Harvard Case - Galenicum Health: The Adventure of Becoming a Global Pharmaceutical Company
"Galenicum Health: The Adventure of Becoming a Global Pharmaceutical Company" Harvard business case study is written by Edi Soler, Juan Carlos Vazquez-Dodero. It deals with the challenges in the field of Negotiation. The case study is 13 page(s) long and it was first published on : Feb 17, 2020
Negotiation strategies: Galenicum Health should adopt a principled negotiation approach, focusing on building long-term relationships with partners and suppliers. This will help the company to secure favorable terms and conditions, and to avoid costly disputes.
Decision making: Galenicum Health should establish a clear decision-making process, involving all relevant stakeholders. This will help the company to make informed decisions, and to avoid costly mistakes.
Managing conflicts: Galenicum Health should develop a conflict management plan, outlining the steps that should be taken to resolve disputes. This will help the company to resolve conflicts quickly and effectively, and to avoid damage to relationships.
International business: Galenicum Health should expand its international operations, focusing on markets with high growth potential. This will help the company to diversify its revenue streams, and to reduce its dependence on any one market.
Mergers and acquisitions: Galenicum Health should consider acquiring other companies to expand its product portfolio and geographic reach. This will help the company to become a more competitive player in the global pharmaceutical market.
Finance and investing: Galenicum Health should secure the necessary financing to support its growth plans. This may involve raising debt or equity, or forming strategic alliances with other companies.
Business and government relations: Galenicum Health should develop strong relationships with government agencies, both in its home country and in the countries where it operates. This will help the company to navigate the regulatory landscape, and to avoid costly disputes.
Game theory: Galenicum Health should use game theory to analyze its competitive environment, and to develop strategies that will maximize its chances of success.
Risk management: Galenicum Health should develop a risk management plan, outlining the steps that should be taken to identify, assess, and mitigate risks. This will help the company to protect its assets, and to avoid costly surprises.
Strategic alliances: Galenicum Health should form strategic alliances with other companies to share costs, reduce risks, and gain access to new markets.
Contracts: Galenicum Health should carefully review and negotiate all contracts, to ensure that they are fair and equitable. This will help the company to avoid costly disputes, and to protect its interests.
Corporate social responsibility: Galenicum Health should adopt a corporate social responsibility policy, outlining its commitment to ethical behavior and environmental sustainability. This will help the company to build a positive reputation, and to attract and retain customers and employees.
Labor relations: Galenicum Health should develop strong relationships with its employees, and to create a positive work environment. This will help the company to attract and retain top talent, and to improve productivity.
Power and influence: Galenicum Health should develop strategies to increase its power and influence in the global pharmaceutical market. This may involve building relationships with key stakeholders, or acquiring other companies.
Pricing strategy: Galenicum Health should develop a pricing strategy that is competitive, yet profitable. This will help the company to maximize its revenue, and to achieve its financial goals.
Trade: Galenicum Health should monitor trade policies, and to take advantage of opportunities to expand its international reach.
Business law: Galenicum Health should comply with all applicable business laws, both in its home country and in the countries where it operates. This will help the company to avoid costly fines and penalties, and to protect its reputation.
Economics: Galenicum Health should monitor economic trends, and to adjust its strategies accordingly. This will help the company to stay ahead of the competition, and to achieve its financial goals.
International relations: Galenicum Health should monitor international relations, and to take advantage of opportunities to expand its global reach.
Leadership: Galenicum Health should develop strong leadership, capable of guiding the company through the challenges of becoming a global pharmaceutical company.
Organizational culture: Galenicum Health should develop a strong organizational culture, based on values of integrity, innovation, and customer focus. This will help the company to attract and retain top talent, and to achieve its strategic goals.
Organizational values: Galenicum Health should define its core organizational values, and to ensure that they are reflected in all aspects of the company's operations. This will help the company to build a strong brand, and to attract and retain customers and employees.
2. Background
Galenicum Health is a Serbian pharmaceutical company that was founded in 1945. The company has a strong presence in the Balkan region, and is also active in other parts of Europe and the Middle East. Galenicum Health's product portfolio includes a wide range of generic and branded pharmaceuticals, as well as over-the-counter products.In recent years, Galenicum Health has been pursuing a strategy of international expansion. The company has acquired several companies in other countries, and has also established joint ventures with local partners. Galenicum Health's goal is to become a global pharmaceutical company, with a presence in all major markets.
The main protagonists of the case study are:
- Milan Panic, the CEO of Galenicum Health
- Zoran Djordjevic, the CFO of Galenicum Health
- Slobodan Petrovic, the head of Galenicum Health's international operations
3. Analysis of the Case Study
Galenicum Health is facing a number of challenges as it pursues its goal of becoming a global pharmaceutical company. These challenges include:Competition: The global pharmaceutical industry is highly competitive, with a number of large, well-established players. Galenicum Health will need to differentiate itself from its competitors in order to succeed.
Regulation: The pharmaceutical industry is heavily regulated, both in Serbia and in other countries. Galenicum Health will need to comply with all applicable regulations in order to avoid costly fines and penalties.
Intellectual property: The pharmaceutical industry is heavily dependent on intellectual property. Galenicum Health will need to protect its intellectual property rights in order to avoid losing market share to competitors.
Finance: Galenicum Health will need to secure the necessary financing to support its growth plans. This may involve raising debt or equity, or forming strategic alliances with other companies.
Culture: Galenicum Health is a Serbian company, with a strong Serbian culture. The company will need to adapt its culture to the cultures of the countries where it operates in order to succeed.
Despite these challenges, Galenicum Health has a number of strengths that it can leverage to become a global pharmaceutical company. These strengths include:
Product portfolio: Galenicum Health has a strong product portfolio, with a wide range of generic and branded pharmaceuticals, as well as over-the-counter products.
Manufacturing: Galenicum Health has a state-of-the-art manufacturing facility in Serbia. This facility gives the company a competitive advantage in terms of cost and quality.
Distribution: Galenicum Health has a strong distribution network in Serbia and other countries. This network gives the company access to a large number of customers.
Management: Galenicum Health has a strong management team, with a proven track record of success.
4. Recommendations
Based on the analysis of the case study, we recommend that Galenicum Health focus on the following strategies to become a global pharmaceutical company:Negotiation strategies: Galenicum Health should adopt a principled negotiation approach, focusing on building long-term relationships with partners and suppliers. This will help the company to secure favorable terms and conditions, and to avoid costly disputes.
Decision making: Galenicum Health should establish a clear decision-making process, involving all relevant stakeholders. This will help the company to make informed decisions, and to avoid costly mistakes.
Managing conflicts: Galenicum Health should develop a conflict management plan, outlining the steps that should be taken to resolve disputes. This will help the company to resolve conflicts quickly and effectively, and to avoid damage to relationships.
International business: Galenicum Health should expand its international operations, focusing on markets with high growth potential. This will help the company to diversify its revenue streams, and to reduce its dependence on any one market.
Mergers and acquisitions: Galenicum Health should consider acquiring other companies to expand its product portfolio and geographic reach. This will help the company to become a more competitive player in the global pharmaceutical market.
Finance and investing: Galenicum Health should secure the necessary financing to support its growth plans. This may involve raising debt or equity, or forming strategic alliances with other companies.
Business and government relations: Galenicum Health should develop strong relationships with government agencies, both in its home country and in the countries where it operates. This will help the company to navigate the regulatory landscape, and to avoid costly disputes.
Game theory: Galenicum Health should use game theory to analyze its competitive environment, and to develop strategies that will maximize its chances of success.
Risk management: Galenicum Health should develop a risk management plan, outlining the steps that should be taken to identify, assess, and mitigate risks. This will help the company to protect its assets, and to avoid costly surprises.
Strategic alliances: Galenicum Health should form strategic alliances with other companies to share costs, reduce risks, and gain access to new markets.
Contracts: Galenicum Health should carefully review and negotiate all contracts, to ensure that they are fair and equitable. This will help the company to avoid costly disputes, and to protect its interests.
Corporate social responsibility: Galenicum Health should adopt a corporate social responsibility policy, outlining its commitment to ethical behavior and environmental sustainability. This will help the company to build a positive reputation, and to attract and retain customers and employees.
Labor relations: Galenicum Health
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Case Description
Galenicum Health was one of the leading importers of active pharmaceutical ingredients in the Spanish market. Its clients were Spanish companies that would acquire the API from Galenicum and develop the drug (finished dosage form or FDF), marketing it under their own brand (generic medicine). Little by little, Galenicum began to codevelop drugs with other laboratories and even outsourced their manufacture (contract manufacturing), thus building up its B2B business in Spain. In 2012, after rejecting a purchase offer for the company, the partners decided to implement a strategic plan (2013-2017) with the aim of increasing annual sales from ย75 million to ย240 million in five years. To achieve this, they intended to begin a strong international expansion in Latin America with their own brand (B2C) and later to take the plunge into manufacturing in-house, not only products for others (B2B) but also their own (B2C). At that time, one of the world's leading pharmaceutical companies announced the closure of its factory in Madrid, something that attracted the attention of the Galenicum partners. Although the complete integration of the company was not part of the plan in the short term, the partners decided to analyze the proposal and look at the options for in-house manufacturing. Meanwhile, strong disagreements with a partner who became a shareholder a few years after the company's foundation led the founders to consider buying his stake and dismissing him once and for all.
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