Pfizer is one of the global organizations dealing with drugs and pharmaceutical products. To achieve global placement, the company approaches its operations from a strategic view. As shown in Figure 1 below, the company approaches its innovation from developed to emerging markets. This culture enables the organization to make strategic moves relying on experience and new market demands to expand its operations. The current COVID-19 vaccination rollout has greatly shown the company’s capability to meet a wide range of demands for its products.
Pfizer’s main purpose is to provide breakthroughs that ensure the patients’ lives change. The organization achieves this by addressing what it needs to achieve and how its operations help achieve its goals. According to the company’s website, it meets its objective by enabling its employees to have the courage to start and continue working on challenging decisions at all times (Pfizer, 2019). Moreover, the company focuses on achieving excellence by providing products that meet the needs of patients. Furthermore, they believe that everyone needs audience and care, hence act inclusively and with integrity, thus reducing healthcare disparities among workers. Finally, the company works with different volunteers and ensures that each employee takes pride, has fun, and recognizes one another.
The company’s culture is essential in its strategic planning as working with volunteers gives it a wide range of experts who are easily absorbed into the industry when they have the needed experience, hence reducing further training in their positions. Moreover, its culture to focus on employees’ good ensures that the company has effective workers who provide their services and expertise without compromise. Moreover, the company’s culture ensures that it gets into new markets without requiring new approaches.
Pfizer’s corporate strategic planning enables the company to expand into new markets. For instance, as depicted in figure 1 above, the company is already stable in the United States and has a developed market in Europe. At the same time, the company has a strategy towards developing markets in the rest of the world and meeting new emerging markets. This strategy enables the organization to approach its expansion and operation from a stable perspective, providing a rollback plan if new markets do not perform as expected. The company’s operating activities include working with volunteers, which increases the number of employees while keeping the operations within a manageable range.
The company’s organizational structure is vast, beginning from the President and the Vice President of the company and expanding into other key firm officers. This structure ensures that the company delivers value from the departmental level and checks it through the relevant authorities. According to Komljenovic, Loiselle, and Kumral (2017), a firm can only perform better if it has a tight and organized organizational structure. Consequently, Pfizer performs well in the pharmaceutical industry because of its leadership and approach to business.
The COVID-19 pandemic has shown how much the company can contribute to public health. Since the company has stabilized in the US market and continues to develop in Europe, the organization can seize the opportunity to expand into the rest of the world and emerging markets. Most countries, such as those in Africa and Asia, do not have established companies to provide pharmaceutical products to meet the population’s needs. Thus, Pfizer is more likely to focus more on its operations in the rest of the world.
There could be some barriers to Pfizer’s strategic planning into emerging markets. For instance, the current global market is quite tricky to sway to any specific direction since other big players are going for the same markets. One of the main barriers is the economic situation of most developing countries, which do not have alternative options to accept foreign companies other than those from countries they are indebted to in loans. Pfizer can overcome such barriers by closely working with international bodies and present its new solutions in solving global healthcare problems.
References
Komljenovic, D., Loiselle, G., & Kumral, M. (2017). Organization: A new focus on mine safety improvement in a complex operational and business environment. International Journal of Mining Science and Technology, 27(4), 617-625. Web.
Pfizer. (2019). Our Values and Culture. Web.