growing access to health care in emerging economic regions” (para. 2-5). Short-term growth within this area is stimulated by the United States market, as it continues to be the largest pharmaceutical market in the world. A focal point on research and development in special drugs and generic drugs will remain a strong means to meet 2011 goals of earning $315 billion dollar in sales within the United States.
Strategies
Merck & Co., Inc. has outlined its long-term strategic goals in how the company devises to develop and market medicines and vaccines worldwide. Merck plans to enhance the value of its medicines and vaccines through lifecycle management and will put time into implementing internal and external growth opportunities such as regional business expansion. The company also plans to obtain additional growth from
Merck is a flourishing research-driven pharmaceutical company, which discovers, develops, manufacturers, and promotes an extensive variety of human and animal health products. Although Merck is one of the biggest pharmaceutical companies of the world, they still come across problems today while striving to sustain a lead against its competition. Merck has achieved success with its lengthy history of breakthrough drugs and the development of three significant pharmaceutical products: antibiotics, vitamins, and hormones. Merck’s success relies heavily on its management and how they modify the business model in place to that of the ever-changing economy.
Influence of Economic Trends
The global pharmaceutical market is likely to undergo a wide variety of changes with new competition arising in India, China, Malaysia, South Korea, and Indonesia. This new competition has a growing economy and has made a difference between the product cost and disposable income of consumers. According to NASDAQ (2011),“ Global pharmaceutical market sales are expected to grow at a 4-7% through the year 2013 largely being driven by the growing access to health care in emerging economic regions” (para. 2-5). Short-term growth within this area is stimulated by the United States market, as it continues to be the largest pharmaceutical market in the world. A focal point on research and development in special drugs and generic drugs will remain a strong means to meet 2011 goals of earning $315 billion dollar in sales within the United States.
Strategies
Merck & Co., Inc. has outlined its long-term strategic goals in how the company devises to develop and market medicines and vaccines worldwide. Merck plans to enhance the value of its medicines and vaccines through lifecycle management and will put time into implementing internal and external growth opportunities such as regional business expansion. The company also plans to obtain additional growth from
References: Drug Discovery & Development. (2011). Merck Outlines Long-Term Prospects and Progress on Strategic Plan. Retrieved from http://www.dddmag.com/news-Merck-Outlines-Long-Term-Prospects.aspx Merck & Co., Inc. (2009-2011). Career Choices: Human Resources. Retrieved from http://www.merck.com/careers/explore-careers/career-choices/human-resources.html Merck & Co., Inc. (2009-2011). Employee Diversity. Retrieved from http://www.merck.com/about/how-we-operate/diversity/employee-diversity.html NASDAQ. (2011). Global conditions to influence pharmaceuticals – Industry report featuring OXiGENE and Merck & Co., Inc.. Retrieved from http://www.nasdaq.com/aspx/company-news-story.aspx Scheller, A. (April 2011). Merck chairman discusses corporate responsibility at speaker series. Kogod News. Retrieved from http://www.american.edu/kogod/news/20110324_ksb_richard_clark.cfm Shetty, N. (January 2011). Human Resource Management of Merck and Company [MP GURU]. Message posted to http://www.managementparadise.com/forums/human-resources-management-h-r/214262-human-resource-management-merck-company.html Van Arnum, P. (2008). Merck makes strides in executing a new supply strategy. Pharmaceutical Technology Sourcing and Management, 4(1). Retrieved from http://pharmatech.findpharma.com/pharmtech/Ingredietns+Article/Merck-Makes-Strides-in-Executing-a-New-Supply-Strategy