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0:00
Hello everyone. My
name is Radi Haloub.
I'm an associate professor
and program leader for
Biotech and Pharmaceutical
Management program at
the Global Business
School for Health
at University College London.
Today, we're going to talk about
why pharmaceutical
companies exist.
Why do we have
different products
that would treat more or
less the same diseases?
What is the role of these
pharmaceutical companies?
And what are the main objectives
and the mission of
these companies?
0:30
It always starts with a
strategic approach of
the company to answer the
questions, "Who are we?",
"What do we want people
to know about us?",
"What do we want to achieve?",
"How do we want to achieve this,
and why do we want
to achieve this?"
It is very important to
identify the company's identity
in the marketplace,
and why they exist.
This is part of the strategic
approach of any company,
not only pharmaceutical
companies,
in the world to have a clear
vision about their future.
But yet pharmaceutical companies
are quite unique industries.
Using the uniqueness
approach within
the pharmaceutical companies,
in terms of their
mission and vision,
is quite important
to identify from
the beginning to the end of
the life cycle of the company.
It decides their
product portfolio.
It decides how they
do in the market.
It also decides how they operate
locally and internationally
in different contexts.
1:36
Before we start to think about
these factors in the
mission and vision,
it's very important
to define strategy.
As Phil says, "We can
strategically add strategy to
any strategic
sentence, to give it
any strategic meaning you
strategically want it to have."
We overuse the word strategy
without understanding
the definitions.
We don't identify how
these strategies can
define ourselves,
and can create a
distinctive approach in
all activities that we do,
especially for pharmaceuticals.
The strategy of
pharmaceutical companies
are read by patients,
doctors, and nurses.
There are a lot of
stakeholders involved in
that strategy, unlike
other companies,
like fast-moving consumer
goods, where their strategy
is basically built into
the employees and actions.
The actions are made
by the consumers.
But in pharmaceuticals, the
decision is made by doctors,
the nurses and the patients.
