Harvard Case - AstraEye Pharma Pvt Ltd.: An Unsettling Dilemma
"AstraEye Pharma Pvt Ltd.: An Unsettling Dilemma" Harvard business case study is written by Esha Sharma, Kirti Sharma. It deals with the challenges in the field of General Management. The case study is 9 page(s) long and it was first published on : Mar 26, 2023
At Fern Fort University, we recommend that AstraEye Pharma Pvt Ltd. adopt a multi-pronged approach to address its current dilemma, focusing on strengthening its core business while simultaneously exploring new opportunities through strategic partnerships and acquisitions. This strategy will involve a combination of organizational change, innovation, and strategic planning to ensure long-term growth and sustainability.
2. Background
AstraEye Pharma Pvt Ltd. is a leading pharmaceutical company in India, facing a challenging situation due to increasing competition and a stagnant domestic market. The company's founder, Dr. Sharma, is grappling with the need to diversify and expand into new markets while maintaining the company's core values and commitment to ethical practices. The case study explores the company's options, including entering new markets, developing innovative products, and potentially merging with or acquiring other companies.
The main protagonists in the case are Dr. Sharma, the founder and CEO of AstraEye, and the company's management team, who are tasked with navigating the company's future direction.
3. Analysis of the Case Study
To analyze AstraEye's situation, we can utilize a combination of frameworks, including:
a) SWOT Analysis:
- Strengths: Strong brand reputation, established manufacturing capabilities, experienced workforce, strong ethical values.
- Weaknesses: Limited international presence, dependence on domestic market, lack of significant innovation pipeline, potential for talent retention issues.
- Opportunities: Expanding into emerging markets, developing innovative products, forming strategic partnerships, acquiring complementary businesses.
- Threats: Increasing competition, regulatory hurdles in new markets, economic instability, potential for talent poaching.
b) Porter's Five Forces:
- Threat of New Entrants: Moderate, due to regulatory barriers and high capital investment requirements.
- Bargaining Power of Buyers: Moderate, as customers have limited choices but can switch providers based on price and quality.
- Bargaining Power of Suppliers: Moderate, as AstraEye relies on a limited number of suppliers for key raw materials.
- Threat of Substitute Products: High, due to the availability of generic alternatives and the emergence of new therapeutic approaches.
- Rivalry Among Existing Competitors: High, due to the presence of established players and the increasing competition from both domestic and international companies.
c) Balanced Scorecard:
The Balanced Scorecard can be used to assess AstraEye's performance across four key perspectives:
- Financial: Revenue growth, profitability, return on investment, cash flow.
- Customer: Brand loyalty, customer satisfaction, market share.
- Internal Processes: Manufacturing efficiency, product development speed, quality control.
- Learning and Growth: Employee satisfaction, training and development, innovation capacity.
4. Recommendations
Based on the analysis, we recommend the following actions for AstraEye:
1. Strategic Expansion:
- Emerging Markets: Focus on expanding into high-growth emerging markets, particularly in Asia and Africa, where the demand for pharmaceuticals is expected to rise.
- Strategic Partnerships: Form strategic partnerships with local companies in target markets to leverage their knowledge of local regulations and distribution channels.
- Acquisitions: Consider acquiring smaller, complementary companies in emerging markets to gain market access and expertise.
2. Innovation and Product Development:
- R&D Investment: Increase investment in research and development to create a pipeline of innovative products that address unmet medical needs.
- Open Innovation: Explore open innovation models to collaborate with universities and research institutions to accelerate product development.
- Digital Health: Invest in digital health technologies to develop personalized medicine solutions and improve patient outcomes.
3. Organizational Change:
- Talent Acquisition: Implement a robust talent acquisition strategy to attract and retain skilled professionals with international experience.
- Leadership Development: Invest in leadership development programs to prepare managers for international expansion and foster a culture of innovation.
- Organizational Structure: Consider restructuring the organization to support international operations and create dedicated teams for emerging markets.
4. Corporate Social Responsibility:
- Sustainability Practices: Implement sustainable practices across the value chain, including reducing environmental impact and promoting ethical sourcing.
- Community Engagement: Engage in community initiatives to improve healthcare access and build trust in the company's brand.
- Transparency and Accountability: Maintain high standards of transparency and accountability in all business operations.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: AstraEye's core competencies in manufacturing and product development, combined with its commitment to ethical practices, align with the recommended expansion strategy.
- External Customers and Internal Clients: The expansion strategy addresses the needs of both external customers in emerging markets and internal clients, including employees seeking career growth opportunities.
- Competitors: The recommendations aim to differentiate AstraEye from its competitors by leveraging its strengths in innovation, ethical practices, and commitment to emerging markets.
- Attractiveness: The recommendations are expected to drive long-term growth and profitability, supported by the increasing demand for pharmaceuticals in emerging markets and the potential for innovative products to gain market share.
6. Conclusion
AstraEye Pharma Pvt Ltd. faces a significant challenge in navigating the changing pharmaceutical landscape. By adopting a strategic approach that combines expansion into emerging markets, investment in innovation, and organizational change, the company can position itself for long-term growth and success. This strategy will require a commitment to ethical practices, sustainability, and a focus on building strong relationships with stakeholders in both domestic and international markets.
7. Discussion
Other alternatives not selected include:
- Focusing solely on the domestic market: This option would limit AstraEye's growth potential and leave it vulnerable to increased competition.
- Merging with a larger pharmaceutical company: While this could provide access to resources and expertise, it could also lead to a loss of control and a dilution of the company's culture.
The recommendations involve the following key assumptions:
- Emerging markets will continue to grow: This assumption is based on the increasing demand for pharmaceuticals in developing countries.
- AstraEye can successfully navigate regulatory hurdles in new markets: This assumption is based on the company's experience in navigating the Indian regulatory environment.
- AstraEye can attract and retain skilled professionals: This assumption is based on the company's reputation as an ethical employer and its commitment to employee development.
8. Next Steps
To implement the recommendations, AstraEye should follow these steps:
- Phase 1 (Year 1): Conduct market research and identify target markets, develop a strategic plan for international expansion, and initiate talent acquisition efforts.
- Phase 2 (Year 2): Establish partnerships with local companies in target markets, launch pilot projects in new markets, and invest in R&D for innovative products.
- Phase 3 (Year 3): Expand operations in emerging markets, acquire complementary businesses, and continue to invest in innovation and talent development.
By following these steps, AstraEye can navigate its current dilemma and position itself for long-term growth and success in the global pharmaceutical market.
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Case Description
AstraEye Pharma Pvt Ltd.: An Unsettling Dilemma (APP) was an ophthalmology pharmaceutical company that drew 80 per cent of its revenue from the artificial-tears segment. Elena Sanders was responsible for drafting a turnaround strategy for increasing market share by building prescription momentum, improving operational efficiency, and devising a renovated digital strategy. Based on the available options, Sanders had to decide between improving operational efficiencies for an existing brand-Rejuvenate at a 0.5 per cent carboxymethyl cellulose concentration-or launching a new product-Fresh Plus at a 0.3 per cent hyaluronic acid concentration-to cater to a greater number of patients. She was also tasked with sharing an important element of digital strategy: launching APP's health-care-providers-and-practitioners engagement website or launching a microsite on a third-party online community platform for doctors (i.e., the Health Support Network for Professionals). The decision was urgent, as Sanders had to present her position during the annual strategy meeting scheduled for March 2022.
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