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Managing In Global Environment: Economic Impacts

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Question:

Discuss about the Managing in Global Environment for Economic Impacts.

 

Answer:

 

Introduction

In developed markets, where there exists health care plans that are publicly funded, there will occur the intensification of the pressure by payers for curbing the growth related to drug spending but that will be more than offset through continuous, rapid development of demand in the growing markets. Customers having lower level of income might not have the ability for affording medicines that are very costly, and many individuals are not having the accessibility regarding health insurance but with the rise in the living standard in the growing economies, pharmaceutical firms are seeing the potential in such markets, especially in Nepal.

 

Market Analysis for Pharmaceutical Firm (Expansion in Nepal)

Memo

  1. The pharmaceutical firm is having an aggressive growth and is still performing very effectively, however the growth rate has lessened and the organization is focusing on a new strategy regarding business that will assist them in achieving faster growth.
  2. Size of Global Market. As per the report from the policy and medicine website IMS Health, the global market size of the pharmaceutical companies is having an expectation of growing almost $300 billion in the coming 5 years. As a result, rather than diversifying into different activities like hospitals and others, there is the requirement for focusing on the expansion of the pharmaceutical business (Cavusgil, 2014).
  3. Saturation in the developed world. Since, the market in the developed world has got saturated, therefore the only rational way for expansion is tapping the emerging economies of the developing countries for sustaining as well as increasing growth. In developed markets, where there exists health care plans that are publicly funded, there will occur the intensification of the pressure by payers for curbing the growth related to drug spending but that will be more than offset through continuous, rapid development of demand in the growing markets.
  4. Compensation of lower profit margins by higher volumes. Nevertheless, the margin of profits in the emerging markets might be limited (Vance, 2015). Customers having lower level of income might not have the ability for affording medicines that are very costly, and many individuals are not having the accessibility regarding health insurance but with the rise in the living standard in the growing economies, pharmaceutical firms are seeing the potential in such markets, especially in Nepal (Oshri, 2015).
  5. After conducting a market research for the pharmaceutical firm, it has been found out that there is immense potentiality regarding the pharmaceutical products of ASPEN PHARMACARE. The supply distribution logistics has also been taken into consideration.
  6. There has been the development of financial models and sensitivity analysis have been carried out. Every metrics are providing the suggestion that this expansion will be delivering increasing return on investment regarding the pharmaceutical firm, which is comparatively more than the domestic market (Frumkin, 2016).
  7. There is occurring the expansion of other organizations in the same manner. In this context, it can be stated that Nepal is having the expectation of generating billions of dollars in the coming years. So, if the pharmaceutical firm will not be expanding currently, there will be the threat of losing the market to the other competitive firms.
  8. Moreover, when the pharmaceutical firm will achieve a lot of success, it will also be having the scope of relocating the company’s production to the advancing economy for taking advantage of the lower production costs since there exists lower wages as well as cheaper shipping materials (Boutellier, 2013).
  9. Having stated that, it cannot be assumed that business is free of risk. There are various issue that might crop up. One such issue is regarded as protection of intellectual property rights. There might also be regulatory differences as well as issues that is required to be satisfied with when expansion will occur to different countries.
  10. In regard to IP protection as well as regulatory issues, the pharmaceutical firm has made agreements with the top legal firms in Nepal and the latter has given complete assurance that the company’s rights will get protected with the help of the legal system (Epstein, 2014). In addition to that, the pharmaceutical firm is not having any relocation plan regarding their production in the current scenario, and the company is only exporting, therefore there is occurring the minimization of the issues.

Conclusion

From the above discussion, it can be very well stated that the business plan of the pharmaceutical firm needs to get reconsidered. There is occurring the expansion of other organizations in the same manner. In this context, it can be stated that Nepal is having the expectation of generating billions of dollars in the coming years. Moreover, when the pharmaceutical firm will achieve a lot of success, it will also be having the scope of relocating the company’s production to the advancing economy for taking advantage of the lower production costs since there exists lower wages as well as cheaper shipping materials.

 

Reference

Boutellier, R., Gassmann, O., & Von Zedtwitz, M. (2013). Managing global innovation: uncovering the secrets of future competitiveness. Springer Science & Business Media.

Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.

Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers.

Frumkin, H. (2016). Environmental health: from global to local. John Wiley & Sons.

Oshri, I., Kotlarsky, J., & Willcocks, L. P. (2015). The Handbook of Global Outsourcing and Offshoring 3rd edition. Springer.

Vance, C. M., & Paik, Y. (2015). Managing a global workforce. Routledge.

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