Essay About Pfizer Limited And Product Development

Pfizer – Value Creation and Competitive Strategy
Essay Preview: Pfizer – Value Creation and Competitive Strategy
Report this essay
Student Name: Saurabh Sarkar Roll Number: GMAY16GL53Batch: GMBA May 2016 (3rd term Mumbai)                                                                                          Submission Date: 11-March-2017I have chosen Pfizer Limited.  As a consultant, I would like to propose following 25 ways in which Pfizer can create value.Pivoting: Pfizer should pivot toward cell-based treatments, such as chimeric antigen receptor T-cell therapies, for its next foremost venture into immuno-oncology. Pfizer always demonstrate its superior ability to pivot the business. Perpetual Beta Mode of Business: Pfizer should successfully unified ground breaking innovation and transformation in its business process. It should continuously revamp its business model and comes up with best possible ways to make healthcare solutions more affordable and accessible around the world. Always indulge in Search→Discover→MineGrowth Hacking- Exploiting the ideologies of effectiveness and Network Effect, Pfizer should able to minimize its spend on advertising by allowing the customers experience to create a larger customer base. Pfizer should sharpen its focus on the core therapeutic areas where it has the highest probability of success. Growth hacking foster alliance across the biomedical ecosystem to carry innovation to patients.Creating White Space Company: Pfizer should collaborate on its product development and strategic positioning to co-create transformative solutions. Pfizer should strive to disrupt and disturb its own industry and jump ahead of curve. Pfizer should strive for Learn → Un-Learn → Re-learnFirst Mover: Pfizer should leverage its first mover advantage. It enjoys a considerable economy of scale and network effects to learn how to reduce the costs of producing a product. Pfizer should propose new therapies in their R&D pipelineInfluential brand: Pfizer has developed into a recognised and reliable brands worldwide, where the company relishes positive word to mouth support and referral from the current customers.Rule of 3: Pfizer should focus on to create better product not a cheaper product. Pfizer should focus revenue not the cost.Long tail product: Pfizer should focus on long tail products which can return a profit through reduced marketing and distribution cost. Long tail products enable to squeeze Pfizer’s portfolio assets to a greater extent.Not falling prey to sunk cost fallacy –   Pfizer should create value and hold to its strategic position exploited its Innovation capability. Pfizer should not fall prey to sunk cost fallacy and from time to time come up with industry disrupting innovations.Introducing Blue Ocean Strategy: Pfizer should protect its intellectual property and keep jumping the curve, enhancing the quality of life for patients around the worldReduce Customer Dissonance: Pfizer always strive to reduce customer dissonance by demonstrating the value of the product.Frugal Innovation: Pfizer should leverage frugal engineering by reducing the complexity of the process and cost of a pharmaceutical or healthcare product and its production.3 I’s: Instant Recognition, Instant Configuration, Instant Gratification: Pfizer should emphasize on to improve Pfizer’s ability to transform in biomedical R&D and advance a new generation of high value, highly differentiated medicines and vaccines.