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Create a 1 page essay paper that discusses Strategy management.Hikma Pharmaceuticals Company has experienced expansive growth and success over the years (Gillespie & Hennessey, 2011). To match the wor
Create a 1 page essay paper that discusses Strategy management.
Hikma Pharmaceuticals Company has experienced expansive growth and success over the years (Gillespie & Hennessey, 2011). To match the world’s current competition status in the pharmaceuticals industry, the company needs to implement the following recommendations.
Hikma has defiled odds of political turbulence to become one of the world’s top drug producing companies in the world. However, there is a challenge of political risks especially from MENA community. Hikma should therefore carry out thorough international relations to win the politically unfriendly countries. The move will see the company enjoy good customer relations in all its marketing environments.
Hikma should have continued investment in the research and development (R&D). The R&D investment will be crucial in maintaining pharmaceutical company’s efficiency through development of innovative and new drugs that current world market demands (Chrysostome & Molz, 2014). The company should also take part in genericization process in which it develops and modifies the already existing drugs.
Hikma should put more efforts to acquire FDA approval as quality drug manufacturers to penetrate US market effectively and efficiently (Johnson & Scholes, 2006). Successful acquisition of FDA means Hikma shall have acquired quality-manufacturing standards to assure it of a wide market base. In addition, Hikma will also overcome the restrictions and regulatory measures that bar it from manufacturing certain products as well as accessing some markets.
To fulfill and reach its global market ambitions, Hikma should create more opportunities for a profitable future by increasing the demand for its shares and improving its liquidity (OBG, 2010). Consequently, employee commitment and profits will increase significantly. Finally, Hikma should focus on advocating patent expiries and increase in demand for medicines that are cost-effective. Such strategies will help in easing the current pricing pressures