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The pharmaceutical industry is characterized by intense competition. However, Pfizer has managed attain an optimal market position as a result of its effectiveness in formulating and implementing operational strategies. Pfizer has adopted a comprehensive diversification strategy that has enabled it develop an extensive product portfolio.
The effectiveness of the firms diversification strategy has been enhanced by the commitment of the firms management team in investing in a lean research and development program. Additionally, the firms management team is focused at ensuring that effective marketing of the firms products is undertaken (Bronson, Bhenderu, Gatti& Srivastava, 2011).
According to Kozami (2005), diversification entails increasing the scope of a firms operation. One of the ways through which diversification can be implemented is by focusing at different customer groups. Additionally, the firm may also undertake diversification by expanding into divergent business lines (Kozami, 2005).Through diversification strategy, Pfizer has been able to establish a number of business units some of which include animal health, nutrition, capsugel and consumer healthcare.
Considering the fact that firms are affected by changes in the macroeconomic environment, the firms diversification strategy is faced by a number of opportunities and problems. Hence, it is essential for the firms management team to focus on improving the diversification strategy.
This will culminate in the firm developing a high level of competitiveness. In line with aforementioned issues, this paper seeks to identify the problems and opportunities that the firm faces, their solutions, resource needs or constraints and the metrics to assess the success of the solutions suggested.
Currently, Pfizer focuses its operations on nine main areas of competition in its healthcare businesses which include primary care, oncology, specialty care, animal health, consumer healthcare, capsugel and established products. Considering the fact that consumers are faced by a variety of healthcare products to select from, diversifying its product portfolio will result to the firm increasing its revenue generation for example by establishing multiple businesses.
Additionally, diversifying the firms product portfolio will enable Pfizer to gain a higher leverage against its suppliers. As a result, Pfizer will not be required to rely on one supplier. Upon expiry of patent protection in the domestic market, the firm should consider marketing such products in the emerging markets.
Reference List
Bronson, R., Bhenderu, L., Gatti, B. & Srivastava, J. (2011). Pfizer: up to the challenge? Web.
Crosse, M. (2007). Pediatric drug research: studies conducted under best pharmaceuticals for children act. New York: Diane Publishing.
Kozami, A. (2005). Business policy and strategic management. New Delhi: McGraw-Hill Publishers.
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