In an industry led by globalized companies it only seems fitting that some of the strongest pharmaceutical companies are those that have been around for a long amount of time. It also makes sense that once these companies go global, they start to grow at a much higher rate than they had when they were only operating in one country. The opportunities for investment as well as the opportunities to create new medicines that fit the needs of a foreign country increase as a pharmaceutical company grows from one country to the next. For example, a country like Zimbabwe would have a much greater need to vaccines that prevent malaria. Where as a country like the United States would not need so many vaccines for malaria but need more vaccines for the winter flu season. When a company expands globally they increase their market spread tremendously.
The company with the largest global market share is Pfizer pharmaceutical. They own about 8.70% of the global market share. Pfizer was founded by two German men named Karl Pfizer and Karl Erhart, both of whom moved to the United States in 1848. The company is currently based in New York city, but operates in 140 countries worldwide.
The biggest reason for why Pfizer has been so successful for the past hundred years is because of their excellent customer relations. The pharmaceutical industry is one of, if not the most important industry to have good customer relations in. With the help of SAP BW, Pfizer has been able to come up with cost effective solutions to solve customer complaints and conditions. Not only are they satisfying their customer needs, but they are also saving money. When customers are satisfied, they return to the company and keep making purchases, creating company growth. As said by the head IT manager at Pfizer, Herbert Horne, "Access to timely, accurate market information both for decision-makers and for the sales force is becoming a key success factor".
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-Gabriel Resstack
When Talking about souch a huge company like pfizer it is impressive that they have been able to keep such good customer relations. GLobal companies have such a large amount of power in the market so it is nice to see that the company is attempting to keep the customer first in a business so driven by profit.
ReplyDeleteIt would be interesting to look into the first pharmaceutical companies ever started and see if they are still around today. Also I never really thought about the pharmaceutical industry having customer relations as something important but you are right in the world today it truly is!
ReplyDeleteI find it amazing that Pfizer is able to satisfy customers as well as being the leading and largest Pharmaceutical company aaaand on top of all that, saving money! it is deffinitely and example to follow
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