Pharmaceutical Industry
The pharmaceutical industry includes companies that research, develop, market or distribute generic and branded drugs. The industry expanded during the 1980’s and drugs to treat heart disease and AIDS were prominent. Consumer demand for nutritional supplements and alternative medicine increased during the 1990’s with the Internet facilitating direct purchases of drugs. Advertising for direct consumption of pharmaceutical drugs became more prominent; pharmaceutical companies were criticized for over medicating personality or social problems.
Society expects drug companies to improve people’s well-being and to behave like a nonprofit company not overly concerned with making large profits. However, investors expect pharmaceutical companies to earn profits making it unlikely that life-saving drugs will be sold at the lowest possible price. Some interest group is bound to be displeased with mutually exclusive expectations and the pharmaceutical industry is often criticized.
Pfizer Inc.
Mission & Products: Pfizer’s mission is to help increase peoples’ life spans and help them live healthier lives. Its products help treat and prevent minor conditions like back pain and more serious ones such as psychotic disorders.
Strategy: Pfizer is the world’s number one pharmaceutical company. Its best-selling products include Lipitor, the world’s best- selling medicine, and eight of the top twenty-five medicines in the world. Acquisition of successful competitors such as Pharmacia and Warner Lambert has helped Pfizer to offer best-selling products and further differentiate itself from competitors. The acquisition of the latter company helped bring Lipitor under Pfizer’s contr ...