Free Merck & Co., Inc. (A) Case Study Solution | Assignment Help

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Written by Gary F. Smith
Publish Date: 2024-11-03

Harvard Case - Merck & Co., Inc. (A)

"Merck & Co., Inc. (A)" Harvard business case study is written by Kevin J. Murphy. It deals with the challenges in the field of Human Resource Management. The case study is 6 page(s) long and it was first published on : Sep 12, 1990

At Fern Fort University, we recommend that Merck & Co., Inc. implement a comprehensive strategic plan to address the challenges posed by the changing pharmaceutical landscape. This plan should prioritize talent management, organizational change, and innovation to ensure continued success in the global marketplace.

2. Background

The case study focuses on Merck & Co., Inc., a global pharmaceutical giant facing significant challenges in the late 1990s. The company was grappling with declining sales, increasing competition, and a shrinking pipeline of new drugs. The case highlights the leadership of Roy Vagelos, who took over as CEO in 1985 and implemented a series of changes to revitalize the company.

The main protagonists of the case study are Roy Vagelos, the CEO, and the company's senior management team who were tasked with implementing his vision for the future of Merck.

3. Analysis of the Case Study

Strategic Framework: The analysis uses a combination of Porter's Five Forces and SWOT analysis to understand the competitive landscape and Merck's internal strengths and weaknesses.

Porter's Five Forces:

  • Threat of New Entrants: High, due to the increasing ease of developing and manufacturing generic drugs.
  • Bargaining Power of Buyers: Moderate, as patients and healthcare providers have limited options for treatment.
  • Bargaining Power of Suppliers: Moderate, as the pharmaceutical industry relies on a limited number of suppliers for raw materials and manufacturing equipment.
  • Threat of Substitute Products: Moderate, as alternative therapies and lifestyle changes can sometimes be effective in treating certain conditions.
  • Rivalry Among Existing Competitors: High, with numerous large pharmaceutical companies competing for market share.

SWOT Analysis:

  • Strengths: Strong brand reputation, extensive research and development capabilities, global reach, and a diverse portfolio of products.
  • Weaknesses: Aging product portfolio, declining sales, and a shrinking pipeline of new drugs.
  • Opportunities: Emerging markets, new technologies, and the potential for developing innovative therapies.
  • Threats: Increased competition from generic drug manufacturers, regulatory scrutiny, and rising healthcare costs.

Key Findings:

  • Merck's success was built on a strong focus on research and development, but the company was struggling to maintain its competitive edge in a rapidly changing industry.
  • The company needed to adapt its organizational structure and culture to foster innovation and respond to the evolving needs of the market.
  • Talent management was crucial for attracting and retaining top talent, particularly in the face of intense competition for skilled professionals.

4. Recommendations

1. Invest in Talent Management:

  • Hiring and Recruitment: Implement a robust recruitment strategy focused on attracting and retaining top talent in science, research, and marketing.
  • Leadership Development: Invest in leadership development programs to cultivate future leaders with the skills and vision to navigate the changing pharmaceutical landscape.
  • Employee Performance Management: Develop a performance management system that aligns with strategic goals and provides clear feedback and opportunities for growth.
  • Compensation and Benefits: Offer competitive compensation and benefits packages to attract and retain top talent.
  • Diversity and Inclusion: Promote a culture of diversity and inclusion to attract a wider range of perspectives and talent.

2. Drive Organizational Change:

  • Change Management: Implement a comprehensive change management strategy to ensure smooth transition and buy-in from employees.
  • Organizational Culture: Foster a culture of innovation, collaboration, and risk-taking.
  • Organizational Structure and Design: Re-evaluate the organizational structure to create a more agile and responsive organization.
  • Technology and Analytics: Invest in technology and analytics to improve decision-making and optimize operations.

3. Focus on Innovation:

  • Research and Development: Prioritize research and development of innovative therapies and technologies.
  • Strategic Partnerships: Explore strategic partnerships with universities, research institutions, and other companies to leverage external expertise.
  • Innovation Culture: Create an environment that encourages and rewards innovation.

4. Expand into Emerging Markets:

  • International Business: Develop strategies to expand into emerging markets with high growth potential.
  • Marketing: Adapt marketing campaigns to the unique needs and preferences of different markets.
  • Regulatory Compliance: Ensure compliance with local regulations and standards.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core Competencies and Consistency with Mission: The recommendations align with Merck's core competencies in research and development, and its mission to improve human health.
  • External Customers and Internal Clients: The recommendations address the needs of external customers (patients and healthcare providers) and internal clients (employees).
  • Competitors: The recommendations aim to position Merck to compete effectively against its rivals.
  • Attractiveness: The recommendations are expected to improve profitability and long-term sustainability.
  • Assumptions: The recommendations assume a continued focus on research and development, a commitment to talent management, and a willingness to embrace change.

6. Conclusion

Merck & Co., Inc. faces significant challenges in the pharmaceutical industry, but it also has the potential for continued success. By implementing a comprehensive strategic plan that prioritizes talent management, organizational change, and innovation, Merck can overcome these challenges and emerge as a leader in the global marketplace.

7. Discussion

Alternatives:

  • Mergers and Acquisitions: Merck could consider acquiring smaller companies with promising new technologies or products.
  • Divesting Non-Core Businesses: Merck could divest non-core businesses to focus resources on its core competencies.

Risks:

  • Failure to attract and retain top talent: The company could face challenges in attracting and retaining top talent if it fails to offer competitive compensation and benefits packages.
  • Resistance to change: Employees may resist change, which could hinder the implementation of new strategies.
  • Unforeseen market disruptions: The pharmaceutical industry is subject to unforeseen market disruptions, such as regulatory changes or technological advancements.

Key Assumptions:

  • The pharmaceutical industry will continue to grow and evolve.
  • Merck will be able to maintain its strong brand reputation.
  • The company will be able to attract and retain top talent.

8. Next Steps

  • Develop a detailed strategic plan: Outline specific goals, objectives, and action plans for each recommendation.
  • Create a dedicated implementation team: Assemble a team with the necessary expertise to oversee the implementation of the plan.
  • Communicate the plan to employees: Ensure that employees are informed about the strategic direction of the company and their role in achieving success.
  • Monitor progress and make adjustments: Regularly monitor progress and make adjustments to the plan as needed.

Timeline:

  • Year 1: Implement key talent management initiatives, develop a change management strategy, and prioritize research and development of innovative therapies.
  • Year 2: Re-evaluate the organizational structure, expand into emerging markets, and further invest in technology and analytics.
  • Year 3: Continue to monitor progress, refine strategies, and adapt to evolving market conditions.

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Case Description

Merck & Co., Inc., a major pharmaceutical company, is in the process of reviewing and evaluating its personnel policies and practices. Employee interviews revealed that rewards for excellent performance were not adequate: outstanding performers received salary increases that were, in many cases, only marginally better than those given to average performers. In many cases, outstanding performance was not even clearly identified. The objective is to have students wrestle with a common malady of performance appraisal systems: the tendency of managers to assign uniform ratings to employees regardless of performance. Alternative appraisal systems should be suggested and discussed.

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