Pfizer Inc: Goals, Objectives, and Strategies

by | Apr 23, 2022 | Business

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Pfizer Inc: Goals, Objectives, and Strategies
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MGM410W-Strategic Planning & Decision-01
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April 17, 2022
Pfizer Inc: Objectives, Goals, and Strategies
A mission statement is an action-oriented statement that expresses a company’s purpose. Every mission statement must have specific goals, objectives, and strategies that guide a leader’s decision-making to ensure the company’s mission statement is successful. Pfizer has developed a new mission statement that explains the company’s purpose, how the company will respond to the needs of internal and external customers, and the company’s culture. Pfizer created SMART goals that are specific, measurable, achievable, relevant, and time-bound. Each plan has two objectives and a strategy that aligns with the mission statement.
Goal 1: Deliver a world-class experience to every client with every interaction.
Objective 1.1 Training
Pfizer is responsible for delivering a world-class experience to every client. Pfizer recognizes that clients are the ones that fuel growth and drive the business forward. The foundation of a company is built on satisfied clients who are return customers and may also make recommendations to Pfizer. Pfizer will implement training and skilling its employees to deliver on these expectations, focusing on client-facing associates first and then branching out to other company areas. Skilling will be focused on empathy, handling difficult situations, and creative problem-solving. Pfizer will use state-of-the-art technology to keep employees engaged and offer them comprehensive and realistic training. While traditional educational tools can sometimes feel dull or artificial, immersive VR training creates highly memorable, impactful experiences — without the potential risk of real-world consequences. (Meister 2021).
Strategy 1.1.1 Virtual Reality Implementation
Pfizer will purchase and implement virtual reality training in all client-facing roles. All training will be conducted on virtual reality safety and video conference calls to ensure a successful rollout. The first three training programs will be based on empathy, handling difficult client situations, and creative problem-solving. Successful completion of training will be scored at 90% or better for each course. The cost will be kept within a budget of 5 million. Employees will feel ready, empowered, and excited for the new training upon successful rollout by management. Off-stage and dedicated time will be made available for employees to focus on and complete their training successfully. VR headsets will be purchased and shipped by August of 2022. All managers will be trained on VR implementation for November associate rollout in the call centers by the end of October. Associates will be required to complete training with a passing score of 90% or better by the end of December 2022. Other initiative-based activities will be added as needed on an ongoing basis.
Objective 1.2: Team Building
Pfizer recognizes that satisfied, loyal, and committed employees are more likely to create excellent client experiences. Pfizer will invest in its employees’ well-being to maintain positive morale and work culture. The company understands that frequent mergers and acquisitions have created many new teams that have not developed excellent working relationships yet. Well-formed and functioning teams centered around Pfizer’s client-first culture will deliver a world-class client experience every time. Pfizer aims to accelerate the team-building process by financing an outside consultant who will analyze and create team-building events that can be rolled out globally. Another benefit aside from improved customer experiences and sales is that when you break down the artificial barriers between internal teams, everyone across the board tends to be more engaged, motivated, and ultimately successful. (Scott 2021).
Strategy 1.2.1
Pfizer will hire an outside consultant company specializing in team building to develop and implement a global team-building strategy for all departments. Training programs will be a full-day event. All employees will be required to attend, and success will be measured by completing the team-building activity. The cost will be kept within a budget of 5 million. Pfizer has the budget and the capability to invest this amount in team building. Employees will be able to complete one day of team building without it interfering with job performance. Each department will have a covering department set up in advance to ensure the client experience is not impacted while team building occurs. Pfizer has enough staffing to cover one day of training per department. A consultant company will be chosen by the end of August 2022. They will be required to develop and deliver their team-building event by October 2022. All departments will have completed their team-building event by December 2022.
Goal 2: Strengthen relationships with partners
Objective 2.1: Increase collaborations with academic medical centers & investigators
Strategy 2.1.1
Pfizer will actively search for academic medical center investigators with novel scientific ideas for new therapies. Pfizer will work with start-up and biotech companies to combine resources and save time developing and bringing new drugs and therapies to market. Over the next three years, create a minimum of two new partnerships with academic principal investigators (PIs) to develop new drug treatments faster and more efficiently. Allow the collaboration of the different expertise of the PI’s new science alongside Pfizer’s drug development proficiency to strengthen partnerships throughout the pharmaceutical industry, academic science, and medical facilities (nature.com).
Objective 2.2: Increase collaborations with start-up and biotech companies
Strategy 2.2.1: Research and seek partnerships with start-ups and biotech companies to combine resources and save time developing, manufacturing, and bringing new therapies and medications to market.
Create a minimum of two new partnerships with well-researched start-ups or biotech companies over the next three years. Pfizer will seek out start-up and biotech companies with a patent position on a new target treatment, innovative projects, or first or best-in-class assets for unmet medical needs. Pfizer and the potential company will both benefit. With the research and possible new treatment, the company will benefit from the number of chemists and preclinical development experts Pfizer can provide. Pfizer will benefit from the increased R&D provided by the start-up or biotech companies that they develop partnerships with. Partnerships will help broaden the number of targets for more diseases and afflictions, keeping them more competitive (Brown & Wiederrecht, 2021).
Goal 3: To achieve innovative breakthroughs and further enhance Research and Development initiatives.
Objective 3.1: Innovation
Pfizer’s mission is centered around enhancing patients’ lives, and in doing so, they must continually develop and implement new initiatives to achieve their goals. According to Pfizer Inc (n.d.), with more than a decade in time that has seen significant improvements in the understanding and analysis of human biology and disease, the Pharma industry can exceed expectations and achieve even more through science and technology. Innovation is vital to the pharmaceutical industry and Pfizer in particular. It is the key to redefining current processes and concepts, which will ultimately be the source of world-changing breakthroughs. “Pharmaceutical innovations create value to society by making it possible to generate improvements in patient health (net of treatment risks) that were previously unattainable” (Morgan, 2008, para, 5).
Strategy 3.1.1: Clinical Innovation:
In the next five (5) years, Pfizer will develop and improve its systems, technology, practices, and policies. Pfizer will form partnerships with various companies that share the common goal in hopes of establishing many clinical trial institutions globally. These will bring forth new medicines for patients and proven results that will change the world of medicine. While nurturing strategic partnerships with relevant institutions and organizations, Pfizer’s strategy for achieving the goal is centered on transparency compliance, strict adherence to code of conduct, and regulations to enable its partners to support the business program and activities (Pfizer, 2022).
Strategy 3.1.2: Increase affordability and access through innovation:
Additional innovative initiatives will allow Pfizer to increase access to breakthrough treatments and reduce costs for patients by focusing on alternative treatment options such as biosimilars. Biosimilars offer more cost-effective treatment for patients who may not be able to afford biological therapies. Pfizer plans to eliminate intermediaries and deliver health care savings plans directly to patients. (Pfizer Inc, n.d.). Morgan (2018) explains that a new drug or treatment option should significantly improve existing ones and fulfill severe unmet needs for them to be considered a breakthrough. Accomplishing this goal will strengthen health care systems and increase access to medical and patient care.
Objective 3.2: Growth
Pfizer recognizes that being innovative and producing revolutionary, life-changing treatments will require growth in several areas. By expanding and growing, Pfizer can garner a more substantial market share and become the largest biopharmaceutical firm in the world. This will be accomplished by establishing partnerships with global health institutions, implementing innovative pricing structures, and donations to increase patients’ access to medicine and vaccines to address medical and health needs.
Strategy 3.2.1: Invest in new, upcoming, and viable biotech firms and technology
Over the next three (3) years, Pfizer will continually invest in smaller biotech firms and other companies to expand its reach globally. Pfizer will plan to invest a total of $45 million in Cardiff Oncology as it develops new precision medicine treatments tailored to meet the unmet needs of cancer patients. This investment will add to the $15 million shares bought in 2021. Pfizer will benefit from this investment as Cardiff Oncology has granted the company the first right to access the findings generated from the development programs (Cardiff Oncology, 2021).
Strategy 3.2.2: Develop and enhance R&D initiatives
Pfizer plans to prioritize R&D in areas that can yield the most significant and positive results, such as Vaccines, Immunology, and oncology. This concentration is expected to take place over the next six months. Pfizer will collaborate with various entities to advance its R&D initiatives.
Goal 4: Promote diversity, equity, and inclusion in the workplace.
Objective 4.1: Formation of the Diversity, Equity, and Inclusion (DEI) Task Force
Strategy 4.1.1: Pfizer will establish committees within the DEI Task Force to implement diversity, equity, and inclusion programs and incentives.
The Diversity, Equity & Inclusion Task Force is a group that will guide, support, promote, communicate, explore, learn, and celebrate diversity, equity, and inclusion within Pfizer’s organization. Within this Task Force, its affinity committees will support the Task Force in the planning, organizing, and execution of events & initiatives. The Diversity and Disability Committee, LGBTQ Committee, Black Empowerment, Advancement Committee, and Hispanic Excellence Committee will be among these committees. Together, they will serve as the overarching Diversity, Equity, and Inclusion Executive Task Force. Our organization’s management team will provide each committee with companywide reports to aid in implementing quarterly programs and incentives for employees.
Objective 4.2: Build opportunities for minority professional development.
Strategy 4.2.1: Provide ongoing feedback between team members and leadership that outlines expectations and growth opportunities.
All leaders will work with employees to set fair and actionable Key Performance Indicators (KPIs) for employee professional development and encourage promotion from minority groups. Pfizer will provide annual education incentives, internships, and scholarships to employees to help professional development. We will implement on-boarding diversity training for all employees and yearly diversity refresher for all leaders to provide employees with knowledge of diversity, equality, and inclusiveness. We will create a mentorship that includes a board of three or more leaders from our organization to help plan and execute minority professional development incentives and programs.
Conclusion
Even in the rapidly changing pharmaceutical industry landscape, Pfizer will see substantial growth and revenue if the company continues to set strategic and focused goals. Pfizer’s goals must align with its mission statement to ensure they attract the right and retain the right talent and keep true to its company culture. Delivering a world-class client experience, strengthening relationships with partners, furthering research and development, remaining transparent in business operations, and promoting a diverse environment are all massive goals that can be accomplished with the appropriate strategy. Breaking down the goals into targeted objectives with a focused approach will ensure that Pfizer remains competitive and relevant in the pharmaceutical industry.
References
Brown, N., & Wiederrecht, G, (2021, October 5). Biotech and big pharma: Blueprint for successful partnership. RBC Capital Markets. https://www.rbccm.com/en/gib/biopharma/episode/biotech-and-big-pharma-blueprint-for-successful-partnership
Cardiff Oncology Announces $15 Million Equity Investment from Pfizer through its Pfizer Breakthrough Growth Initiative. (2021, November 18). PR Newswire, NA. https://link.gale.com/apps/doc/A682978703/BIC?u=mlin_m_cambcol&sid=bookmark-BIC&xid=136c3de6
Meister, J. (2021, September 10). How companies are using VR to develop employees’ soft skills. Harvard Business Review. Retrieved April 16, 2022, from https://hbr.org/2021/01/how-companies-are-using-vr-to-develop-employees-soft-skills
Morgan, S., Lopert, R., & Greyson, D. (2008). Toward a definition of pharmaceutical innovation. Open medicine: a peer-reviewed, independent, open-access journal, 2(1), e4–e7.
Nature.com (2020, December). Partnering: A key pillar bolstering Pfizer’s innovation pipeline. Naure.com. https://www.nature.com/articles/d43747-020-01161-6
Pfizer Inc. (n.d.). Improving access to cures through innovation. Pfizer. Retrieved April 16, 2022, from https://www.pfizer.com/news/articles/improving_access_to_cures_through_innovation
Pfizer Inc. (n.d.). Innovation. Pfizer. Retrieved April 16, 2022, from https://www.pfizer.com/about/careers/en-ir/innovation.
Pfizer. (2022). TRANSPARENCY. Pfizer.com. Retrieved 16 April 2022, from https://www.pfizer.com.my/our-purpose/transparency.
Scott, J. (2021, August 12). Council post: How team collaboration can enhance the customer experience. Forbes. Retrieved April 16, 2022, from https://www.forbes.com/sites/forbesagencycouncil/2021/08/12/how-team-collaboration-can-enhance-the-customer-experience/?sh=19ae13b268c7
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