Harvard Case - Hikma Pharmaceuticals Governance Journey
"Hikma Pharmaceuticals Governance Journey" Harvard business case study is written by Lynn Sharp Paine, Suraj Srinivasan, Gamze Yucaoglu. It deals with the challenges in the field of General Management. The case study is 26 page(s) long and it was first published on : Feb 12, 2018
At Fern Fort University, we recommend Hikma Pharmaceuticals implement a comprehensive governance framework that prioritizes transparency, accountability, and stakeholder engagement. This framework should be built upon a robust set of principles, policies, and practices that align with international best practices and address the unique challenges of operating in a global pharmaceutical landscape.
2. Background
Hikma Pharmaceuticals, a multinational pharmaceutical company headquartered in Jordan, has experienced significant growth and expansion over the past few decades. This growth has brought new challenges, particularly in the area of corporate governance. The case study highlights Hikma's journey towards establishing a more robust governance structure, emphasizing the importance of adapting to evolving regulatory landscapes, fostering a culture of ethical behavior, and ensuring long-term sustainability.
The main protagonists in the case study are the company's leadership team, including the Board of Directors, CEO, and senior management, who are tasked with navigating the complex challenges of globalization, regulatory compliance, and stakeholder expectations.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks, including:
- Corporate Governance Framework: Hikma's journey demonstrates the importance of a comprehensive governance framework that encompasses board composition, board independence, executive compensation, shareholder rights, and ethical conduct.
- Strategic Planning: Hikma's strategic planning process needs to be aligned with its governance framework, ensuring that growth strategies are balanced with ethical considerations and long-term sustainability.
- Risk Assessment: The case highlights the need for a robust risk assessment process to identify and mitigate potential risks associated with international business operations, regulatory changes, and reputational damage.
- Stakeholder Management: Hikma's success depends on managing relationships with a diverse range of stakeholders, including employees, investors, customers, regulators, and communities.
- Change Management: Implementing significant changes to governance structures requires a well-defined change management process to ensure buy-in from all stakeholders, minimize resistance, and facilitate a smooth transition.
4. Recommendations
To strengthen Hikma's governance framework and ensure long-term sustainability, we recommend the following:
- Establish a Clear Governance Structure: Define roles and responsibilities for the Board of Directors, management team, and key committees.
- Enhance Board Independence: Increase the number of independent directors on the board, ensuring diverse perspectives and expertise.
- Develop a Robust Code of Conduct: Implement a comprehensive code of conduct that outlines ethical principles and expectations for all employees.
- Strengthen Risk Management Processes: Implement a robust risk management framework that identifies, assesses, and mitigates potential risks across all business operations.
- Improve Transparency and Disclosure: Increase transparency in financial reporting, corporate governance practices, and stakeholder engagement.
- Foster a Culture of Compliance: Create a culture where ethical behavior is valued and compliance is prioritized.
- Invest in Technology and Analytics: Leverage technology and data analytics to enhance risk management, compliance monitoring, and decision-making.
- Develop a Sustainability Strategy: Integrate environmental, social, and governance (ESG) considerations into business operations and report on sustainability performance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Hikma's core competencies in pharmaceutical development and manufacturing, while also ensuring consistency with its mission of providing high-quality medicines to patients worldwide.
- External Customers and Internal Clients: The recommendations prioritize the needs of external customers (patients and healthcare providers) and internal clients (employees and investors).
- Competitors: The recommendations consider the competitive landscape in the pharmaceutical industry and aim to enhance Hikma's competitive advantage through improved governance and ethical practices.
- Attractiveness ' Quantitative Measures: While it is difficult to quantify the impact of governance improvements on financial performance, the recommendations are expected to enhance investor confidence, reduce regulatory risk, and improve brand reputation, leading to long-term growth and profitability.
- Assumptions: These recommendations assume that Hikma's leadership team is committed to implementing these changes and that the company has the resources and expertise to effectively execute the recommendations.
6. Conclusion
Hikma Pharmaceuticals has a strong foundation for continued success. By implementing a robust governance framework that prioritizes transparency, accountability, and stakeholder engagement, Hikma can further enhance its reputation, attract investors, and ensure long-term sustainability in a complex and competitive global market.
7. Discussion
Alternative approaches to strengthening governance could include:
- Adopting a dual-class share structure: This could provide management with greater control over the company, but it could also raise concerns about shareholder rights and transparency.
- Outsourcing certain governance functions: This could reduce costs and improve efficiency, but it could also lead to a loss of control over important aspects of the company.
The key risks associated with these recommendations include:
- Resistance to change: Some stakeholders may resist changes to the governance structure, particularly if they perceive them as threatening their interests.
- Cost of implementation: Implementing these recommendations will require significant investment in resources and expertise.
- Unforeseen challenges: The global pharmaceutical landscape is constantly evolving, and Hikma may face unforeseen challenges that require adjustments to its governance framework.
8. Next Steps
To implement these recommendations, Hikma should take the following steps:
- Form a governance task force: This task force should be composed of senior executives, independent directors, and other key stakeholders.
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and resource requirements.
- Communicate the changes to stakeholders: Hikma should communicate the rationale for the changes and the expected benefits to all stakeholders.
- Monitor progress and make adjustments: Hikma should regularly monitor the progress of the implementation and make adjustments as needed.
By taking these steps, Hikma can ensure that its governance framework is robust, effective, and aligned with its long-term strategic goals.
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Case Description
The case opens with Said Darwazah, chairman and CEO of Hikma Pharmaceuticals, the multinational generics company, anticipating the company's 2017 AGM and reflecting on changes made over the previous year to address concerns expressed by proxy advisors and some shareholders about Hikma's reliance on a combined chairman/CEO position, the long tenure of some directors, and the company's approach to executive pay. The case describes Hikma's origins as Jordanian pharma company founded by Darwazah's father in 1978, and traces the evolution of its governance as a private family company, then as publicly-traded company listed on the London Stock Exchange in 2005, and finally as a member of the FTSE 100, beginning in March 2015. Ahead of the 2017 AGM, Darwazah is confident that shareholders will approve changes made to the company's executive incentive plan (EIP) and steps taken to accelerate the turnover of long-serving directors, but he wonders how much longer the company will be able to continue with a combined Chairman/CEO and, more generally, how to marry the high level of governance expected by shareholders with the entrepreneurial spirit that had driven Hikma's growth and development.
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