country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Strategic Recommendations For Hikma

tag 0 Download11 Pages / 2,583 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Discuss about the Strategic Recommendations for Hikma Pharmaceuticals PLC.
 
 

Answer:

Introduction

The study evaluates specific strategic recommendations to help the executive team members of Hikma Pharmaceuticals PLC so that the strategic interventions can influence the decision-making of the executives. By identifying the concepts and management principles suitable for long-run sustainability of the business framework of Hikma Pharmaceuticals PLC, the recommended strategy planning activities have been presented in the study paper (Cole, & Elliott, 2007). Precisely, the study includes the mission, vision, and objectives of Hikma Pharmaceuticals PLC providing a brief description of the firm.

In the context of the strategic planning activities, a SWOT analysis has been conducted to evaluate the current organisational strengths, weaknesses, opportunities and threats associated with the business structure. Furthermore, the relevant study has focused on four verified strategy planning activities that can be considered for the organisational business perspective. By evaluating each of the strategy, the most convincing strategic intervention has been suggested providing valid justification (Zajas, 2013). To finish, a list of strategic recommendation has been included in the study paper.

Organizational Background

The study paper has concentrated on the strategic planning activities of Hikma Pharmaceuticals PLC, a multinational pharmaceutical corporation deals in branded and non-branded generic medicines. Comprehensively, the company manufactures medicines for a larger target market and one of the leading pharmaceuticals companies in the UK market (Cartwright, 2010). The London-based medicine manufacturing organisation has got 29 manufacturing plants in eleven countries around the globe. In the underlying section, the mission, vision, and value of the firm have been briefed as follows:

 

Mission

Hikma Pharmaceuticals PLC is committed to improving the standard of living through the products manufactured by the organisation ("Vision and Values", 2017). The dedicated workforce of Hikma Pharmaceuticals PLC has aimed to deliver high-quality medicines at affordable prices to the target audience in crucial therapeutic areas.

Vision

Hikma Pharmaceuticals PLC’s corporate vision is to introduce modern pharmaceuticals medicines at the international level. Through strategic acquisition and growth in the organic medicine sector, the company has continued to register high standards of business responsibility towards the target consumers. Moreover, the central idea of the business operation is to attain long-run business sustainability providing essential medicines to every section of social public influencing the living standard of people.

Values and Objectives

Integrity and excellence can be identified as the two leading values for Hikma Pharmaceuticals PLC’s business. Without compromising the reality, the company operates the business following honesty and honour ("Vision and Values", 2017). Alternatively, quality and excellence of the business have set the trend for the other competitors to be followed. The success model of the business of Hikma Pharmaceuticals PLC is based on management and teamwork. Through diversified business model, Hikma Pharmaceuticals PLC has wanted to be one of the leading manufacturers of generic branded medicines at the international level.

SWOT Analysis

The SWOT analysis for Hikma Pharmaceuticals PLC has been analysed in this section as follows:

Strengths

Quality Products and Extensive Sales: The supply of quality drugs at the reasonable price range and extensive sales of Hikma Pharmaceuticals PLC have been the leading strengths of business in the UK, Middle East and North American market.
 
Efficient R&D Team: The efficient research and development team of Hikma Pharmaceuticals PLC has largely contributed to the growth of the business formulating latest drugs in therapeutic areas (Shekem, 2013).
 
Attractive drug licensing partners: Hikma Pharmaceuticals PLC has got numerous drug licensing partners that are increasing the business proposition and internationalisation opportunities adding strength to the business framework.

Weaknesses

Dependency on the UK market: In the competitive business structure, Hikma Pharmaceuticals PLC is widely dependent on the United Kingdom’s pharmaceutical market for sales perspective. As a result, such single market dependency has been a major weakness for Hikma Pharmaceuticals PLC.
 
Limited presence in developing countries: Hikma Pharmaceuticals PLC has a limited business operation in emerging economies such as India, Russia, etc. Meanwhile, limited business presence in developing nations has been a weakness for Hikma Pharmaceuticals PLC (Cartwright, 2010).
 
High reliance on popular medicines: Hikma Pharmaceuticals PLC has put more marketing value on blockbuster drugs. Therefore, high reliance on leading medicines has been a considerable weakness for the pharmaceutical company.

Opportunities

Partnership with global pharmaceuticals companies: Through building new business partnerships with leading global pharmaceutical corporations, Hikma Pharmaceuticals PLC has created substantial growth opportunity in the global market (Cole, & Elliott, 2007).
 
 
 
Strong Product line: Development in strong product line has opened up new business opportunities for the company. Furthermore, new drug patenting and focusing on FDA approval have steadily contributed towards growth model of Hikma Pharmaceuticals PLC (Cartwright, 2010).
 
New opportunities in emerging markets: During internationalisation of business, Hikma Pharmaceuticals PLC has significant opportunities to explore the emerging countries. Thus, the business expansion can support the revenue model of the company

Threats

Severe drug development guiding principle: The changing principles of drug development guidelines are a major threat for Hikma Pharmaceuticals PLC. Hence, it is important for the management to consider the drug development guiding principles to be safe from the legal obligations.
 
Increasing competition: On the other hand, several new companies are entering the pharmaceutical industry with new patents and innovative medicines. Hence, the rising competition in the market is another major threat for Hikma Pharmaceuticals PLC.
 
Stringent government policies: Furthermore, the government policies in the pharmaceutical industry are hard and the company needs to follow different rules and regulations. Hence, the changing rules and regulations of the government guiding the operations of pharmaceutical industries can be considered as a primary threat for the business.

Strategy planning activities to accomplish the success factors

The four identified strategy planning activities have been illustrated herein as follows:

Internal Analysis

Internal analysis is used to evaluate the core competencies of the firm to observe the factors leading to the competitive advantage of the firm in the market. Different theories and strategic analysis models are used by the modern analyst to conduct the internal environment analysis (Grant, & Jordan, 2015). First is the core competency model that is also known as VRIO or VRIN framework used to analyse the competencies of the organisation that are valuable, rare, imitable and non-substitutable (Koumparoulis, 2012). On the other hand, the portfolio analysis is conducted to evaluate the product and service range of the organization. In other words, the portfolio analysis helps the management to judge the success of the products and services in the market by analysing its substitutability and demand in the market.

Furthermore, the internal strategy analysis is also used to evaluate the performance of the workforce in order to identify the capabilities of the organisations. Hence, internal analysis is helpful for the management to observe and evaluate the internal strength of the organisation and develop strategies and tactics to achieve the desired goals and targets (Lee, & Jose, 2008). On the other hand, the internal analysis activity makes the management aware of the competencies of the organisational structure and the higher level executives of the firm. Conclusively, the internal analysis will help Hikma Pharmaceuticals PLC to develop adequate strategies on the basis of their internal strengths.

Demand and Competition Analysis

The demand and competition analysis is a part of industry analysis that helps Hikma Pharmaceuticals PLC to get aware of the current factors in the external market that influence the business of the firm (Grant, & Jordan, 2015). The demand analysis helps the firm to analysis the current and future demand for its products by conducting a survey and market research (Pehrsson, 2007). On the other hand, the competition analysis can be conducted to analyse the strengths and weaknesses of the rivals to identify the opportunities and threats for Hikma Pharmaceuticals PLC.

Different external environment analysis tools can be used by the management to conduct the demand and competition analysis. For example, the PESTEL analysis tool can help to evaluate the external market factors such as the political factors, economic factors, socio-cultural factors, technological factors, environmental factors and legal factors that impact the demand for its products (Michael, 2013). On the other hand, the Porter’s Five Force analysis can be conducted to analyse the market drivers such as the buyer’s power, supplier’s power, current rivalry, substitution of products, and entry of new rivals that impacts the operations of the organisation. Hence, the demand and competition analysis activity is quite essential in planning the strategies of the firm.

 

Analysis of Marketing Strategy

In order to increase the efficiency of the business of Hikma Pharmaceuticals PLC, analysis of current marketing strategy will be evident to determine the long-run viability of business operations (Baker, 2014). By including significant corporate vision to the marketing strategy, organisational executives can evaluate commendable marketing activities. By investigating the existing marketing concepts and structure, customer-oriented marketing concepts can be accurately introduced (B. Dent, & Bozeman, 2014). On the hand, by conducting a comprehensive marketing audit, review of the developing marketing trends as well as changing consumer behaviour can be recognised. The analysis of marketing strategy will examine the marketing 7Ps so that strategies and objectives can be overridden according to the requirement.

Alternatively, the analysis of current marketing strategy can identify the lack of activities associated with marketing and promotion. Precisely, based on consumer behaviour, pricing, advertisements, and distribution channels can be set to get the maximum benefits in the target market (Banerjee, 2016). To achieve sustainable marketing objectives, monitoring of the marketing tactics and corrective measures must be developed to boost the sales in the target market.

Financial Analysis

Hikma Pharmaceuticals PLC’s management must consider financial strategy analysis so that the shareholders’ values can be maximised in a substantial way. Through financial analysis of the firm, Hikma Pharmaceuticals PLC can focus on sales margin, costs, and financing. Invariably, the competitive pharmaceuticals industry has got the significant potential to explore (Kim, & Min, 2015). Therefore, by increasing the sales margin, Hikma Pharmaceuticals PLC can support the shareholders’ value. On a practical term, such strategic move can be impressive for long-run growth (Jain, 2011). Alternatively, by focusing on margin, cost reduction strategy can be formulated so that significant costs i.e. production costs, marketing costs, etc. can be reduced contributing towards the business success of the firm (Duan, 2011).

Notably, the strategic financial analysis can deliver significant financing opportunities to the enterprise that can be a substantial cost factor leading to business growth. Comprehensively, the strategic financial analysis will identify the change in the exchange rates and modern trends of industry to maintain the financial obligation in a more effective manner (Zajas, 2013).

Justification of the selected strategy planning activities

On the basis of the above strategy planning activities, the demand and competition analysis is one of the most effective strategic interventions that can be implemented by the management to influence the role of the executive and better understand the principles and concepts of a well designed strategy process (Shekem, 2013). Furthermore, the internal analysis will be helpful for the executives to evaluate the strengths of the workforce and organisation on a whole. Additionally, the marketing strategy analysis and financial analysis will help the organisation to minimise the marketing and financial risk of the firm (Jain, 2011). Hence, the strategy planning activities will help the management to develop effective strategies to seek competitive advantage in the market (Shankar, 2011). On the other hand, the understanding of the strategic planning activities will help the organisational executives to understand the current status of the internal and external environment to meet the future challenges.

Recommendations

By considering the above analysis, the following recommendations are provided to the executives of the firm to improve the strategy planning process:

Conduct market survey: There is a need of conducting a market survey to analyse the demand of the products. On the other hand, the market survey helps the executives to understand the satisfaction level of the customers and observe their demand. Furthermore, the market survey is the primary data collection tool for conducting the external analysis.

Develop strategy making plan: Additionally, the management must develop strategy formulating plan to conduct the strategy planning activities adequately. The success of the strategy relies on the planning process and the information used to formulate the strategies. Hence, understanding of the strategy planning theories is quite important for the executives of Hikma Pharmaceuticals PLC.

 


Implement and monitor strategy: The executive must have the idea of implementing and monitoring the strategy. Hence, it is important for the management of Hikma Pharmaceuticals PLC to communicate the new strategies and objective of the firm to the lower level employees to effectively implement the strategies. The line managers and supervisors must be trained to monitor the strategies.

Performance review: Finally, there is a need of performance review to observe the success of the implemented strategies and strategy planning process. A feasibility report can be developed while planning the strategies. On the other hand, productivity metrics, efficiency metrics and goals metrics can be used to evaluate the performance of the strategy implemented by Hikma Pharmaceuticals PLC.

Conclusion

By considering the above analysis, the management of Hikma Pharmaceuticals PLC must effectively use the strategy formulation theories in order to successfully implement the strategies. On the other hand, the executives of Hikma Pharmaceuticals PLC must be aware of the strategy planning activities to develop adequate strategies for improving the performance of the organisation. Additionally, the management need an effective strategy formulation plan to meet the future challenges and develop successful tactics to seek growth in the current market scenario. Furthermore, the executives must take care of the changing legal frameworks and enhance employee engagement to effectively manage the upcoming challenges.

 

References

Dent, E., & Bozeman, P. (2014). Discovering the foundational philosophies, practices, and influences of modern management theory. Journal Of Management History, 20(2), 145-163.

Baker, M. (2014). Marketing strategy and management (1st ed.). London: Palgrave.

Banerjee, A. (2016). Modern Trends and Practices of E-Marketing: An Overview. IOSR Journal Of Business And Management, 01(01), 16-21.

Cartwright, H. (2010). Hikma Pharmaceuticals Reinforces its Global Portfolio with Purchase of Baxter Healthcare’s US Generic Injectables Business. Pharmadeals Review, 2010(10).

Cole, M., & Elliott, R. (2007). Do Environmental Regulations Cost Jobs? An Industry-Level Analysis of the UK. The B.E. Journal Of Economic Analysis & Policy, 7(1).

Duan, C. (2011). Mapping the intellectual structure of modern technology management. Technology Analysis & Strategic Management, 23(5), 583-600.

Grant, R., & Jordan, J. (2015). Foundations of strategy (2nd ed.). Hoboken: NJ: John Wiley & Sons.

Jain, S. (2011). Marketing planning & strategy (1st ed.). Australia: South-Western College Pub.

Jeffs, C. (2008). Strategy management (1st ed.). Los Angeles: SAGE.

Kim, S., & Min, S. (2015). Business Model Innovation Performance: When does Adding a New Business Model Benefit an Incumbent?. Strategic Entrepreneurship Journal, 9(1), 34-57.

Koumparoulis, D. (2012). An Analysis of Modern Business Practises. Singaporean Journal Of Business , Economics And Management Studies, 1(1), 51-66.

Lee, R., & Jose, P. (2008). Self-interest, self-restraint and corporate responsibility for nanotechnologies: Emerging dilemmas for modern managers. Technology Analysis & Strategic Management, 20(1), 113-125.

Michael, J. (2013). Aligning Executive Training with Strategy: Promoting Strategic Change in a Turbulent Environment. Executive Development, 6(1).

Pehrsson, A. (2007). The Strategic States Model: strategies for business growth. Strategic Direction, 23(4).

Shankar, M. (2011). Strategic Environment. Strategic Analysis, 5(5-6), 229-242.

Shekem, D. (2013). Hikma Pharmaceuticals. Green Processing And Synthesis, 2(2).

Vision and Values. (2017). Hikma.com. Retrieved April 2017, from https://www.hikma.com/en/about-us/vision-and-values.html

Zajas, J. (2013). Strategy Formulation: How Customer?responsive Is Your Firm?. Executive Development, 6(5).

Download Sample

Get 100% money back after download, simply upload your unique content* of similar no. of pages or more. We verify your content and once successfully verified 100% value credited to your wallet within 7 days.

Upload Unique Document

Document Under Evaluation

Get Credits into Your Wallet

*The content must not be available online or in our existing Database to qualify as unique.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2018). Strategic Recommendations For Hikma . Retrieved from https://myassignmenthelp.com/free-samples/strategic-recommendations-for-hikma.

"Strategic Recommendations For Hikma ." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/strategic-recommendations-for-hikma.

My Assignment Help (2018) Strategic Recommendations For Hikma [Online]. Available from: https://myassignmenthelp.com/free-samples/strategic-recommendations-for-hikma
[Accessed 07 July 2020].

My Assignment Help. 'Strategic Recommendations For Hikma ' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/strategic-recommendations-for-hikma> accessed 07 July 2020.

My Assignment Help. Strategic Recommendations For Hikma [Internet]. My Assignment Help. 2018 [cited 07 July 2020]. Available from: https://myassignmenthelp.com/free-samples/strategic-recommendations-for-hikma.


MyAssignmenthelp.com delivers assignment help to millions of students of USA. We have in-house teams of assignment writers who are experts on wide ranges of subjects. We have appointed teams of native writers who provide assignment help to students in New York City and all over the USA. They are skilled assignment writers who successfully cater to search terms like do my assignment in the USA

Latest Management Samples

ISYS1055 Database Concepts For Decomposition And Functional Dependency

Download : 0 | Pages : 3
  • Course Code: ISYS1055
  • University: RMIT University
  • Country: Australia

Answer: Answer to Question 1: The candidate key for the doctor table is Rego. The candidate key for Patient Table is ID. The appointment table has candidate key, ID. The tables are already in third normal form. All the attributes in the database are atomic. Each of the tables has primary key. There is no non-functional dependency or transitive dependency. Answer to Question 2: Functional Dependency: The given custID has been presented as ...

Read More arrow Tags: Australia Melbourne Accounting Accounting theory and accountability University of Melbourne 

ACC203 Management Accounting Method

Download : 0 | Pages : 10
  • Course Code: ACC203
  • University: Elite Educational Institute
  • Country: Australia

Answer: 1. Explaining how the management accountant can help contribute design and operations of the new management accounting system for the new hospital: Being the management accountant relevant skill is needed by the individuals for adequately conducting operations. The same skills of a management accountant can help in designing and operating the new management accounting system for the new hospital. In addition, the management accounting...

Read More arrow

HI6026 Audit, Assurance And Compliance For Australian Security Exchange

Download : 0 | Pages : 9

Answer: Introduction Auditing is the process to examine the financial statements of the business entities in order to find out any material missstements in them. While auditing the statements, the responsibility of the auditors is to take into consideration the major risks of material misstatements and to take necessary steps to reduce them. On the other hand, Australian Security Exchange (ASX) has provided the companies with eight principles i...

Read More arrow Tags: Australia Campsie Management University of New South Wales 

NUR4232 Protecting Your Clients In The Conduct Of Research

Download : 0 | Pages : 21
  • Course Code: NUR4232
  • University: National Center For Biotechnology Information
  • Country: United States

Answer: Introduction Evidence-based models use a process for framing a question, locating, assessing, evaluating, and repeating as needed. PICO (T) elements include: Problem/Patient/Population, Intervention/Indicator, Comparison, Outcome, and (optional) Time element or Type of Study. The question for this study is as follows: In patients aged 60 years and above (P), what is the effect of being administered the influenza vaccine (I) on contra...

Read More arrow

CP5639 Conceptual Modelling For Attributes And Different Relationships

Download : 0 | Pages : 5
  • Course Code: CP5639
  • University: James Cook University
  • Country: Australia

Answer: Discussion This report discusses the solution for the conceptual modelling of the Joanne Myers Apartments. Conceptual modelling involves following a few steps in order to achieve the final conceptual model for the database. The first step is thoroughly studying the case study to get information on all the entities and their attributes and different relationships that exist between the entities. After identifying the entities, the next...

Read More arrow
Next
watch

Save Time & improve Grade

Just share Requriment and get customize Solution.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,356,976

Orders

4.9/5

Overall Rating

5,080

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

285 Order Completed

99% Response Time

Eugene Baranowski

MBA in Supply Chain

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2632 Order Completed

100% Response Time

Albert Ambrosio

MSc in Nursing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2109 Order Completed

99% Response Time

Emma Zhong

Ph.D in Project Management with Specialization in Project Communications Management

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

610 Order Completed

100% Response Time

Cheryl Zhao

PhD in Statistics

Singapore, Singapore

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

I\'m very pleased with my dissertation report. My Assignment Help was very helpful, and they were quick in response to every question asked.

flag

User Id: 364796 - 07 Jul 2020

Australia

student rating student rating student rating student rating student rating

i got a really good grade, im really happy with the resolution i got also the price was very good

flag

User Id: 343054 - 07 Jul 2020

Australia

student rating student rating student rating student rating student rating

Good solution for my statistics final project. It met all the requirements and helped me get a good grade.

flag

User Id: 429802 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating

Thanks you all for everything. I were in a hard time with getting my assignment done and i really thankful for it.

flag

User Id: 452417 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?