Report Writing on Pharmacorp Assignment

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Requirement

Write a report on Pharmacorp.

Solution

Introduction

Pharmacorp is considered as a growing Pharmaceutical organization which is specialized in producing innovative Pharmaceutical products on the global basis. Change and Innovation management play a vital role in the success of the organization. Pharmacorp has been growing at record levels in current years, but now it has various opportunities to expand itself in a number of fields. It is considered as a leader of the world in manufacturing high-quality generic medicines which help it to grow rapidly in the market. Pharmacorp is contributing a large amount of GDP of a country. In addition to it, the government also play an important role in the success of the Pharma Sector (Braithwaite, 2013). The government of different countries is developing attractive policies for the success of these organizations. The main aim of the government is to develop hospitals, improving the quality of pharmaceutical products, and boosting local access to healthcare. For growing in the environment the organization mostly focusing on technological innovation which makes it separate from its existing competitors. Technological innovation has become mandatory for every organization to survive in the challenging environment. Organization should struggle to maintain and achieve competitive advantage. Current trends like globalization, greater competition, technology fusion, product modernization, and fast product-cycle times have become very crucial for the growth of Pharmacorp. The foundation of competitive advantage in the market largely depends on successful innovations of the organization. The Pharmacorp spent more in conducting research for building the innovative products. It is producing such products which make the life of a human being very easier. It is producing medicines, food ingredients, and intermediate chemistry (Brown, 2015). The organization is dealing with a broad portfolio of materials through which it used automotive and electronic designs while manufacturing life-improving medical and various other products. The main motive of the organization behind conducting the business is to help customers in getting success by providing them different innovative solutions. It introduces various new ideas for serving its customers in a significant manner. Pharmacorp is managing a global network of commercial offices, technical centers and also manage the additional strategic affiliate production services. The technologies leading to drug development and discovery are at the limits of the human knowledge. The big size of the organization brings various complexities of their technologies and processes. In addition to it, there is a growing technical capability to provide personalized medicine. All this provides various opportunities for the organization to target smaller patients group. Pharmacorp should focus on establishing relevant business strategies for achieving competitive advantage in the market.

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1.1 Risk Associated with Pharmaceutical Research

Conducting Pharmaceutical Research is considered very risky for the organization. It includes following risks:

  • 1. Impulsive Nature of Reimbursement and Pricing: Policies of the government keeps on changing year by year. The government of different countries exercises strict control over prices of pharmaceutical products by using a broad range of cost-containment measures. This influences the functioning of Pharmacorp in an effective manner (Khanna, 2012).

  • 2. Volatility during Regulatory Review: It is necessary for the organization to generate increasing amount of data after and before the approval of a new medicine becomes a strong risk to pharmaceutical research. Government introduces various regulatory ways to measure the quality of products. This will not be static it is continuously changing as per the innovation of products.

  • 3. Cost-effectiveness: It is crucial for the organization to determine further time and dollars in cost-effectiveness studies because there are no predetermined set of measures by the payers and the industry (Li, 2014). Measuring the Cost-efficiency is considered an important task for the organization to stop ever-increasing healthcare costs. Organization should adopt efficient standards to measure the cost-effectiveness of its products.

1.2  Opportunities Associated with Pharmaceutical Research

The important opportunities for the organization to growing in Pharmaceutical industry are in the following areas:

  • Generics: Global Generics market is growing continuously. If the organization is producing generic drugs at lower costs, it will provide it an edge over other generic production organizations. The world biggest pharmaceutical market is in U.S. People of U.S consuming generic products in high quantity. This will give it the opportunity to expand 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 to introduce biogenerics to the regulated markets and faster than expected. The demand for biogenerics products is enhancing nowadays. It was estimated that biogeneric products accounted for 12 % of global pharmaceutical sales during 2008 or about $ 50 billion in global sales for the year (Gassmann, 2013). Introducing biogenerics products is considered a big opportunity for Pharmacorp to grow itself in the competitive market.

  • Contract Manufacturing: It is considered as a growing sector of the pharmaceutical sector. Organization can enhance its size by focusing on contract manufacturing (Haddad, 2014). If the organization adopted contract manufacturing, it could supply active ingredients to its potential customers. This helps the organization in conducting clinical or preclinical trials in an effective manner.

1.3 Current Managerial Techniques 

There can be various managerial techniques for managing the risks and opportunities. In the previous time, the techniques utilized for minimizing the risk seems irrelevant today. As per growth in technology, the risk level is also enhancing, and its management is also done through innovative ways. There are some techniques that Pharmacorp can utilize for managing risk and opportunities:

  • Pre-Clinical: The organization should measure preclinical requirements regularly. By using Preclinical techniques, the organization is able to calculate predictive values of the available risk (Phan, 2016). This will enforce the organization to perform case-control studies on marketed drugs. 

  • Clinical: The organization should support and promote clinical research to determine the best solution. Conducting clinical research needs the qualified staff because it requires high skill persons to conduct research.

  • Post Marketing: The organization should pay attention towards post-marketing. It should conduct smaller and shorter clinical trials which help the organization in measuring the risk factors in an effective manner. The post marketing techniques enable the organization to understand available risk though conducting observational studies.

Latest Practices of Change and Innovation Management

2.1 Latest Practices of Change Management

In order to implement the change management practices, the organization requires support from their top managers. Different changes have occurred in the organization which influences several areas of an organization like GMP requirements, employment protection requirements, regulatory affairs, quality control, marketing, research, and development, or authorization requirements (Schuhmacher, 2013). Therefore, the organization should implement suitable change practices for implementing change in its functioning. Some change practices followed by the organization to implement change are the following:

  • Plan Carefully: For implementing change successfully the organization should formulate proper plans and strategies. This requires the organization to listing and documenting the necessary tasks to accomplish and plan strategies as per the requirement of these tasks. This will help the organization in accomplishing these tasks successfully.

  • Define Governance: The organization should define their governance, for implementing the change successfully. Governance helps the organization in formulating a framework which helps further in making decisions and formulating pre-determined processes for implementing the change in a suitable manner.

  • Assign Leadership Role: It is necessary for the organization to establish skilled organizational leaders, both at the upper level and throughout the organization. Leaders help the organization in keeping their change management process on track. The selected leaders should be reliable, efficient, committed to influence others.

  • Regularly Measure and Review: The management of the organization should continuously measure the implementation of change activities. This helps the organization in controlling the change outcomes and implementing it in an effective manner. The main aim of measuring the change management is to identify available issues and reinforce them immediately.

2.2 Latest Practices of Innovation Management

Innovation is considered an important function of the organization, but the path to enhance innovation is not always clear. One important thing to note here is that organization doesn't innovate, people do. The potential of the employees of an organization offers the high benefits for innovation performance. The following thing should be considered during innovation:

  • Build an innovation strategy: The organization should consider that the innovation activities should focus on the corporate goals and should leverage assets and core strengths. Pharmacorp should focus more on developing innovation strategies on current success to fulfill current goals.

  • Communicate the innovation: It is the responsibility of the organization to aware its employees about the importance of innovation. Employees need to know why innovation is necessary for the organization. This will deliver better results to benefit all.

  • Identify the suitable and best opportunities: The organization can enhance its benefit level by focusing on the best available opportunities. It should develop criteria to grip available opportunities in an efficient manner. The organization should stimulate the best opportunity by communicating both the decision outcomes and criteria.

  • Implement with speed: Innovations only proved beneficial when they are implemented speedily. Failure to implement good opportunity is one of the biggest issues to develop an innovation culture. The organization should ensure that the selected projects are properly resourced and implemented in a predetermined manner. This will help the organization in implementing the innovation in an effective way.

Skills of a Change Agent

Innovation is considered the important function for every organization. Innovation is an important business skill- not just for entrepreneurs but also for the managers of the organizations. Innovation manager and change agent of Pharmacorp should have following key skills for success:

  • Implementation skills: The innovation managers of Pharmacorp should have implementation skills, due to which they are able to implement the desired innovation strategies in an effective manner. Having a good idea is worth nothing unless the managers do something with it. As and when the idea for innovation arises, there is a whole set of implementation skills linked with putting the idea into practice and bringing into the market. The Innovation manager and the change agent should have the capability to select the right idea and implement it in the desired way.

  • Problem-solving skills: Innovation is a combination of various problem-solving skills. Firstly, the innovation manager of Pharmacorp should have the capacity to recognize the nature of problem related to the product and service of the organization which will be solving. Often the managers should try to a solution without understanding the real problem which is wrong (Isidro-Filho, 2013). If the managers efficiently recognize the existing problem, it is easy for them to find suitable solutions. Secondly, the innovation managers should have creative problem-solving skills. Innovators should able to approach problems in different ways, instead of following a single way. Through this, they are able to approach multiple solutions for a particular problem. 

  • A Curious mindset: Innovators always engage in searching better business ideas. They are always asking questions in order to find suitable solutions for existing business problem. Innovators of Pharmacorp should have a curious mindset which forces them to conduct research on a continuous basis. A curious mindset innovator is able to search best business opportunities and a mechanism to implement it in an efficient manner. So, it is considered that innovators should have a curious mindset which makes them different from others.

  • Collaborative skills: The innovators of Pharmacorp should have the capability to formulate global cross-functional teams. This will allow innovators to exploit available opportunities more easily by widening their diverse inputs. Through the collaborative skills, the innovators can plug into different networks across the globe and across industries. Collaborative skills help the innovators in managing the innovation. Through collaborative skills the innovators able to manage different personality types in order to get more multiple outcomes from their team members (Vila, 2014). Collaborative skills help the innovators in utilizing the available skills of team members and extract positive result out of it. 

  • Conflict management skills: Conflict is considered the main important problem in the success of an organization. The innovators should have conflict management skills, due to which they are able to remove the available conflict and can use the available resources in a right direction.

  • Leadership skills: These skills are considered essential for bringing change in the functioning of Pharmacorp. Innovators of Pharmacorp should have leadership skill due to which they can manage the workforce efficiently and can implement the change in the desired manner. This will enable the innovator to lead the diverse workforce in a single direction.

Pharmacorp Structure, Culture, Human Resources, and Technology

4.1 Pharmacorp Organizational Structure:

It can be said that Pharmacorp has a strong chemistry-based legacy of drug development. From the last 2 decades, it could see that small research-oriented biotechnology of organization focus more on a narrow range of compounds. Generally, Small entrepreneurial organizations often linked with large firms who have enough capital and experience to conduct large-scale trials under different types of legal structure. Therefore the enhancing trend for the large-scale organizations is to balance acquired and self-originated compounds, developing different waves of acquisition and merger activity during the 1980s or 1990s (Schuhmacher, 2013). The National Institutes of Health (NIH) also play a vital role in the development of drug by allocating its funds across a large size of the portfolio; through it does not have a similar goal as Pharmacorp which demand more profit from their innovation activities. NIH formulates various small firms for advancing translational sciences to highlight drawbacks in the process of drug development. It is necessary for the Pharmacorp to ensure effective implementation of portfolio management strategies.  Pharmacorp mostly focused on fundamental scientific research for manufacturing drug.

4.2 Pharmacorp Culture:

The culture of the organization is considered as gravity. By adopting the following cultural factors the Pharmacorp can make itself innovative:

  • Job Security: It is considered an all-time low. In today environment the most important thing which employees value more than anything in the current market is security. The managers and their seniors play a vital role in ensuring a sense of security in the workplace. 

  • Leadership: The managers of the organization should lead their employees on behalf of successful examples. The employees want that the organizations should promote a successful and healthy working culture. Efficient leadership enables the employees to utilize their full potential for performing their functions. On the basis of such motivation, they perform outstanding and innovate various new concepts.

  • Management: The behaviors of the managers are equally important as those in senior managers. For leading the innovation in an effective manner, the management should be capable enough to introduce changes (Gassmann, 2013). It can be said that managers play a key role in formulating the organization culture which makes them different from others. If the management is strong, they can lead change effectively and can strong its product base.

If the organization have such type of culture, they can lead innovation effectively and can gain a competitive advantage in the market which will make them different from others.

4.3 Pharmacorp Human Resources

Human resources of Pharmacorp play a lead role in enforcing innovation in the organization. Human resource management connects with innovation on two stages: the organizations in general (ex., developing an innovative organization with an innovative climate) and specific innovation activities (staffing, career development, leadership, employee creativity, teamwork). If the organization have high skilled human resources, then the organization can utilize their skills in the right direction which helps the organization in following innovative practices.

4.4 Pharmacorp Technology

Technology plays an important role in building the innovative culture of the organization.  Technology makes it possible for the organization to conduct efficient research which helps it in improving the current quality of manufacturing products (Spithoven, 2013). Scientific technology enables the organization to conduct innovation. Due to this innovation, the organization is able to introduce innovative products and services for fulfilling the demands of different consumers. Today is the time of technology, and in the absence of technology, innovation cannot perform by business organizations. 
So, it can be said that organization culture, its human resources, technology makes it innovative due to which it can efficiently face the current challenges of the environment.

Principles of Project Management, Dynamics of Innovation, and Risk Management

5.1 Principles of Project Management

Project management is considered a composite activity which has multiple dimensions. The complexity of the management activity highly depends on the class of the project. The following principles of project management can be employing by the Pharmacorp:

  • Project Goal: The organization should formulate its project goals behind conducting the project activity. The answer to this question is that "what is to be done" is a goal. The organization must develop project structure plan which consists of work packages that can be assigned to different resources (Brown, 2015). This Package of work and their important relationships shows the project structure.

  • Project Timeline: A flow chart is considered as a strong tool to visualize the beginning point, the endpoint, and the order of different work packages in a particular chart.

  • Project Milestone: It is considered the main principle of the project management. Milestone determines different phases of a project and the associated costs or outcomes. It particularly represents the various decisive steps during the life of the project. They are determined after a certain number of work packages that linked with each other. This series helps the organization in fulfilling the sub-goals of the project.

5.2 Dynamics of encouraging innovation

The organization should assign some specific tasks to their employees due to which it can constantly come up with new innovative ideas to improve its performance. The innovation in the Pharmacorp encouraging by following ways:

  • Organization culture drives innovation: The management of the organization can enhance innovation through providing a suitable environment where ideas are tested and regularly shared (Khanna, 2012). The organization should invite all their employees to participate in the decision-making process of the organization which enforces them give their own views on a particular matter. Testing and sharing of the ideas are considered an important key that encourages innovation on the workplace.

  • Make it easy to test new ideas: The organization should show their team members that there are very few hurdles for them to try a new idea. Due to this, if teams have any idea, they can easily discuss with the management of the organization. This step of the organization encourages members to take initiatives and give a contribution to the success of the organization by suggesting innovative ideas.

  • Create a channel of organization: The organization can develop its own channels where employees can submit their own ideas and put it to the vote. If the idea is voted well then, the idea can be implemented by the management of the organization.

5.3 Innovation Risk Management:

Balancing the adjacent, mix of core and transformational innovations is considered one of the important keys to successfully managing the risk associated with the innovation. Most of the times, the organization struggle the most with transformational innovations, this is because it is performing the functions in a different manner. The organization should employ different methods to manage transformational innovation risk. The organization can manage the innovation risk by adopting following rules:

  • Develop a model for judging risk and return: The organization should formulate a model which help it in minimizing the effect of innovation risk and conducted innovation suitably (Li, 2014). This can be efficiently done by using “mental model” which enables the managements to measure the trade-off involved in innovation.

  • Obtain intimate knowledge and understanding of the user: If the organization want to remove the available innovation risk they should obtain understanding and information about the user. This will help the organization in giving answers of different question which helps it in enhancing knowledge about different innovation problems.

Implementation of CSR Protocols by Pharmacorp

Corporate social responsibility has become very popular in the academic domain. It is necessary for an organization to define its roles and duties in society and follow ethical, legal, social and responsible standards for conducting its operations (Moyle, 2013). From a CSR perspective, it can be said that organization can see as the main driver in the process of building a better world and is under the growing pressure to demonstrate accountable and efficient corporate responsibility. As a result, the organization is updating and developing itself as per the requirements of the CSR policies and programs to enhance its environmental and social performance. For implementing effective CSR protocols the organization should follow below-mentioned steps:

  • Plan: This means developing a planning process which is completely based on the real demands of the community, previously maintained by the organization to determine their approaches and policies concerning the adoption of the societal approach to social responsibility (Garay, 2012). It also includes revising and determining legal or administrative requirements of the organization which helps it in formulating effective CSR practices. The planning process of the organization should also focus on building the organization objectives within the framework of social responsibility, that define, resources, responsibilities, priorities and procedures, roles of the organization required to fulfill the objective.

  • Implementing: It includes preparation of action plan to implement the proposed CSR plan of the organization. This can be implemented through developing administrative structures, delegating powers among available resources, raising the awareness level of the organization towards social responsibility. The action plan should be implemented in such a manner that guarantees systemic intertwining with other available corporate regulations. This helps the organization in linking all activities implement plan. Such link enables the organization to create balance and find different available solutions. 

  • Evaluation (Check): The efficient performance related to social responsibility relies upon close evaluation and measurement, instead of revising undertaken activities, the realization of set activities, the advancement achieved, and other efforts performed by the experts of the enterprise. The main motive behind regular evaluation is to monitor or evaluate observance of social responsibility activities (Cheng, 2014). The organization should plan the activities in an efficient way through which it can measure the extent of realizing targeted goals.

Conclusion/ Recommendation:

After studying all this, it can be concluded that Pharmacorp has an extremely composite structure, with abundant brands and decentralize branches. If the organization want to implement a change, then the organization should conduct various change approaches at every step and level of themselves. Management of the organization should come forward to conduct a significant environment analysis which helps the organization in implementing all the changes as per the requirement of various environmental factors.
Pharmacorp should develop market penetration strategy for expanding its market in various areas. The aggressive strategic choice is recommended to the organization because it has a solid competitive position which can be flawlessly exploited by it in a rapidly developing market (Light, 2012). Pharmacorp should also apply a market segment expansion approach for niche markets in established economies. 
Pharmacorp should focus more on product positioning strategy, especially for its trendy products. Through this organization generates most of the revenue of its income from these trendy products. So, it is required that organization should develop an efficient strategy for the promotion of its trendy products. Finally, it is also suggested to the organization that it should additionally grow positive product lines so that it does not drop its attractiveness in the eyes of the customers.

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References

  • Braithwaite, J. (2013). Corporate Crime in the Pharmaceutical Industry (Routledge Revivals). routledge.

  • Brown, S. R., Evans, D. V., & Fugh-Berman, A. (2015). Pharmaceutical industry interactions in family medicine residencies decreased between 2008 and 2013: a CERA study. Family medicine, 47(4), 279-282.

  • Khanna, I. (2012). Drug discovery in pharmaceutical industry: productivity challenges and trends. Drug discovery today, 17(19), 1088-1102.

  • Gassmann, O., Reepmeyer, G., & von Zedtwitz, M. (2013). Leading pharmaceutical innovation: Trends and drivers for growth in the pharmaceutical industry. Springer Science & Business Media.

  • Schuhmacher, A., Germann, P. G., Trill, H., & Gassmann, O. (2013). Models for open innovation in the pharmaceutical industry. Drug Discovery Today,18(23), 1133-1137.

  • Phan, P. H., Markman, G., & Balkin, D. (2016). 6. How corporate governance affects innovation in the pharmaceutical industry. Academic Entrepreneurship: Translating Discoveries to the Marketplace, 155.

  • Haddad, J. (2014). Benefit?risk assessment in pharmaceutical research and development. Pharmaceutical statistics, 13(4), 275-275.

  • Light, D. W., & Lexchin, J. (2012). Pharmaceutical research and development: what do we get for all that money?. BMJ.

  • Moyle, P. M., & Toth, I. (2013). Modern subunit vaccines: development, components, and research opportunities. ChemMedChem, 8(3), 360-376.

  • Spithoven, A., Vanhaverbeke, W., & Roijakkers, N. (2013). Open innovation practices in SMEs and large enterprises. Small Business Economics, 41(3), 537-562.

  • Li, Y. (2014). Environmental innovation practices and performance: moderating effect of resource commitment. Journal of Cleaner Production,66, 450-458.

  • Isidro-Filho, A., Guimarães, T. D. A., Perin, M. G., & Leung, R. C. (2013). Workplace learning strategies and professional competencies in innovation contexts in Brazilian hospitals. BAR-Brazilian Administration Review, 10(2), 121-134.

  • Vila, L. E., Pérez, P. J., & Coll-Serrano, V. (2014). Innovation at the workplace: Do professional competencies matter?. Journal of Business Research, 67(5), 752-757.

  • Garay, L., & Font, X. (2012). Doing good to do well? Corporate social responsibility reasons, practices and impacts in small and medium accommodation enterprises. International Journal of Hospitality Management, 31(2), 329-337.

  • Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.

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