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Pfizer case study
- 1. “You have to be careful about being too careful” ~ Beryl Pfizer BY: Peter Morgan ID #: 2057061 S
- 2. Industry breakdown Pfizer GlaxoSmithKline Sanofi-Aventis Novarts Others
- 3. Industry Background S ~ $1 Trillion Industry made up of of the big 12 pharmaceuticals S High cost of drugs $1.5 Billion S Time consuming S Increasingly shorter patents S Competitive market S Similar drug developed S Drive cost of marketing also cost cut strategy S Others have diversified their portfolio to remain competitive
- 4. Pfizer S Oldest pharmaceutical company out of the 12 big corporate giants S Mamas work force S 35,000 sales representatives make average of $621,032 S 15,000 scientists and R&D personals. S R&D and manufacturing facilities on almost every content S Diverse products and services S Pharmaceuticals such as Vigra, Lipitor and the up and coming Eliquis (apixaban) S Health care products such as Advil, Centromere and chap stick S Health care insurance (small and local). S World leading in veterinary medicine
- 5. Pfizer S Second biggest market capital of $190 Billion S Strong and transparent media and social media presences S Continues updated media release on their website S Facebook presence S Twitter S Youtube S TV presence S Total of 2 million followers S Strong government relationship
- 6. Market Segmentation Asia-Pacific Europe Americans
- 7. The Competition S 12 major pharmaceuticals world wide including Pfizer. S Either European or American based S Stronger internet presence S Diversification of product and services
- 8. End of an Era S Block buster drugs are less desirable S Budget and personal cuts S R&D budgets cut by up 3 billion dollars per year S Reduction in sales representatives S Pfizer by 3000 S GlaxoSMithKline 4000 S Patent expiry generic drugs S 42% of drugs off patent by 2013
- 9. The problem S Competitors with similar drugs S Small market space S Product orientated (Pharmaceuticals and health care products). S Have segmented the market but not yet implemented any market or corporate strategies S Lack of diversification
- 10. Medical instrument S Move into preventative medicine S Compete and or collaborate in production of medical instrument S Use their resources to remain market orientated S Anticipate competitors next move
- 11. Health insurance S Goloblise Health Care insurance S Use their strong brand value S Maintain customer relationship S Use their media and social media presence S Show the end users that they care not only about how they are treated by what they eat (Preventative measures).
- 12. Orphan Drugs S To treat a minority group 200,000 people S Highly risky, but not many companies want to venture there S High return S Anti lung caner drug at $115,210 per patient per year
- 13. GM Food S Opportunity for diversification of product and services S Currently a Niche market S Not too many competitors S Potential to expand S High profit margins
- 14. GM Food S World wide shortage of food by 2030 S Less regulation surrounding it S Can rely on trade secrets than patents S Faster turn over of product, BUT S Not widely understood S Organic produce are still very popular
- 15. References S Johnson and Johnson 2012, Johnson and Johnson medical products and technologies, accessed on October 20th, http://www.jnj.com/connect/healthcare-products/medical-technologies/ S Johnson, N 2012, 'Branded Pharmaceuticals Major Manufactures', Henry Fund Research, The University of IOWA, School of Management. S Johnson Rockoff 2011, The Wall Street Journal, Pfizer's FutureL A Niche Blockbuster, accessed on October 27th http://online.wsj.com/article/SB10001424053111903352704576538683370950462.html S Herper, M 2012, Forbes Magazine, The best drug Companies of The Past 15 Years, accessed on October 1st http://www.forbes.com/sites/matthewherper/2012/02/09/the-best-drug-companies-of-the-past-15- years/ S Herper, M 2012, New York Times, Pfizer Inc., accessed on September 20th http://topics.nytimes.com/top/news/business/companies/pfizer_inc/index.html S Herper, M 2012, Forbes Magazine, Experimental drug business, accessed on http://www.forbes.com/2006/11/27/pfizer-experimental-drugs-biz-cz_mh_1127pfizer.html S Market Watch 2012, Pfizer Inc., accessed on October 26th http://www.marketwatch.com/investing/stock/pfe S Pfizer Inc. 2012, Pfizer History 1849-1899, accessed on August 18th http://www.pfizer.com/about/history/1849_1899.jsp S Pfizer Inc. 2012, Pfizer History 1900 to 1950, accessed on August 18th http://www.pfizer.com/about/history/1900_1950.jsp S Pfizer inc 2012, Pfizer History 1900 to 1950, accessed on August 27th http://www.pfizer.com/about/history/1900_1950.jsp S Pfizer inc 2012, Pfizer History 1951 to 1999, accessed on August 27th http://www.pfizer.com/about/history/1951_1999.jsp S Pfizer inc 2012, Pfizer about Australia, accessed on August 18th <http://www.pfizer.com.au/sites/au/about_pfizer_Australia/Pages/OurHistory.aspx>
- 16. References S Pfizer inc 2012, Pfizer History 2000 to present, accessed on September 3rd http://www.pfizer.com/about/history/2000_present.jsp S Pfizer inc 2012, Pfizer about, accessed on August 18th http://www.pfizer.com/about/ S Pfizer 2012, Pfizer social media, accessed on October 12th http://www.pfizer.com/news/social_media/social_media.jsp S Standard & Poor’s, 2011, 'Industry Survey; Healthcare: Pharmaceuticals’. S Pfizer Inc. 2012, Pfizer product pipeline, accessed on August 18th, http://www.pfizer.com/research/product_pipeline/product_pipeline.jsp S Pfizer Inc. 2012, 'Pfizer Reports Fourth-Quarter and Full-Year 2011 Results; Updates 2012 Financial Guidance', accessed on October 1st. S The Official board 2012, Pfizer's Corporate structure, accessed on September 29th, http://www.theofficialboard.com/org-chart/Pfizer S Roger Bate 2008, The American, Bad Medicine, accessed on October 26th http://www.american.com/archive/2008/may-june-magazine-contents/bad-medicine S Yahoo Finance 2012, Pfizer Inc., viewed on October 26th <http://au.finance.yahoo.com/q/ks?s=PFE>
- 17. Do you have a Question
Notas do Editor
- The Pharmaceuticals industry in general faces great issues involving drug development. Pfizer like its 11 other competitors are reliant on drug manufacturing of block buster drugs and their massive marketing power. Although entities such as Pfizer are pharmaceutical companies, it is also on of the largest marketing companies in the world with an average of 4 Billion spent annually Each block buster drug cost 1.5 billion to develop from finding (lab findings to animal trials) to post marketing, this is also time consuming as it takes 10-15 years with research it self and all regulation, patent, TGA and FDA approvals to name a few (IP Australia 2012). Also legislation is not in the pharmaceutical industries favor as patent laws only give monopoly on their findings of 10 to maximum of 25 years (IP Australia 2011).Drug development business are constantly in a race to see not who will come up with the new revolutionary drug but who will be the first, for example in 2006 Roche brought out similar drug RHHVF to Lipitor (Cholesterol lowering drug) which could have see the nearly out of patent drug, lose sales (Herper 2006). Similarly Merc tried to do the same with torcetrapid, more a blood pressure lowering drug but did receive a bad review from doctors (Herper 2006). Obviously delivery of the best drug would see the entity that developed it triumph, which Pfizer did and continues to do by not only complaining Lipitor with another drug to perlong Lipitor’s patent but also it continues to make Pfizer 12 billion each year (Herper 2006).
- Pfizer was started in 1849 by Charles Pfizer, when he borrowed $2,500 off his father to purchase the Brooklyn factory that was the factor, warehouse and head quarters for the 60 years (Pfizer 2012).The German migrant, patterned with his cousin Erhart Pfizer (chemist) who developed their first pharmaceutical product, almond flavored toffee to treat intestinal infections, and creams to treat soars in 19th century America; which was very helpful for the soldiers during the civil war (Pfizer 2012).Pfizer expanded across America and the world from producing products such as citric acid for Coca Cola, Penicillin and Viga to name a few (Pfizer 2012). Many of the great block buster drugs such as Vigra, Lipitor and the up and coming Eliquis (apixaban) which will stop heart attack and stroke (currently in phase III clinical trials) (Pfizer 2012). Also produce a wide range of health care products, also world leading in veterinary medicine.The success of Pfizer is reliant on their mamas sales representative staff of over 35,000 and 15,000 scientist. Also cost of manufacturing and shipping is reduced thanks to their diver production facilities on almost every continent. Which differentiates them from all the other competitors, simply by the shear number of personals and money invested to fuel such operations (4 billion annually on R&D).
- Media release giving update to general public, consumers, investors and health professional, all targeted and designed for each sector. 6 FB pages with average of 20,000 likes dedicated to different section of the company eg veterinary medicine, regions and countries, from New York to Egypt. Similarly their twitter present is strong with over 30,000 follower on their main account. 14 Youtube channels informing again consumers, investors and general public what they do in multiple languages from Portuguese, Belgium to Turkish. On top of that Pfizer makes regular segments on news for health advise, with partnership with government officials to increase their public presences.
- Top 5 are in revenue capital are : Johnson & Johnson, Pfizer, Roche, Glaxo Smith Kline and Novartis with an average of 49.872 of revenue production annually per company (Herper 2012). The pharmaceutical industry is a reactive strategy their to serve and treat illness and ailment. Johnson & Johnson compete with Pfizer with block buster drugs but also health care product and medical instrument development. Their customer base are made of pharmacies, hospitals, private practice and vets.
- Patents run out too soon for Pharmaceutical companies and cost to return ratio is not always worth it! The market (health care professionals) are moving to more customised treatments and one pill fits all is growing less desirable. Hence why they are decreasing their R&D budget and increasing their social presence to maintain customer linking and being market sensitive. Small companies in India are looking at making Vigra for 500% less the cost Pfizer did (Bate 2008).
- Pfizer is well aware of companies such as Johnson & Johnson, and Merc making similar drugs and products who are trying to move on their market space. Hence why Pfizer makes products with less side effect to add value to customer, product and attract and return the end users. Need to diversify product range like Johnson and Johnson who are entering into medical instrument production. Pharmaceutical are not longer as profitable maybe diversify their company into a tangible product and services.
- Pfizer wants to remain market orientated, so maybe should move in to preventative medicine and compete or collaborate with the likes of Johnson & Johnson (JnJ 2012). The budget cuts to R&D can be channeled into making these instruments, also recruit market analyst and competitor analyst who can give insight on what maybe the competitors next move.
- Role out their Health care insurance globally. Use their strong media and social media presence to promote their new products and services, as well increase awareness of prevention is the best medicine (Pfizer 2012).
- By 2030, the world will have wheat shortage as the world population increases, this will mean that, many consumers worldwide will be have an unbalanced nutrition that could cause to disease state (Anderson 2012). There are opportunities to expand product and service by expanding into a niche market that will potentially be the future food source of the world.
- Less regulation surrounding GM food, which makes it not as desirable by investors at the moment. Product/crop is produced in matter of month not over a decade (Menz 2012). There are many people who hate GM food, as its not organic, believe they use high levels of pesticides and not health, when it is not the case. Possible media presence and education of the general public can sway or make the public aware of the dilemma the world will face and benefits of using GM food.