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Essay / Pfizer Strategic Analysis - 1231
Pfizer has little pressure to meet local wishes. This is also because Pfizer cannot apply adaptations to a product that took years to develop and cost millions to bring to market. This is also supported by the fact that Pfizer licenses its products under very strict conditions that do not allow any changes to the drugs. Since Pfizer needs to maximize returns during the patent protection period of its products, it should use an international strategy.4. EVALUATION4.1. Problem: Pfizer's problem lies in an unsuccessful partnership experience with companies in foreign markets. One of the factors that led to the failure of the partnership experiment was the strong internal pressure to enter the market through joint ventures. 4.2. Solution: One solution to reducing unsuccessful partnerships is for Pfizer to adapt to a changing environment by transforming itself into a dynamic company well-positioned for the future of the pharmaceutical industry. This uses a hybrid approach to conquer foreign markets using a multitude of strategies. Pfizer is expected to continue its overseas expansion to take advantage of changes in the global economy. Additionally, overseas expansion will reduce the Company's reliance on the U.S. economy, which is becoming increasingly unprofitable due to government entry through Medicare Part D and through our domestic system. health.