W 2-Assi-HR
.docx
School
Government College University Faisalabad**We aren't endorsed by this school
Course
BBA 404
Subject
Management
Date
Dec 19, 2024
Pages
5
Uploaded by ColonelComputerQuetzal16
Ali Javaid AhmedAmerican National UniversityDeveloping Human ResourcesDr. Racquel Thompson-ElliottNovember 7, 2023
Strategic Analysis of Corporate Strategies and HRM Implications in the PharmaceuticalIndustryIntroductionThe pharmaceutical business is a highly competitive and dynamic sector marked by fasttechnology breakthroughs and constantly changing market needs. This paper focuses on threemajor pharmaceutical competitors: Pfizer, Johnson & Johnson, and Roche. We will investigatesignificant strategic concerns in the sector and evaluate the corporate strategies used by eachfirm. We will also talk about how these company strategies affect Human Resource Management(HRM) practices.OverviewKey Strategic Issues in the Pharmaceutical IndustryThe pharmaceutical industry faces several critical strategic issues:1. Research and Development (R&D) Costs:The development of new medications is both costly and time-consuming. Companiesmust devote significant resources to research and development while assuring a return oninvestment (Formica & Sartorio, 2018).2. Regulatory Compliance:The pharmaceutical sector is subject to tight regulatory scrutiny, with an emphasis onmedication safety and efficacy. To get product approvals, companies must traverse complicatedregulatory regimes (Pezeshkan et al., 2016).
3. Market Access:It is a big problem to gain market access for novel treatments and ensure that they reachpeople in need. Effective market entry methods must be used by businesses (Shabani et al.,2015).Key Strategic Issues for Pfizer, Johnson & Johnson, and Roche:Pfizer:R&D Innovation:Pfizer is recognized for its R&D innovation, and its strategy centers aroundextensively investing in research and development. The firm hopes to preserve a competitiveadvantage by developing a strong pipeline of novel medications (Formica & Sartorio, 2018).Johnson & Johnson:Diversification:The corporate strategy of Johnson & Johnson stresses diversification across thehealthcare spectrum. Pharmaceuticals, consumer healthcare, and medical equipment are allincluded (Pezeshkan et al., 2016).Roche:Biotechnology Focus:Roche has made significant investments in biotechnology and diagnosticsolutions. Shabani et al. (2015) state that the company's objective is to lead in specific treatmentareas and diagnostic technologies.Implications for HRM ProcessesThe corporate strategies of these pharmaceutical companies have significant implicationsfor HRM processes:
1. Talent Acquisition:Companies that focus on R&D, such as Pfizer, require highly skilled skills inbiotechnology and pharmaceutical research. In these industries, HRM must recruit, hire, andretain top personnel (Formica & Sartorio, 2018).2. Training and Development:Given the industry's dynamic nature, ongoing learning and growth are essential. To keepstaff up to speed on the newest technology and regulatory changes, HRM procedures mustprovide regular training.3. Diversity and Inclusion:Diversified corporate strategies, such as Johnson & Johnson, necessitate HRM promotingdiversity and inclusion in order to efficiently manage a diverse variety of healthcare companies(Shabani et al., 2015).4. Global Mobility:Pharmaceutical firms frequently operate on a worldwide basis. To support businessambitions of accessing multiple markets, HRM processes should promote foreign assignmentsand cross-border collaboration.ConclusionCorporate strategies in the highly competitive pharmaceutical sector focus on R&D,diversification, or specialized areas. These techniques have a substantial impact on humanresource management activities such as talent acquisition, training, diversity, and globalmobility. To effectively traverse the industry's complex challenges and opportunities, firms mustconnect HRM practices with their selected corporate strategy.
ReferencesFormica, S., & Sartorio, A. (2018). HRM and Competitive Advantage in the PharmaceuticalIndustry: The Mediating Role of Innovation. International Journal of Business andManagement, 13(1), 149-160.Pezeshkan, A., Ehsani, M., & Rezaie, A. (2016). Role of Human Resources in CompetitiveAdvantage in the Pharmaceutical Industry. World Academy of Science, Engineering, andTechnology, International Journal of Economics and Management Engineering, 10(4),1276-1281.Shabani, N., Safakhah, M., Mohammadi, M., & Khodamoradi, F. (2015). A ComprehensiveStudy of Strategic Human Resource Management and its Effect on OrganizationalPerformance: Case Study of Pharmaceutical Industry. Journal of Pharmaceutical Sciencesand Research, 7(4), 211-218.