Merck Case Study
Case Study Goal The goal of this case study is to examine the current operations of Merck & Co. Inc. and determine areas of potential concern, evaluate the effectiveness of the current business model, and propose a plan of action to grow Merck & Co. Inc. to be the largest pharmaceutical company in the world.
Methods of Analysis This case study will strive to identify areas of concern and opportunity, offer solutions, and make projections based upon historic data related to Merck and its competitors. The information utilized will be derived from sales figures, patents, balance sheets, cash flow statements, and income statements. Historical information including any past issues with drug recalls, …show more content…
The ever-changing face of technology offers some challenges and concerns, but Merck is well positioned to take advantage of the quicker turnaround times and advantages of modern technology, rather than fall behind its competition. Merck needs to focus on the strength of its brand name, but increased competition, stricter drug laws, and a faster pace of business all indicate a need for a commitment to a new vision and mission statement, and for all executives, managers, and employees to communicate effectively in order to remain viable and competitive in a fast-moving economy.
Existing Mission, Objectives, and Strategies Merck & Co., Inc. is a global pharmaceutical company focused on providing innovative products that facilitate medical solutions. The company’s mission is to provide life-enhancing products and services that positively impact lives around the world. Their mission is dedicated to improving health and well-being through innovation. The company’s philosophy is based on placing the customers first; once the customers’ needs are met, the profits will follow (Rothaermel, 2013). Merck & Co., Inc. recognizes that innovation is the future of the pharmaceutical industry and seeks to capitalize on their intellectual property and human capital by embracing a closed-innovation philosophy. In this closed-innovation model, Merck seeks to