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University of Wales
(Kensington Collage of Business)
MBA
MODULE TITLE: MANAGING STRATEGY
GROUP ASSINGMENT TITLE:
Examine the Mergers & Acquisitions, Technical and Global
Collaborations in Pharmaceutical Industry and Business Ethics
and Sustainability
LECTURER NAME: KEVIN O`HARA
KCB IDs: 14507, 14508
DATE OF SUBMISSION: 02/06/2011
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Section 1 - Mergers and Acquisitions
Pharmaceutical Industry is one of the most revenue generating and leading industries in the global
business. The developments in this industry have been directly related with the human beings`
health care. It cannot be claimed that the pharmaceutical industry has less importance than the
medical industry. It should not be forgotten that the medical industry needs the complementary of
the pharmaceutical industry.
Today most of the illnesses can be cured by very small pills which have huge amount investment on
it. From the most deadly illnesses such as cancer or AIDS to an unimportant flu disease, human
beings need the necessity medicines. This necessity makes the pharmaceutical industry very
important and also very competitive. The lots of multinational companies which are competing to
each other have been sharing very huge amount of revenue of the pharmaceutical industry.
Companies in the industry are trying to increase their profitability as “rough and tumble” so to say
like other industries.
This industry is very old and deep rooted industry. And also the companies in this industry are very
old. Most of them were established in the late of 19th century and the early of 20th century. After
some important developments like invention of the insulin and penicillin, from 19th century to 21st
century this sector became more and more important. Technological changes and developments
have made harder to be successful in the tough competitive environment. All pharmaceutical
companies have been developing business strategies to gain their competitive advantage over their
rivals and also have been increasing their market share in the industry. So it has firstly to be defined
that which business strategies should be chosen and how they should have been developing for
making more revenue.
What is Strategy?
Everyone has plans to achieve his or her goals in continuing life. For instance, if someone wants to
have a good and well earned job, he or she has to have a well qualified education. Selecting a
university to have a good education can be defined as a basic step of strategy.
Companies and managements have not differences than living people. They also need strict
strategies and plans to reach their targets. According to Porter (1996), “strategy is companies all
practices and actions to gain a competitive advantage among its rivals and effort to be unique in its
environment with enforce all its activities.” Porter`s definition can be seen short, but enough to
explain what strategy is. Every actions of a company are to increase its profitability and achieve its
operational goals.
Industry Review
As it mentioned before, pharmaceutical Industry is very old and important. There are lots of big
companies in this industry such as Pfizer, Merck & Co, Bayer, GlaxoSmithKline and more. There are
sharing big amount of revenue and most of these companies are in the Fortune 500 list. For
instance, Pfizer is at number 31 in the Fortune 500 list. Its total revenue is $67,8b and its profit is
$8,25b. Merck & Co is at number 53 and its total revenue is $45,9b and its profit is $8,61b (CNN
Money, 2011). These number shows that this industry has very strong and big potential. And this
means that there are also lots of opportunities.
All pharmaceutical companies are trying to increase their market share and gain a competitive
advantage. There are lots of examples like mergers and acquisitions according to these companies’
strategies in this sector. It will be mentioned that the most known and important mergers and
acquisitions as company strategy in pharmaceutical Industry. Also it will be mentioned why these
companies chose those strategies and how it became useful to reach company goals and how the
industry has been affected from these mergers and acquisitions.
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Merger of Sanofi and Aventis
In 2004, Sanofi Synthelabo acquired Aventis. Sanofi was a French pharmaceutical company and it
was the subsidiary of famous multinational French oil company Total. The company has been formed
after a merger with Synthelabo and changed its name to Sanofi Synthelabo in 1999. Sanofi
Synthelabo was the 18th in the world, 6th in Europe and 2nd biggest pharmaceutical company in
France in those years. Its stock market value was €33b and sales revenue was €8b. Sanofi
Synthelabo wanted to increase its market share and sales in the sector like all other companies and
bid one of other famous pharmaceutical company Aventis. Aventis also was formed after a merger
between Rhône-Poulenc S.A. and Hoechst AG in France in 1999. This was a transnational merger
between Germany and France. Before merger with Sanofi Synthelabo, Aventis had 71,000 employee
and €17.6b total revenue. Sanofi Synthelabo bid worth €46.6b to Aventis in January 2004. But
Aventis rejected this bid. Because it was not a well enough bid for a company like Aventis. After
some meetings Sanofi Synthelabo gave a much better bid worth €55.3 billion and merger has been
done. New company’s name became Sanofi Aventis. This was a profitable agreement for both
companies. It`s believed that, both Sanofi Synthelabo and Aventis could not do such an investment
to expand their market shares. Because return on such an investment would be take too much time.
But after this merger new company, Sanofi Aventis, had €25.4b revenue very first year. It`s thought
that this was an absolute success for both companies. The pharmaceutical industry has been
affected from this successful merger. The new company, Sanofi Aventis, became the 3rd leading
pharmaceutical company after US`s Pfizer and UK`s GlaxoSmithKline in the globe. Industry’s balances
changed suddenly.
Merger of Merck and Schering-Plough
The second big merger has been realized by Merck & Co. and Schering-Plough in 2009. This was also
effective just as Sanofi Aventis for pharmaceutical industry. Merck & Co. was established in 1917. It
is the one of leading pharmaceutical company in the world. Company was producing several
products not only for human health but also for animal health. During the 2006 and 2007, company’s
share prices had upward trend. But the company could not keep that good condition in 2009.
Company’s shares started to decrease. At the end of 2009 Merck announced a merger with
Schering-plough in November. Merger was worth $41.1b. Merck and Schering-Plough merge under
Merck’s name. After this merger Merck became the second leading company in pharmaceutical
industry. Merck Chief Executive Richard Clark said, in a teleconference with reporters and analysts,
that the merger "makes great strategic sense." He said the "combined strengths" of the companies
will "create sustainable growth and meaningful value for shareholders" (CNN Money, 2009).
Everyone started to talk about a possible merger between GlaxoSmithKline and AstraZeneca in 2010.
GlaxoSmithKline also had a problem just like Merck. Its share prices were declining, too. It was been
expected an action like Merck from GlaxoSmithKline. But soon GlaxoSmithKline has announced they
did not interest a merger with any company. With the power of this merger, Merck is at number 53
in Fortune 500 list in 2011 and at the second place in pharmaceutical industry list (CNN Money,
2011).
Merger of Pfizer and Wyeth
At last but not least, one of the most important mergers has been done between Pfizer and Wyeth.
Pfizer is the most known and leading pharmaceutical company in the globe. Pfizer bid $68b to one of
its biggest rival, Wyeth. The meetings have been taken a year between two companies. After
agreement between companies, this was the highest merger agreement after AT&T and BellSouth’s
$70b worth agreement in 2006. It is still arguing about this merger’s positive or negative effects on
Pfizer. The company still have some problems and still trying to cope with them. But it`s thought that
this merger will be successful. It can be defined with an expression in Turkish; `Hitting two birds by
throwing just a stone`. This expression can be used exactly for this merger. Pfizer both expanded its
market share and evade from one of its tough rival. This strategy maybe cannot show its benefits in
a short period but it`s believed that it will be beneficial in a long period. Pfizer is the leading and
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most powerful company in pharmaceutical industry. And also has a high position over other
companies in the globe. As it was mentioned before it is at place number 31 in Fortune 500 list.
Conclusion
In conclusion, all the pharmaceutical companies have been trying to increase their revenue and
profitability and market share. They have been also trying to have competitive advantage over their
rivals. To achieve these goals they use tough business strategies. The merger examples, which are
mentioned above have the most global effects rather than other smaller mergers. Especially, in
pharmaceutical industry there are lots of other mergers and acquisition examples. But as the results
other examples are more local and financially worth less than these. Pfizer, Merck and Sanofi
mergers are more known and more effective than the others. All these mergers affected the
pharmaceutical industry and their rivals counter moves. It`s believed that it will be seen more
mergers and acquisitions in near future both in pharmaceutical industry and other industries. While
some of them losing power and the others will be stronger.
Section 2 – Technology and Global Collaboration
Historical Review of the Pharmaceutical Industry for technological development and
global collaboration
The pharmaceutical industry has dramatically faced with the vast major of developments since the
early drugstores existed in the modern world after the second half of the 19th century. The
discoveries of the insulin and penicillin at the period between the two world wars caused the first
jump up for the industry. The countries, which attached the importance to the biotechnological
developments, such as Germany, UK, US, Switzerland, France and Belgium, have the leading
pharmaceutical giants in today`s world. The industry kept carrying on its stable growing by courtesy
of the developments on the science of biotechnology.
The industry was required to make detailed clinical tests before marketing its products because of
some serious defects on the late 1960s. These occurrences, after the second half of the 20th century,
have helped the pharmaceutical industry to being closer to the technological developments and
collaboration with global science based institutions.
The pharmaceutical industry has had the new players as the developing countries, such as Japan,
India, Brazil and China, were playing a key role by producing without patent legislation in the late
1970s. These new players will have been the new collaborators of the world`s leading
pharmaceutical giants in such a way of the cost oriented approaches.
The industry has faced with the contribution of the information and analysis technologies in the
1980s and the early 1990s. On the other hand, the early 1990s were the significantly and
dramatically changing period for the pharmaceutical industry. The early examples of the mergers,
acquisitions and takeovers has been seen in this period as the small companies could not afford the
rising cost of the research and development (R&D), while the pharmaceutical giants were increasing
their collaboration with the institutionalized biotechnology companies.
The developments on the internet technology after the late 1990s caused the ease in of the
possibility of the direct informing and buying for end consumers and purchasing the raw materials
for the producers. On the other hand the commonly using of the internet technology caused the
increasing of drug consumerism by using of the disease mongering even if the consumers did not
need the medicines.
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The ease in of the possibility of the getting information and the increasing of orientalism and
spiritualism caused the rising of demand on the alternative medicines, complementary medicines,
traditional medicines and herbal medicines for the consumers whether they were conscious or not.
This area has been the emerging competitive area for the pharmaceutical industry at the early of the
2000s.
Technological Developments and Collaborations which affected the Industry
The industry is mainly affected by the biotechnological developments. The giant companies of the
industry has been spending vast majority of their costs on research and development (R&D), which is
mainly based on the science of biotechnologies. According to Tufts University Center for the Study of
Drug Development, “entire pharmaceutical industry has spent $65.3 billion for R&D and investments
regarding R&D during the year of 2009.” The two main legs of the industry`s R&D are “Drug
Discovery” and “Drug Development” which dramatically determine the survival of the players. In the
early stages of occurrence of the importance of the R&D, the company`s preferred both to establish
biotechnological R&D centres by their selves and make collaborations with existing biotechnological
institutions or companies. Then the era of the economic pressure on the 1980s and 1990s pressured
the pharmaceutical companies to risen their collaboration with institutionalized biotechnology
companies even for simple researches. Of course, the biotechnological institutes, which are
economically related with the pharmaceutical companies, might report only positive results about
the related companies` products. This economy related technological development caused for the
big companies becoming bigger and for the relatively small companies becoming smaller even
collapsing.
On the other hand relatively smaller companies have also been using modest budgets on their R&D
to focus on discovering a specific drug formulation which can allow them to be taken over by the
giants. The brilliant discovery of a medicine has given the small companies the opportunity to be
taken over for a high bidding by the giant companies. The biotechnological developments, from the
discovering of the penicillin by Fleming in 1920s to discovering of the genetically modified
technology in recent decades, has been the locomotive of the industry`s growing. It can be listed the
milestones of the biotechnological developments which the industry benefited. Discovering of the
fermentation, the penicillin and the insulin in the early stage; controlling of the pests and germs, the
discovering of “the Pill”, cancer researches since 1970s, the greater understanding of the
microbiology, the greater understanding of the neurology and discovering of the anti depressants,
the discovering and developing of the genetically modified technology. In conclusion, the
importance of the biotechnological research and development on the pharmaceutical industry
caused for the big companies to focus on merger and acquisitions and for the small companies to
focus on discovering brilliant discoveries by using modest budgets.
The other cost item is manufacturing plants for the industry. The giant companies invest on
developing the technology of the machineries and producing processes which are very important to
reduce the production costs. For instance, according to Reuters, Ricciardi, the president of
manufacturing of Pfizer, said that “there is an opportunity to be more competitive both on operations
and pricing by developing the machineries and the production processes.” This economic related
technological development caused for the big pharmaceutical companies to make collaborations
with the companies in developing countries, where the investment and labouring are cheaper than
developed countries.
The industry has also benefited from the developments in space industry. The collaboration and
investments on space industry allows the pharmaceutical companies to have the extraterrestrial
experiences for their products and researches. The closer relationship between two industries allows
pharmaceutical industry to research and develop opportunities. Especially the US and European
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space industry have strong collaborations with the US and European based pharmaceutical
companies, such as Pfizer, Novartis, Glaxo Smith Cline, Sanofi Aventis, Roche and Astra Zeneca.
In 1990s, by the widespread of computerized and internet technology on the globe, the marketing
way of the industry dramatically changed in a different way. The industry has had the opportunity to
kept the recent data about products and consumers and analyse the efficiency of each products. On
the other hand, the consumers have had the opportunity to have more direct knowledge about their
demands regarding their health care. The more access to knowledge for the consumers by the
internet using allows the pharmaceutical companies the more efficiency for marketing their
products. The collaboration of the industries of pharmaceutical and IT & Internet has reached a huge
budget on 21st century. Because of the tough challenges on the information management, the
pharmaceutical companies have faced the pressure of arranging their internal and external
collaborations by using complex applications. The IT giants, such as HP, IBM, MS etc., offer complex
collaboration packages to allow the pharmaceutical companies maximizing their investments.
Global Collaborations of Pharmaceutical Industry with Other Partners
The pharmaceutical industry has faced with other challenges except technological developments,
such as legislations and regulations, coping with the protests of against activists, the importance of
the direct marketing to consumers, and the rising awareness of the alternative medicines all over
the globe.
The companies have spent huge budgets for lobbying to regulations and legislations on behalf of
protecting and carrying on their interests. On the other hand, existences of preventetive medicines
cause the importance of influences on decision makers about public health care. The lobbying
activities are being made in US and UK, which have already big market for public health care, and
also even in developing countries, which have an increasing market for public health care. According
to USA Today (2007), the industry spent $855m in eight years to 2006 for lobbying in US. The
collaborations of the industry for its interests, especially with the politicians, and the people from
regulatory bodies or decision maker authorities, sometimes cause some serious corruption
allegations.
The suspected clinical trials on animals and rarely on human being cause the protests of animal and
human right organisations. On the other hand, the companies are blamed because of the disease
mongering to increase their revenues by marketing more products. The companies of the industry
has tried to cope with the protests and allegations by making collaborations with academic, public
health care and law authorities. The industry has spent vast amount of its budget to funding
academic conferences and symposiums, gifting and training the health professionals, encouraging
journals and lectures to support their products, backing charity programmes and even threatening
the opposite groups with law.
The increasing of demand on alternative medicine and orientalism / spiritualism may be both threat
and advantage for the pharmaceutical industry. Based on the traditional and cultural influences,
some herbs or their mixtures and some experienced practises have been seen attractive by
consumers rather than conventional drugs which are produced by pharmaceutical firms. The
widespread use of the internet and knowledge tools has triggered this attractiveness on the 2000s.
This rising market made awareness that it is an emerging market for the pharmaceutical companies.
The latest trend of the alternative medicine market has been using by the pharmaceutical companies
for marketing their new generation non chemistry (!), organic (!) products with the power of the
internet believed era.
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Section 3 - Business Ethics and Sustainability (Mini-Case)
In this section, it will be criticised and examined a medium-large size UK owned restaurant chain and
also reliable recommendations about improving its ethical and environmental stances as
environment and ethics manager of this restaurant. Before recommend something it has to be
considered the problem and analyse its causes.
The restaurant chain has been specialised on Asian foods. It has lots of outlets all over the world and
also has 5,000 employees. But in past few years restaurant faces tough problems. These problems
are corruption scandals, dealing with suppliers who are related poor human beings and animal rights
records, working less with local suppliers, excess executive pays and bonuses, unhealthy products
and lack of quality control. Before recommendations it has to be considered that what ethic is.
When the question of `what ethic is` asked, most of the people answer as `doing something which
accepted by the society`. But this is not a current definition always. Societies sometimes can be
ethically corrupted, such as the period in Nazi Germany. Despite wide spread ethic is not what the
society accepts. Ethic is doing something in term of rights, according to regulations, beneficial for
society or fairness. (Corey, 2004)
The first problem, which has to be immediately coped with, is too much pays to managers. This
situation causes an income imbalance between the employees and the executives. If the
organisation shows the fairness to its members, the organisation would be successful to solve all
other problems. It is a known fact that, both the success and failure are directly related with the
employees’ satisfaction. Another problem can be defined as lack of fairness and ethics while acting
the employees and also lack of ethics while behaving to the external environment. It is ensured that
if the income imbalance problem among employees and managers is regulated, it will be fair and
effective as a first step to solve all the negative publicity and other problems.
The other problem is corruption scandals and allegations in international market of Asia and Africa.
If the employees, who are responsible about these allegations, are punished, the negative publicity
regarding the company can be reduced. Of course not only punishment is enough. It has to be
shown how the company is trying to cope with this serious situation. It has to be published the codes
of ethics like the example of CKE Restaurants Inc did about its bribe allegations. CKE has published
detailed rules which are accepted by CKE’s business ethics. In this publication, it was stated that a
gift which has a value over $100 accepted as a bribe. It can be an effective way to solve the bribe
allegations. It has to be identified that what bribe is or not and it has to be published to society. If
the seriousness against the allegations is shown, the standing of the company on people’s mind
would be grateful.
It has been thought by vast majority of the society that the company is serving unhealthy foods and
also using unhealthy ingredients in the products. It has to be done more advertisements against this
belief. The company is already producing Asian foods which are generally accepted as healthy. It is
very important that what the society`s thinking about how the company seems rather than what the
company actually is. It should be attracted the attention that Asian foods are fully healthy. It can be
joined social responsibility campaigns. However, if the company adds some fat free or diet food to
its menus it can be stated that the company is selling healthy foods. For instance, famous restaurant
chain Subway is selling so many low-fat menus and people prefer to eat those menus rather than the
others. In the customers` memorize, Subway is a healthy food restaurant. In addition to this
situation Subway started to use lots of their materials as recycling items. It can be done something
similar with Subway.
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The company is an international company. It has lots of outlets all around the world. This situation
makes sometimes the works harder. For instance, the company should work with local suppliers and
also employ local people rather than the others. The company`s reliability will be improved in time
by this way. In addition, the company is working in several countries and also it has some
responsibilities on behalf of those countries. It has to be supported these local economies by
working with local suppliers. It is thought that, the company is responsible on behalf of these
countries and also the local customers in these countries.
It has to be needed serious quality control mechanism. It is very important that the products must
be qualified. In the food industry, quality management has a key role to being successful. This
situation is directly related with the suppliers. The vegetables must be fresh and must be suitable to
season. It has to be avoided using the unqualified ingredients in the products. And also if the
company promise to its customers about qualified products, it should be done. It has to be done
some more investment to improve the quality control mechanism. It can be deal with some local
employees who have much information about the country which the company is working in.
Without a quality control system, success can just become a dream.
Another serious problem is the suppliers’ which have poor human beings and animal rights records.
The company has to work with the suppliers who care about the globe and rights. Working with
more responsive suppliers in food industry can also improve the company`s reliability.
In conclusion, the restaurant chain’s corruption scandals, working with suppliers which don`t care
about human beings and animal rights, working less with local suppliers, high executive payments,
using unhealthy ingredients in the products, and lack of quality control systems are absolutely cause
of the low ethical and environmental stance. Working much with local and especially more
responsive suppliers and balance the incomes between employees and the executives can solve lots
of these problems. Also well educated employees regarding business ethics can help the
environmental stance of the entire organisation. The other important point is quality management
and quality control systems. If it is maintained an autonomous quality control mechanism, it can be
helpful to meet the ethical purposes. Last but not least, to be more responsive and work ethical, in
contrary to general beliefs, does not decrease the company`s revenue and profit. It is believed that
this restaurant chain can work more effective rather than past if the company cope with the actual
problems and improve the ethical sensitiveness. It is also thought that the sales and the reputation
of the company will increase.
Student Diary
KCB ID: 14507
I prepared the first section of this assignment. In addition to this section, the third part was prepared
by together with my teammate. This was the second group assignment with my teammate. We have
worked good-coordinated with him just like the previous one. I have learned so many things from
this work about management strategy in pharmaceutical industry. I had not known lots of things
about pharmaceutical industry until this work. I had known just the Pfizer and few more company.
After this assignment I got some details about the pharmaceutical companies` business strategies. I
also was amazed that there have been so many mergers and acquisitions in this industry. The other
subject was about ethic in restaurant industry. This subject also was a chance to learn much more
information both restaurant industry and its ethics. As a summary, it was a useful study for my
academic education.
KCB ID: 14508
I have contributed to the second section which is about technological developments and global
collaborations in pharmaceutical industry and also the third section which is a mini case regarding to
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food industry. I have learned how the technological developments affect on the shaping of
industry`s business strategies. It`s definitely clear that the survival and the sustainable growing of
the pharmaceutical companies in the era of hard challenge is related to be leader on technological
developments and adding them in your business making. Another clear state is that how the reliable
collaborations of the companies with the other parts contribute them regarding to their interests. I
have also learned from the third section, which I worked with my colleague, coping with the ethics
scandals and allegations directly affects the sustainability of the company. It is also clear that ethics
and coping with the regarding issues are one of the most important part of the shaping business
strategies.
Total word count excluding Cover Page, Student Diary and References: 4200
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