Dear Colleagues! This is Asrar Qureshi’s Blog Post #644 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi onWordPress, the top blog site. Please email to firstname.lastname@example.org for publishing your contributions here.
February 2022 marked my completing 47 years of working in Pharma Industry. Allah be praised. I am still working. My journey of near half century is also the journey of Pharma Industry in Pakistan. Great changes have occurred in this time and a lot could be written about it. In my blogs, which were started about four and a half years ago, I have covered several topics related to Pakistan Pharma Industry. This multi-part series is the SWOT – Strengths, Weaknesses, Opportunities, Threats – Analysis of the Pharma Industry and propose strategies.
EPILOGUE … III
The primary thesis of this discussion has been to analyze the working of Local Pharma on the SWOT model. There are other models also which may be included to broaden the scope of analyze, but SWOT remains a key element.
I have made every effort to take the analysis to the level of depth where it gives enough insight for understanding. The other effort had been to keep the whole exercise objective and focused.
These are the core findings we have been able to derive. The final summary is given below to determine the way forward.
Summary of Strategies
|Strategies to Utilize Strengths |
Induction of New Products
Different Business Trajectory
Open New Therapeutic Segments
Pursue First Mover Advantage
Innovate on Customer Service
|Strategies to Exploit Opportunities |
Mergers & Acquisitions
|Strategies to Mitigate Weaknesses |
Plan for Longer Term
Improve Quality Standards
Institute Risk Assessment & Mitigation
Addition and upstream/downstream Expansion
Stop Undercutting Prices
Rationalize and Energize PPMA
|Strategies to Avert Threats/ Risks |
Strengthen Quality Operations
Strengthen Supply Chain
Strengthen Financial Discipline
Rationalize Selling Cost
Manage Talent Well
Stay Alive to Circumstances
Points to Note
- Compulsions are few – R&D, Quality Operations, Risk Assessment and Mitigation are those areas where actions are warranted by the new regulations. True, that these areas have overarching impact, but the total effort is worth taking.
- Everything else is optional. If an industry wishes to improve itself, they may employ all strategies or some of these. More appropriate would be to take up these strategies in small groups and work on them.
- All of these strategies are practical and needed for sustainability and growth of the organizations. In this sense, these are not optional, and will have to be adopted sooner or later.
- There are overlaps also; do one and another will also be done.
- Strong R&D would ensure introduction of new products, opening of new therapeutic segments, pursuing first mover advantage, business development, and international business.
- Adopting self-regulation will help in risk mitigation, strengthening quality operations, and improving quality standards.
- Strengthening financial discipline shall rationalize selling cost, improve supply chain, and stop undercutting prices.
- Managing talent well shall improve quality of work in all departments and functions.
- Staying alive to circumstances shall help in timely decisions about addition of upstream/downstream activities, expansion, contract manufacturing, contract marketing, mergers, and acquisitions, and going public.
What is not optional is to stay in the state of inaction, not doing anything and hoping that all shall be well by itself.
I shall pause this blogpost at this point.
In the next post, I shall suggest way forward and close.
To be Continued……Disclaimer. Most pictures in these blogs are taken from Google Images which does not show anyone’s copyright claim. However, if any such claim is presented, we shall remove the image with suitable regrets.