Merck & Co.s Challenges in the Pharmaceutical Industry

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Table of Contents

Introduction
Main Body
Conclusion
Reference

Introduction

The Merck Company is a big pharmaceutical organization that has branches all over the world. Today, the Merck Company is encountering a series of failures due to high competition in the pharmaceutical industry. The firm is conducting research and development that will enable it to remain competitive in the pharmaceutical industry. In the early 1990s, the company made profits through the innovation of biochemistry drugs that made it a significant share in the pharmaceutical market. Mercks organizational structure ensures the success of its products. The target market is closely regulated by the Federal Drug Administration, which allows consumer advertising of prescription drugs. The driving force of the company depends on research and development. The introduction of drugs in the market requires the implementation of the product and cycle time excellence (PACE) process. The PACE process ensures efficient communication between the market and drug manufacturers. The Worldwide Business Strategy Team (WBST) is a team that represents the status of the company. The WBST protects the interests of consumers on the basis of accountability and results (Gilbert & Sarkar 2005, pp. 3-23).

Main Body

The main challenge in the case of the Merck Company is the marketing strategy that is facing stiff competition. The business establishment does not have a strategic marketing plan that could enable it to increase market share. The company lacks funds for developing research. It has to collaborate with PACE and WBST for efficient marketing strategies. The organization does not have the capacity that is required in the development of drugs to treat strokes and diabetes. The collaborating bodies, such as Lancet, are withdrawing because they are not benefiting from the research and development studies that they engage with the Merck Company. The external partnerships are reducing due to high cutting-edge science charges. Lack of good external relationships influences the external market with regard to obtaining a license of operating in the international market. The organization has the challenge of collaborating with PACE and WBSTS in order to make the organizational structure strong with regard to product innovation (Gilbert & Sarkar 2005, p. 7- 13).

PACE activates drug entry in the market through participating in drug development phases. The process of drug development starts from in vitro to in vivo processes. The tests on human beings are the last phases of drug development. PACE ensures the researchers at the Merck Company, among other pharmaceutical companies, follow the protocols and ensures that study participants sign consent forms. The human testing is on a large population and involves the use of the double-blind method to ensure efficiency and accuracy of the data. On the other hand, the WBST ensures that the pharmaceutical company is in good condition and provides the necessary services to the market. The WBST team consists of twelve to fifteen members and ensures that the process of marketing the finished product is efficient and meets the Federal and Drug Act requirements (Gilbert & Sarkar 2005, pp. 9-11).

Conclusion

The external collaborations are important and are reliable in addressing the major challenges in the Merck Company. The collaborations involve teams of scientists and researchers that deal with strategic planning of the necessities of pharmaceutical companies. Such teams are responsible for handling the challenges in the drug and research development processes that start from the production process to the marketing of the final product. The management team is hopeful that the sales of the firm will improve after consulting with the external organizations that would collaborate with the firm.

Reference

Gilbert, C. G., & Sarkar, R. G. (2005). Merck: Conflict and Change. Harvard Business School. 17(1), 1-26.

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Merck & Co.s Challenges in the Pharmaceutical Industry

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