Pfizer History

Vision, Mission & Goals

Pfizer’s vision statement is "Innovate to bring therapies to patients that significantly improve their lives". Pfizer is well known as a global leader in pharmaceutical development. Their presence has grown from their devotion to innovation. The firm's vision statement emphasizes the value placed in their goal to improve patients' lives. The firm's vision is forward-looking. Healthcare is an ongoing business and will be necessary indefinitely. The company has a vision to become a well-known and continuous provider of medical innovations to meet healthcare needs.

Mission statement is "At Pfizer, we innovate every day to make the world a healthier place. It was the vision of Charles Pfizer at the very beginning and it holds true today in everything we do. From scientific discovery to breakthrough products to our essential partnerships around the world, we're committed to quality healthcare for everyone. Because every individual matters." Pfizer's mission focuses on delivering quality healthcare to the communities they serve. The mission statement also reemphasises the firm's commitment to innovation in the pharmaceutical industry. The mission statement describes what the firm aims to accomplish in their industry. This statement delivers a broad mission of what the company would like to contribute to the industry and patients. Although the mission is broad it must be because healthcare is a large diverse industry. Pfizer has brought innovations to multiple sectors of the industry. For example, medications, vaccines, research & development, clinical trials, and even animal health.

Pfizer's goal is to help to improve patients' lives. This major goal takes priority in the vision and mission statements. To achieve this goal the firm strives to achieve medical advancements through innovation. The firm has participated in several breakthroughs in the industry. For example, Pfizer's vaccine, BioNTech, was created for the COVID-19 virus. Pfizer's goals are not well specified and are more a general goal related to the mission and vision statements. Their goal to improve patients' lives is challenging because medical innovations are unpredictable. With clinical trials, the majority of people can see vast improvements while a small percentage can be affected by side effects. For example, with the covid vaccine. The vaccine has shown side effects for multiple age groups. The question is if the vaccine is improving patients' lives or are the side effects a greater concern?

Code of Ethics

Pfizer is in full compliance with the US Foreign Corrupt Practices Act and international anti-bribery laws. The firm has policies anti-bribery and anti-corruption policies in place to maintain compliance. Pfizer maintains ethical standards by transparently reporting on marketing, sales and research and development operations. As a leader in the global pharmaceutical industry, Pfizer works to partner with businesses worldwide that follow and participate with the highest ethical standards. Pfizer supports policies for interactions between healthcare professionals and patients. All policies emphasize moral obligation to medical patients.

Sustainability Profile

Pfizer has made a commitment to environmental sustainability. They have goals to drive down emissions. The firm has measures in place to achieve its goals. For instance, the firm has transparently reported its business progress, risks, and opportunities. All of which follow the Task Force of Climate-related Financial Disclosures. Pfizer has created products that are environmentally friendly with the approval of stakeholders. The firm has established environmental sustainability goals that are aligned with the IPCC and the Paris Agreement.

Organizational Structure

SAVED Analysis

PESTLE Analysis

Five Forces Analysis

Competitive rivalries: Rivalries in the industry are low. Pfizer’s largest competition includes Roche Holding AG (RHHBY), Eli Lilly and Co. ( LLY), Novartis AG (NVS), and Merck & Co. Inc. (MRK). The industry is small but the companies are large and competitive. Pfizer is a leader of the industry. Companies of this industry produce unique products for their consumers. Consumers select the company that offers what they need.Threat of new entrants: The threat of new entrants is low for the pharmaceutical industry. There are significant barriers to entry. The threats include high capital expenditures, research and development, quality control, and human capital. The legal requirements are strict for this industry.Threat of substitutions: Threats are considered low. Substitutions include selecting generic medication versus brand name medication. This can be difficult for consumers to do as Pfizer has many medications and innovations patented. Buyer power: Buyer power is low. Many medications are patented and consumers are required to accept prescriptions to medications directed by their doctors. The companies used by doctors are limited forcing buyers to choose from limited products. Supplier power: Supplier power is high. The number of suppliers of the industry exceed the number of competitors of the industry. Suppliers maintain high standards for quality control and have special manufacturing requirements. These requirements create few suppliers for a large industry.

Pfizer will stand out from its competitors by continuing to offer unique products that meet the needs of the consumers. To tackle the threat of new entrants Pfizer must maintain customer loyalty and focus on marketing to retain existing customers. Although the threat of substitutions are low. The company can maintain high quality products to offer consumers. These consumers will see better results than using generic cheaper alternatives. Pfizer wants buyer power to stay low. Therefore, the company must enlarge its customer base and focus on obtaining more consumers. Pfizer must work closely with suppliers to produce products that meet their expectations. It will benefit the company to pay for quality rather than cut costs on suppliers.

VIRO Analysis

Valuable: Pfizer’s patents are especially valuable because it limits the competition. The companies research and development is valuable because it allows for innovations and competitive advantage. Human resources of the firm are valuable because the best products are innovated by these employees. Rare: The patents are rare resources that are not accessible to the competitors. The research and development is not rare. The competition has its own resources for R & D. Human resources are not rare to the firm. Other competitors can acquire quality employees. Inimitable: The company’s patents are not inimitable. Competitors are not legally allowed to duplicate patented innovations. Research and development is inimitable. The competition can be the first to develop innovations. Employees who are responsible for break throughs and innovations are not inimitable. These employees are unique and benefit the firm. Organized: The company’s patents are being used to their full potential because Pfizer is leading the competition by owning these patents. The company’s research and development is only using its full potential by being the first to innovate new pharmaceuticals. Human resources are an unused competitive advantage because they are not always used at their full potential. 

Patents owned by Pfizer can be a basis for competitive advantage in the pharmaceutical industry. These patents put companies in the industry at an advantage because it forces buyers to buy only those patented products. Research and development is also a basis for competitive advantage in the industry. The innovations that make the companies profitable are the result of researching, developing, and trial pharmaceuticals. Human resources for Pfizer are considered a basis for competitive advantage. In all industries and companies alike, the workforce is what makes or breaks a company. Highly skilled and productive workers will bring great benefits to the company.

Value Chain

Financial Analysis

Pfizer’s Main Strategy

Strategy Analysis

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