Transcript: American multinational pharmaceutical company A little bit of history Founded by Charles Pfizer and Charles Erhard in 1849 Acquisition of other pharmaceutical companies such as Warner-Lambert (2000), Pharmacia (2003), Wyeth (2009) and King Pharmaceuticals (2010) Pfizer is the largest pharmaceutical R&D in the industry R&D Competition from generic drugs Battle against counterfeited drugs Protection of intellectual property Key Success Factors •Cutting-edge medicines •Reliable drugs •Premium advice •Customer-focused spokespersons Communication, consultative selling, handling objections, negotiation skills Team player Fundamental Accounting Organizational skills Hospital Account Manager Medical Representative Profile Sales expertise and managing Sales programming Sales with responsibilities Competition Focused Interpersonal Effectiveness Communication skill Forecasting Accuracy Tight Budget Controls Creative Business Development Thorough Business Planning Being in Touch With The Retail Reality Strong Customer Relationships Brand Knowledge Fact Based Selling Regional Sales Manager Profile Sells Pfizer's products in local corporate market Responsible for designing sales strategies and budgets Monthly reports and forecasts Responsible for a team of sellers Fundamental knowledge about medical products, selling and administration Aware of latest date and news of Pharmaceutical field, competitors and market Degree in Pharmacy, Biology or other medical specialty Align Strategies Analysis Coaching style of management Motivation Assessment Manage budgets Be persuasive Integrity and Trust Innovative Competencies Competencies Key Challenges Competencies Direct selling experience of medical devices Negotiation with executive administration levels Achievement of sales plans Relationship management, strategy development, problem solving, change management skills Professional and positive approach Use of Microsoft Word, Excel and PowerPoint and other related software Team work, dynamism, good relationship building Strong oral and written communication skills CRM knowledge Cost Control Working with Health Care Professionals Knowledge Knowledge Knowledge Regional Sales Manager Develops and produces medicines and vaccines Communication and interpersonal skills Motivate sellers, improve them Selling skills Analysis Good knowledge of Microsoft Office Medical Representative So after all what do consumers want from Pfizer? Sell products to medical profession Analyzes sales data & statistics -> selling plan Responsible for result of sales Monitors situation of competitors and entire market The largest pharmaceutical by its revenue of 67,932$ billion and ranked 40th in the Fortune 500 ranking 2012 Hospital Account Manager Profile Responsible for obtaining sales of all Pfizer Medical products Negotiate and manage multiple products business contracts with national plans Develop and execute national account business plans Collaborate across all sales teams Achieve the assigned sales objective for the territory and attain the designated goals for calls on appropriate accounts and healthcare professionals Collaborate with key health plans and mid-large employers to implement quality based benefit improvements. Skills Skills Bachelor's degree Experience of at least years in sales Good knowledge of the industry Skills Bachelor’s degree + 5 or more years experience Conceptual and consultative strategic selling Strong emotional intelligence Knowledge of patient flow and treatment Knowledge of reimbursement issues
Transcript: Prevnar-13 Presentation By: Cade Morgan Presentation Agenda Presentation Agenda: PREVNAR-13 OVERVIEW PATIENT MARKET VALUE PROPOSITION Prevnar-13 Overview Prevnar-13 Overview- Prevnar-13 is approved for adults 18 years or older to help combat/prevent Pneumococcal Pneumonia caused by the 13 Streptococcus Pneumonia strains included in the vaccine. Approved as a single-dose, packaged as a pre-filled syringe, and the tip cap and rubber plunger are not made with natural rubber latex. Prevnar-13 is administered intramuscalurly (in four shots) and costs anywhere from $175.00-$235.00 per dose without coverage or coupons. Patient Impact Patient Market- Pneumococcal infection is spread when an infected person talks, coughs or sneezes small droplets containing infectious agents into the air. The droplets in the air may be breathed in by those nearby. Infection may be spread by contact with hands, tissues and other articles soiled by infected nose and throat discharges. It is estimated that about one million US adults get Pneumococcal Pneumonia each year, as many as 400,000 hospitalizations from Pneumococcal Pneumonia occur annually in the US, and about 5-7% of those who are hospitalized from it will die. Pneumococcal Pneumonia can infect the upper respiratory tract and can spread to the blood, lungs, middle ear, or nervous system. Also, Pneumococcal Pneumonia mainly causes illness in children younger than 5 years old and adults 65 years of age or older. Value Proposition Value Proposition- About 5 to 7 percent of people who need care in a hospital due to Pneumococcal Pneumonia die from it. Fewer will get Pneumococcal Meningitis or Sepsis, but the mortality rate among adults is higher (20 percent or more). Most (>95 percent) Pneumococcal deaths in the United States are in adults. More than 291 million (95% uncertainty level, 276.3 million-307 million) LRI episodes occurred in 2015. Among them, 101.8 million (95% UI, 90 million-114.4 million) were reported in children aged younger than 5 years. The most common etiology was Pneumococcal Pneumonia, which was responsible for 1,517,388, or 55.4%, of all LRI deaths. A study showed one dose of PCV13 protects 8 in 10 babies from invasive disease caused by vaccine serotypes. This protection was similar among children with and without medical conditions that put them at increased risk of Pneumococcal disease. With competitors like Merck and Co. looming to make a major impact the market, Pfizer's Prevnar-13 will need to stay competitive in terms of price, marketing, and product/indication differentiation to stay at the top of the vaccine space.
Transcript: 2009 plead guilty to illegal marketing of arthritis drug Bexra unapproved by F.D.A. Agreed on settlement of $2.3 billion $1.3 billion in criminal fines related to Bextra Largest penalty ever rendered for any crime 4th settlement in 10 years. C.E.O. Products now... Pfizer Tyler Cox Alisha Davis 91,500 employees $58.98 billion in revenue $12.08 billion in operating income $14.57 billion in net income (+) $185.79 billion in total assets Warner-Lambert 2000 Pharmacia 2003 Wyeth 2009 ($68 billion) Future Outlook The Beginning They expected decrease of 0.91% in 2013 Increase of 6.03% in 2014 3.72% for 2015 3.51% for 2016 (forecast) Over 40 different prescription drugs Advil, Lipitor, and Viagra Also sell things like Chapstick, and and Robitussen Stats... Ian Read Born in 1963 in London Chemical Engineering from Imperial College of London December, 7 2010 incorporated in 1900 Emile Pfizer was last family member in 1941 1972 hit first billion in sales More History... Current Stock Price Legal Trouble founded in 1849 original loan of $2,500 Brooklyn, New York anti parasitic C.F.O. Frank D'Amelio Senior Executive V.P. of business operations and CFO Born and raised in New Jersey BA in accounting from St. Peters college MBA in finance from St. Johns University 2002 selected top 10 leaders in his field by Treasury and Risk Management magazine Acquisitions http://www.pfizer.com/investors part of Dow Jones Industrial Average since April 8, 2004
Transcript: Specific Questions: Presented By: In reaction to the difficult times in 2007, Pfizer laid off 10,000 employees or roughly 1/10th of it’s workforce. The lay-off eliminated 1/5th of the sales force in Europe and in the US, and shut down multiple research centers and factories. Research was reorganized to focus only on five main areas. CEO Kindler demanded collaboration from independent researchers, and simultaneously put the company’s research initiatives online for all to see. Initially, the company’s stock price fell in reaction to the employee lay-offs, and prices dropped from roughly $26.00/share in 2007 to roughly $15.00/share in 2008. The stock price remained low, but steady until 2010, when it began to rise again. In February of 2015, Pfizer’s stock price reached a new high of $34.00/share. Case Specific Questions Threat of Rivalry - High Threat of Substitutes - Moderate API (Active Pharmaceutical Ingredient) Manufacturers Contracts Switching Costs Pfizer: Then The company produced tartaric acid and cream of tartar in 1862, expanding to meet the needs of the Union Army during the Civil War. Growth continued due to high demand, and Pfizer became one of the largest producers of citric acid for consumer beverages in 1880. Erhart died in 1891, and Pfizer became the sole owner of the company. In 1905 Emile Pfizer became president of the company and Charles Pfizer died in 1906. After breakthroughs In 1936, the company became a large producer of vitamins. In 1941, Pfizer produced five times more penicillin than originally anticipated, due to their unique fermenting method. The company was the only producing the "miracle drug" in this way. -Will collaborative research, acquisition of other companies, and streamlining existing operations prove effective? -Can Pfizer be effective moving into the US$500 million drugs market? -Should Pfizer invest in R&D of generics to compete with others? Porter's 5 Forces 2 Threat of Suppliers - High The company was founded in 1849 by two cousins, Charles Pfizer, a chemist, and Charles Erhart, a confectioner. With a $2500 loan from Pfizer’s father, the company started in Brooklyn, NY as a fine chemicals business. Pfizer later became a huge manufacturer of newly discovered Penicillin, discovered new ways to produce vitamins, and later became a world leader in pharmaceutical research and AIDS education and prevention. Proposed Recommendations -Collaborative Research: Horizontal contracting -Product Refinement: Streamlining of Existing Products -Product Mix: Innovative Pharmaceuticals, Generics, OTC and Vaccines -Pfizer would like to re-position itself so that no singl drug will account for more than 10% of the company's revenue. Currently, Lipitor is accounting for 25% of the revenue -Horizontal integration and collaboration in order to reduce R&D overhead costs and increase efficiency Julian, Mallory, Matthew, Toni and Janae 1)What is your assessment of the pharmaceutical industry at the time of the case? How is competition changing? What factors are driving the changes? Ans: The pharmaceutical industry is both emerging and mature at the time of the case. It is emerging in the sense that there are constantly new areas for growth potential with the never-ending rise of new disease, but it is also a mature industry that has been around for a long time. There are not many competitors in this industry, but the few that exist are large. At the time of this case, the industry is dealing with decreasing revenues due to competition and government influences on price in Europe. Competitors in this industry are acquiring and merging with competing firms. 2)What will competition in pharmaceuticals look like in 10 years? Ans: There is going to be a significant rise in the number of aging population and in the number of people who can afford to purchase medication. A lot more terminal diseases will be treatable with medications and, therefore, become chronic, which will demand a sustained reliance on prescription medications. There will be growth opportunities to develop drugs for drug-resistant strains of illnesses. There will also be a rise in the number of generics produced due to the expiring on numerous patents. There will also be a sharp drop in revenues due to the adoption of universal health care in countries such as China, Germany, India, and Brazil. 3)What are the keys to success in this industry? The keys to success in this industry are to develop drugs that can compete and be profitable in increasingly price regulated markets. Success will also hinge on the ability of firms to cut R&D costs through identifying and discontinuing non-successful projects early on. The ability to quickly develop blockbuster drugs to combat new disease strains will also be a factor to success. Proposed Strategies Pfizer was the undisputed market leader. Primary Competitors- GlaxoSmithKline, Sanofi-aventis, and Novartis ****Holly mentioned in class Wednesday that we did not need a separate slide to
Transcript: The mission of Pfizer's office of Independent Grants for Learning & Change (IGL&C), formerly Medical Education Group (MEG), is to cooperate with health care delivery organizations and professional associations to narrow professional practice gaps in areas of mutual interest through support of learning and change strategies that result in measurable improvement in competence, performance or patient outcomes. Pfizer was a company first started in 1849 by two cousins from Germany, Charles Pfizer and Charles Erhart. It was originally a fin-chemical business, with the combination of Pfizer, a chemist, and Erhart, a confectioner. Now 165 years later, Pfizer still continues as one of the worlds, premier biopharmaceutical companies. Pfizer’s marketing strategy is to increase drug sales. One way they can increase their sales is through prescription pharmaceuticals. Pfizer targets direct-to-consumer, direct to physician, and direct to managed care organizations. Their goal in direct-to-consumer is to promote people to visit the doctor and ask for a prescription, which they do through many of their television advertisements. The goal of their marketing strategies is to have physicians write prescriptions. • California • Colorado • Connecticut • Georgia • Illinois • Indiana • Iowa • Massachusetts • Michigan • Missouri • Nebraska • Nevada Products Pfizer markets and distributes over 330 drugs in the United States. The company operates in five segments: Primary Care, Specialty Care and Oncology, Established Products and Emerging Markets, Animal Health, and Consumer Healthcare. Pfizer has focuses in small molecule medicines and vaccines, as well as nutritional products and consumer healthcare products. Mission Statement • New Jersey • New York • North Carolina • Ohio • Pennsylvania • Puerto Rico • South Carolina • Tennessee • Texas • Virginia • Washington, D.C. http://press.pfizer.com/press-release/pfizer-reports-first-quarter-2013-results http://www.pfizer.com/files/investors/financial_reports/annual_reports/2013/business_responsible.htm http://www.pfizer.com/files/investors/presentations/FinancialReport2013.pdf http://www.lotsofessays.com/viewpaper/1695018.html http://www.scribd.com/doc/58921544/Pfizer-Marketing Ownership Ian Read is the Chairman of the Board and Chief Executive Officer of Pfizer. He formerly served as Senior Vice President, Pfizer, and Group President of the Worldwide Biopharmaceutical Businesses. He started his career in 1978 as an operational auditor, then worked in Latin America through 1995, working in operations of Chief Financial Officer, Pfizer Mexico, and Country Manager, Pfizer Brazil. In 1996 he was appointed President of Pfizer's International Pharmaceuticals Group, became Executive Vice President, Europe, in 2000, was named a Corporate Vice President in 2001, and assumed responsibility for Canada and Europe, in 2002. Pfizer’s products are inelastic because no matter what the price change, people will still be willing to pay for the products because they are dependent upon them. With Pfizer medical products, people will still be willing to purchase them even if they are expensive because in some cases they need them in order to survive. Elasticity of Goods Marketing Strategies Pfizer History Locations Sources
Transcript: Pfizer is an international pharmicutical company that currently develops 500 products and is in phase 3 (final) testing of another 26. Pfizer has focused its efforts in the last decade on company aquistion and colaboration due to sunsets on propietary patents. Pfizer is not only the worlds largest manufacturer of drugs, but also its largest warehouse, researcher, and tester. Chances are if it is a pill, Pfizer made it. Social and Ethical Responsibility Pfizer strives to focus on the needs of society and the overall well being of the world Three Primary Contributions : U.S. Patient Assistance Programs Medicine Safety Education Energy and Climate Change Despite a very well written ethics code, Pfizer still deals with several lawsuits charging the company of unethical practices. Pfizer Executive Leadership Team Recent price: 31.27 open: 31.11 52w high: 32.50 52w low: 24.63 As of December 4, 2013 https://www.google.com/finance?q=pfe&ei=cLKfUsDtGpSLsgfq5gE Web Presence Group E Neal Clayton Elizabeth Tyson Emmanuel Pineiro Candy Thigpen Jeannie Kilpatrick Began with a borrowed sum of 2,500 dollars. Founded by cousins Charles Pfizer (German- American, Chemist) and Charles Erhart (German-American, Confectioner) Neal Clayton Stock prices today Immunology & Inflammation CV & Metabolic Diseases Oncology Vaccines Neuroscience & Pain Rare Diseases WWII 1951 October9, 2013 ChapStick®Announces Olympic Gold Medalist Alex Morgan As New Face Of The Brand December 2, 2013 - Pfizer Acquires Polocard, Poland’s Leading Over-The-Counter Heart Attack Prevention B 1900 Candy Thigpen 1842 Pfizer employs about 40,000 people in each state across the Unites States and Puerto Rico. Pfizer headquarters is in New York City, NY. Pfizer started work in Mexico in 1951. Pfizer employs 2,542 colleagues across seven sites in Canada. http://www.pfizer.com/responsibility http://www.pfizer.com/about/ http://pfizercareers.com/career-types/our-businesses leadership_and_structure/meet_executive_leaders https://www.google.com/finance?q=pfe&ei=cLKfUsDtGpSLsgfq5gE http://pfizercareers.com/career-types/locations/us Beginning of Pfizer Jeannie Kilpatrick Chairman of the Board and Chief Executive Officer Mission Statement History of Pfizer through molasses fermentation, Pfizer becomes the world's largest producer of chemically created Vitamin C Emmanuel Pineiro Pfizer Inc: Working Together for a Healthier World® 2013 1941 Pfizer expands into a global market with its first propietary antibiotic Pfizer becomes a corporation References Primary Care Specialty Care Oncology Emerging Markets Established Products Pfizer Consumer healthcare Pfizer Medical Pfizer Global Supply R&D 1936 Due to WWII, the U.S. Goverment appeals to Pfizer to produce Pinicillin. Using the same fimentation techniques, Pfizer produces 5 times more than other suppliers Elizabeth Tyson Career Opportunities Ian C. Read Staying Competitive The Pfizer Values twitter facebook youtube GetOld.com Freda C. Lewis-Hall Executive VP and Chief Medical Officer Doug Lankler Executive VP, Chief Compliance & Risk Officer Frank D'Amelio Executive VP, Business Operations and Chief Financial Officer Anthony J. Maddaluna Executive VP, Global Supply Amy W.Schulman Executive VP & General Counsel; Business Unit Lead, Consumer Healthcare
Transcript: My Road, My Journey The Past These places and roles taught me the valuable lessons that paved my way to this moment Past Bronson Battle Creek Hospital Staff Assistant Bronson Battle Creek Hospital Established new position Trained employees on new electronic medical records (EMR) software Something that works for one team does not always work for another team Summit Pointe Autism Center Behavior Technician Summit Pointe Autism Center Apply behavioral principles to increase positive behaviors and decrease negative behaivors Performance matrix and monetary incentives "If you pit a good performer against a bad system, the system will win almost everytime." -Rummler & Brache Here and Now Great Lakes Center for Autism Treatment and Research (GLC) Present External Systems Analysis Consultant EMR 2.0 Authorization and billing process Workflow Analysis Cross-functional process mapping using Lucidchart software Integration of new EMR Proactive instead of reactive Residential Opportunities Inc. Pre-Strategic Planning Pre-Strategic Planning Developed a tool to facilitate business strategy discussion and pinpoint knowledge and data gaps Worked closely with ROI's top executive leaders Registered Behavior Technicians (RBT) Training Development Training Development Meets the requirements of the national certification board (BACB) Personalized to accomodate the specific needs of the organization Training environments match natural work conditions What's in store? Future Continuous Improvement Diagnosing issues Creating Solutions Data Analysis/Visualization Lean Six Sigma
Transcript: Ethical problem with in the past five years The planned reductions will increase manufacturing efficiency and lower costs by more effectively using resources and technology, improving plant processes, eliminating excess capacity, and better aligning production with market demand What is the mission of the organization Describe how the firm is organized Ethical considerations The community and the corporation Rectifying the corporation and its issues Thank you for your time Define and assess the organization’s strategy Pfizer Mission Statement photo (cc) Malte Sörensen @ flickr Describe how the ethical problem or problems affected society False advertising Pfizer began to lose the support of stakeholders and partners How did the organization communicate these issues with media relations (PR) Pfizer began to experience their ethical dilemmas, it came across to the media as just being deceptive to society 1. Conflict Of Interest Relationship of Company Compensation from non-Company sources Gifts Personal use of Company assets 2. Corporate Opportunities 3. Confidentiality What planning methodologies are utilized payments and gifts Pfizer for its foreign units made to government-employed doctors and workers in Eastern Europe, China and the Middle East Pfizer has a commitment of effective training and education Pfizer Responsibility in a changing world: Pfizer has adapted to the evolving needs of society and contribute to the health and wellness of the world HIV/AIDS Workforce Policy: Promoting a Safe Work Environment: Corporate Governance: Overview Group 4 III. Ethical consideration Plans to discontinue manufacturing operations over the next 18 months to five years at three solid-dose sites that manufacture tablets and capsules Plans to phase out pharmaceutical solid-dose manufacturing at Guayama, Puerto Rico, and that site will expand its Consumer Healthcare operations. Toward the development of Policies Guidelines Regulations within the organization “We will become the world's most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live." 4) Compliance With Laws, Rules And Regulations; Fair Dealing 5) Encouraging The Reporting of Any Illegal or Unethical Behavior 6) Compliance Standards 7) Waiver of Code of Business Conduct and Ethics Informal Entities Pfizer has many renowned informal entities ChapStick Robitussin Dimetapp II. Describe how the Firm is organized The U.S. law enforcement authorities were preventing drug maker for breaking an overseas anti-bribery law that banned employees or their agents from paying bribes to foreign government officials to obtain or retain business Pfizer's Executive Leadership Team is the company's senior-most leadership and decision-making management body Their firm's organizational structure begins from its Board of Directors to Lab Technicians They manage their operations through five operating segments which are Primary Care; Specialty Care and Oncology Established Products and Emerging Markets Animal Health and Consumer Healthcare Pfizer pharmaceuticals policies guidelines ethical values stem from their values which are: Collaboration Leadership Community Performance Customer Focus Quality Innovation Respect for People and Integrity Organization Strategy is the creation, implementation and evaluation of decisions within an organization that enables it to achieve its long-term objectives Pfizer Pharmaceuticals Summary of Business Conduct and Ethics V. Rectifying the Corporation and its issues Conclusion IV. The community and the corporation Pfizer Pharmaceuticals Group 4 Pfizer customers and Competitors The best organizational strategy is built on a collaborative approach to the organization Working with doctors and other health care professionals is essential to gaining the real-world information Pfizer needs to deliver treatment choices that improve the health of patients It manufactures and markets generic formulation products and active pharmaceutical ingredients both in the domestic and international markets Decision-making process What planning methodologies are utilized The Decision-making Process Pfizer Pharmaceuticals Summary of Business Conduct and Ethics
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