Sanofi A is a multinational company that
deals with the manufacture and distribution of pharmaceuticals. The giant
pharmaceuticals producer is known to be among the largest pharmaceutical
companies in the world is it was ranked 4th on the basis of the
sales revenue (IMAP, 2011). The products are made both for the prescription
market and over-the-counter market (Sanofis, 2011). The areas of focus for this
company include the central nervous system, cardiovascular, internal medicine,
diabetes, thrombosis, oncology and vaccines. The company is headquartered in
France and has active operations in over 130 countries around the world (IMAP,
2011). Given that the company has largely been successful, it is important to
evaluate its strategies and the strength of its shared vision, mission and
goals.
The formulation of the vision
statements, mission statements, goals and objectives is a crucial part of the
strategic management process. These crucial statements help in not only
explaining the organisation’s reason for existence but also how the members of
organisation view themselves and how they intend to operate in consistency with
the shared vision (Johnson, Whittington and Scholes, 2011). Focus on the above
mentioned statements helps the organisations to have a clear understanding of
where they stand and this is crucial in enabling them to formulate strategies
that can effectively take them to their desired destinations.
The vision defines how the organisation
intends to be seen in future and it takes a long term view (Johnson,
Whittington and Scholes, 2011). It prescribes what the overall intention of the
organisation is. It is the highest level of strategy and basically explains the
reason for existence of a given organisation. Sanofi A’s vision reads as
follows: to become a diversified global healthcare leader, focused on patients’
needs (Sanofi, 2011). From this vision alone, it is clear that the
organisation’s existence is purely for the provision of healthcare products. It
is also clear from this vision that the organisation has every intention of
entering and dominating the international markets. The vision statement also portrays
the intention of the company to ensure that they not only take a diversified
approach but they also become the global leaders. This implies the intention to
be innovative and more effective than the competition. Finally, the vision
makes it clear that the company will at all times remain focused on the needs
of the patients.
The formation of the mission statement
is another important process in the strategy formulation process and must be done
very carefully. Like the vision statement, the mission statement also explains
the reason for the existence of the organisation (Grant, 2007). This statement
provides a general overview of how the organisation intends to achieve its
vision. The vision is therefore the basis on which the mission statement is
formed. It mostly presents the answer to the question: this is our vision, what
do we do about it? (Grant, 2007) The mission statement can either be a single
statement or it may be a combination of sentences aimed at portraying the
company’s way of achieving their vision. This statement must be devoid of any
ambiguities and must leave any reader with a clear picture of the company’s
commitments. Sanofi A mission statement draws focus on three areas: innovation
and patients’ needs; commercialisation and financial success; and internal
capacity building (Ansari, et al., 2010). In relation to the first dimension
the company’s mission is to rapidly launch innovative pharmaceuticals that
satisfy the unmet patients’ needs.
On the financial performance front, the
mission states that the company will channel resources on strategic branding
and also use existing global brands to maximise their value and drive sales
(Sanofi, 2011). To ensure that the company continues to have the ability to
innovate and function efficiently, the company’s mission outlines its intention
to aggressively recruit and retain top talent in order to enhance their
capacity for drug innovation and commercialisation (Sanofi, 2011). A good mission
statement covers all the crucial aspects of the organisation’s strategy and the
Sanofi A’s mission statement does just that. The most critical business aspects
for the company are in ensuring that the organisation can provide products of
value to the customers through continuous innovation aimed at satisfying
arising needs. The second aspect has to do with the financial performance. The
organisation must give the investors the confidence that their investments in
the company will pay off. Sanofi A reiterates its commitment to good financial
performance by ensuring that the commercial aspects of the vision are clearly
articulated (Sanofi, 2011). The company has clear intentions of ensuring good
financial performance while serving the patients’ needs around the world.
Goals and objectives are shorter term
items which are aimed at breaking down the vision and mission in actionable
steps with measurable results (De Wit and Meyer, 2010). The goals and
objectives can either be medium term or short term. For instance, an
organisation can set out to achieve a given target within five or so years.
This is medium term. For instance, Sanofi A implemented a R&D
transformation in 2009 and this new outset was expected to produce the desired
results within 5 years (Sanofi, 2011a). This is a medium term objective.
Another medium term goal relates to the enhancement of shareholder value where
the company intends to ensure that payout is raised to 50% in 2015 from the
rate of 35% in 2010 (Sanofi, 2011a). Goals and objectives can also be short
term. Typical short term objectives involve year on year sales targets and so
on. For instance, Sanofi A has set a target of 5% sales growth in the next 12
months (Sanofi, 2011a). This is a short term objective. Certain rules must be followed if the set
objectives are to be of value to the organisation. To start with, the
objectives must be time specific and must be measurable. They must also be
realistic and achievable in order to ensure that employees are adequately
motivated. More importantly, there must be a fit between the goals and
objectives; and the vision and mission. Sanofi A’s goals and objectives have
consistently remained well formulated and have partly been responsible for the
organisation’s remarkable success.
The corporate organisations operate in
the society and are widely expected to have in mind the interests of all
stakeholders when going about their business. Stakeholders can be described as
persons or groups of persons whose lives are affected directly or indirectly by
the presence or the activities of a given organisation (Phillips, 2003).
Organisations must be keen to ensure that stakeholders are factored in. Sanofi
A identifies their key stakeholders quite clearly and lists them down. These
stakeholders include the investors, the government, the non governmental
organisations, healthcare economists, patient advocacy associations, employees,
business partners, and suppliers (Sanofi, 2011b). Each of these stakeholder
groups have special interests which they expect the organisations to attend to
as comprehensively as possible.
For instance, the investors are mostly
interested in the financial performance and the value of the organisation and
the managers must ensure that their activities are profitable. The government
on the other hand is interested in ensuring that the organisations adhere to
the set rules on taxation and operational procedures. The health sector is one
area that most governments around the world take keen interest in due to the
fact that drugs affect the health of the masses (Castner, Hayes and Shankle,
2007). Rules on safety, operation, and manufacturing standards are therefore
explicit and it is important that the organisations adhere to them. The non
governmental organisations, the healthcare economists and the patient advocacy
groups on the other hand tend to be more interested on the pricing of the
products and the willingness of the pharmaceutical companies to take part in
campaigns aimed at alleviating human suffering as a result of existing ailments
(Castner, Hayes and Shankle, 2007). Employees on the other hand tend to be more
interested in the pay packages which they need to have in consistency with
their own financial objectives (Phillips, 2003). Other employee interests
include the provision of a healthy working environment, having a supportive
organisational culture and fairness in the appraisal and promotion
opportunities. Suppliers on the other hand expect that the organisations will
at all times honour their commitments in relation to making payments and other
relevant aspects. In addition to the specific stakeholder interests, the
general public tends to have the expectation on companies to take measures
aimed at improving their general welfare (Phillips, 2003). Global concerns such
as environmental conservation, affordability of education and healthcare, and
alleviation of human suffering are some of the concerns requiring support from
these organisations. These varied interests must be taken care off for the
organisation to enjoy the support needed to assure sustainable results.
The most relevant theoretical basis for
analysing the company’s stakeholder interest is the stakeholder theory. A
contrasting view is the input-output model of the corporation whose main
emphasis is that organisations exist solely to serve the interest of the
shareholders. Under this model, the inputs are brought in by the investors who
put their funds into the business (Haberberg and Rieple, 2007). The employees
and suppliers execute the function of providing the value addition needed and
the customer makes their purchases to return the capital and its returns to the
investors. The model therefore focuses on the parties involved in this process
with an aim to maximise the shareholder value. However, the stakeholder theory
takes a much broader overview and factors in many other groups which include
the public at large, the government, trade unions, lobby groups, political
groups and all other parties who get affected in one way or another by the
presence or the actions of the organisation (Clarkson, 1995).
It is important to note that
stakeholders can play a role in determining whether a business fails or
succeeds (Phillips, 2003). Businesses generating vast amounts of negative
sentiments tend to be at a disadvantage. Stakeholders can easily tarnish a
company’s brand name and lead to a complete failure of its marketing and
business processes (Grant, 2007). This is why the stakeholder interests must be
taken into account. Various strategies have been generated for dealing with
different stakeholders depending on how these stakeholders relate to the
organisation. It must be appreciated that not all stakeholders remain friendly
to organisations. Some can be out-rightly non-supportive irrespective of the
commitment of the corporate bodies to involve them (Friedman and Miles, 2001).
The offensive strategy involves the effort to stakeholder perceptions and
objectives to suit both the organisation and the stakeholder in question
(Friedman and Miles, 2001). This strategy works best when the stakeholder in
question is highly supportive. The defensive strategy can be adopted for the
non supportive stakeholders and it involves the efforts to reinforce the
current belief in the organisation and its programs (Hemmati, et al, 2002).
Such stakeholders may even be allowed to conduct some of the relevant programs
on their own. The swing strategy works for stakeholders who can be a mixed
blessing with the approach given depending on their position and the
circumstance. The most passive strategy is the hold strategy which is used for
stakeholders that are viewed as marginal (Hemmati, et al, 2002). In this case,
the organisation simply carries on with their strategies.
Current trends around the world have
revolutionised the way people view organisations. They are increasingly being
viewed as corporate citizens who have a duty to play their role in the society
as ‘good citizens’ (Barney, 2010). This implies that they are expected to take
actions that can lead to the betterment of the societies which are hosting
them. This expectation involves the proper treatment of all relevant
stakeholders and the society in general. It must be noted that the average
consumer is increasingly aware of the goings on around them and is quite
interested in noting how businesses treat the stakeholders (Barney, 2010). Any
wrong moves by an organisation could lead to reprisals from its customers who
may resort to avoiding their products. The factoring of stakeholder interests is
therefore crucial to the performance of the organisations. Statistics have
shown a trend which concurs with the views of the proponents of the stakeholder
theory: the most successful organisations around the world are those who enjoy
the greatest support from the public and other relevant stakeholders (Wheelen,
2008).
This paper adopts the view that
organisations cannot exist for the sole reason of maximising value for the
shareholder. The stakeholders for the organisations are equally important and
their interests must also be factored in. This is the only way to ensure that
sustainable performance is assured.
For strategy to be effective there must
be a clear understanding of the environment in which an organisation operates.
This can be done through some of the most useful strategic tools such as the
PESTEL model and the Porter’s 5-Forces analysis. The PESTEL analysis provides an overview of
the macro environment and takes into consideration dimensions such as the
political, economic, social, technological, environmental, and legal factors
(Drejer, 2002). The 5-forces analysis on the other hand is industry specific
and it measures the level of rivalry in the relevant industry with an aim to
enable the managers to determine what strategies would serve them best (Drejer,
2002).
The political factors that affect the
pharmaceutical companies are many. Healthcare is a sensitive political issue in
most countries with most governments showing great concern for ensuring that
the ailments affecting their populations can be sorted out effectively using
the drugs available (Earnst & Young, 2011). The disadvantage of this is in
the fact that the pharmaceuticals are constantly under pressure to embrace a
pricing strategy that allows for the affordability of their drugs. This is
despite the high standards for product development and testing procedures
required of them. However, this interest is a source of advantage in that governments
tend to be quite supportive in allowing renowned pharmaceutical companies to
set up operations in their countries with the aim to ensure more affordable
healthcare to their citizens. It is with this support that Sanofi A has been
able to achieve rapid international expansion with the company being
represented in most countries around the world (Ansari, 2010).
3.12 Economic
The world is recovering from a serious
economic recession whose effects are still being felt globally. The effect of
this crisis has mainly been manifested in the decline of the purchasing power
by the average consumer (Barney, 2010). This must have put pressure on Sanofi
to review their prices downwards. However, as recovery continues, it is
expected that this purchasing power will improve in future and lead to better
results for the company.
The number of ageing people is on the
rise globally and this presents good news to Sanofi due to the fact that the
ageing persons tend to require frequent medication (Ansari, 2010). This is
likely to lead to an increase in the demand for drugs. The society also
increasingly prefers to administer their own medication when they are
adequately informed of their condition. This may be an indication that the
demand for over-the-counter drugs is set to rise.
The world is currently experiencing the
highest levels of technological advancements and this is enabling competing
pharmaceuticals to better deal with the patients’ needs (IMAP, 2011). This is a
threat to Sanofi which must boost its R&D functions to keep ahead of the
competition. This comes at a cost and it certainly denotes an impact on the
company’s bottom line with no assurance that the gains will be realised before
competitors catch on with similar innovations.
The requirements for environmental
standards are much lower in the developing world than in the developed world
and this makes it easier for pharmaceuticals to set up operations in these
developing countries (Castner, Hayes and Shankle, 2007). The occurrence of
frequent global calamities such as floods which are often accompanied by
epidemic outbreaks also leads to a higher demand for the pharmaceuticals’
products.
Understandably, the healthcare sector is
highly regulated (Castner, Hayes and Shankle, 2007). This regulation threshold
is important due to the fact that the health of people is concerned. However,
these additional regulations come at a cost to pharmaceuticals who which must
invest in ensuring the regulations are adhered to.
The level of competition in the industry
is intense. Global pharmaceutical companies are increasingly fighting to gain
and retain market share with price competition becoming a common trend (IMAP,
2011). The drugs on offer tend to offer similar benefits and this makes it easy
for customers to substitute the drugs for others. In addition, the market
players have adequate technological knowhow and cannot be easily out-done in
innovation (Ansari, 2010). Sanofi must however ensure they remain up to date
with their innovations while ensuring fair pricing and a great brand value. In
view of the fact that the ease of expansion into emerging markets is assured,
the level of industry rivalry can be said to be moderate.
The cost of setting up new
pharmaceuticals is very high in view of the standards already set by the
existing market players and the government rules and regulations (Castner,
Hayes and Shankle, 2007). Concerns over hygiene and the health of the people
demand that the latest state-of-the-art machinery be used and this drives up
the cost. This reduces the threat of entry. The industry is also people driven
with medical practitioners being the best distributors for the drugs. It may be
quite difficult to procure their support and this makes it difficult for new
entrants (IMAP, 2011). On the whole the threat of entry is low.
3.23 Threat of substitutes
Technological advancement is making it
easier for competing pharmaceuticals to come up with effective but cheaper
drugs and this has the potential to bring down the profitability in the
industry (Castner, Hayes and Shankle, 2007). The industry is also under threat
from the increasingly popular natural remedies sourced from herbs and tree
roots. Substitutes can also be found in counterfeit drugs which are
increasingly flooding the market and with very low prices. Governments around
the world have been unable to counter their presence effectively and this
spells doom for the industry (IMAP, 2011). Sanofi A and other producers should
in response to the presence of these counterfeits ensure that the customers are
adequately informed of the product features and insist on the original drugs.
On the whole, the threat of substitute is high and this limits the
profitability levels for Sanofi A.
The bargaining power of buyers is low
due to the fact that buyers are many and do not come together to bargain as
groups (Ansari, 2010). The buyers can therefore not influence the pricing of
the drugs: except through the forces of supply and demand.
The bargaining power of suppliers is
moderate as they are relatively few and can to a limited extent dictate the
pricing to the pharmaceuticals (Ansari, 2010). Sanofi A can dissipate this
power by embracing the act of sourcing for materials from a variety of
suppliers and from the international markets.
On the whole, the industry is worth
staying in with the application of strategies such as innovation and brand
building.
Sanofi A can be said to possess
exceptional human resources with a large number of top scientists and a
committed staff (Saofi, 2011). The company dedicates itself to ensuring that
top talent is engaged in the company and has partly been the reason why it has
proven to be so successful. Moreover, the company operates with a strong
financial position and this enables them to make timely investments into
desirable innovations (Sanofi, 2011). This makes enables them to serve the
arising patients’ needs earlier than the competition hence giving strength to
their brand. The internal processes in the organisation which include their
handling of stakeholders and other internal processes are well established and
largely reflective of an efficient system (Ansari, 2010). This presents them
with the opportunity to focus outwards without having to waste time and
resources fixing their internal processes. It is on the basis of the proper
utilisation of these tangible and intangible resources that the company has
been able to rise to be one of the largest pharmaceutical companies in the
world.
The core competencies at Sanofi A may be
listed as: having a strong and well equipped research and development
facilities; its ability to produce effective vaccines; its state of the art
manufacturing plants; and its ability to mount effective marketing and sales
campaigns (Ansari, 2011).
The company dedicates a huge part of its
annual budgets to research and development with a focus on finding solutions
for ailments that have largely been ignored (McKinney, 2011). In order to
enhance this competency, the company launched a transformation program aimed at
making R&D more creative and effective (Sanofi, 2011). The program has been
in place since 2009. This focus on research and development is ongoing and it
is expected that more effective and long lasting solutions for stubborn
conditions such as diabetes will be found. Another manifestation of the
company’s strong R&D program was experienced in 2009 when the company
undertook to find means of avoiding cases of blindness among diabetic patients
(Sanofi, 2011a).
In order to ensure that their production
of vaccines remained unrivalled, Sanofi A operates a subsidiary, Sanofi Pasteur
whose sole responsibility is to provide vaccines for humans (Sanofi, 2011).
This is the largest company in the world which is devoted solely to the
production of vaccines for humans (IMAP, 2011). Vaccines are very crucial
pieces of medication and they help in boosting the body immunity to reduce the
danger of contacting some of the deadliest diseases in the world. This company
provides a wide range of vaccines for over 20 diseases with continued efforts
to constantly develop more effective vaccines (Sanofi, 2011). Some of the
diseases whose vaccines are currently being sought include Type B Meningitis,
dengue fever, Chlamydia, cytomegalovirus, and other pneumococcal infections
among others. In combination with the R&D capabilities, this vaccinations
wing remains the world leader in the production of effective vaccines.
To ensure that they produce high quality
products under the best conditions, Sanofi A has invested in the instalment of
high quality machinery whose efficiency enables mass production without any
lapses in quality (Ansari, 2010). Despite their boosted capacity, the company
continues to be above board as far as the quality of the products is concerned.
The efficiency with which these machines operate also help in reducing the cost
of producing every unit of drug and this enables them to price their products
competitively in the market.
4.4 Marketing and sales campaigns
Sanofi A has continues to be committed
to its mission of ensuring that they can provide value to their shareholders.
In line with this commitment, the company invests heavily in ensuring that the
marketing and sales campaigns are conducted extensively and effectively
(Sanofi, 2011c). The uniqueness of these campaigns can best be explained by how
they are conducted. As opposed to traditional sales campaigns whose sole
intention is to ensure that products get sold, Sanofi concentrates in creating
awareness about the existing ailments and the remedies that exists for them
(Sanofi, 2011c). The company concentrates in demonstrating to the public that
their drugs are effective and this earns them remarkable levels of credibility
in the market. Their commitment to include patients and doctors in these
awareness campaigns further enhance the effectiveness of these programs.
Some of the large global pharmaceuticals
include Pfize, GlaxoSmithKline and Norvatis (IMAP, 2011). In addition to these
multinationals, the company faces significant competition from local
pharmaceuticals in the hosting economies (Ansari, 2010). These companies, some
of which have been better performers than Sanofi tend to have one thing in
common: a strong management system and an equally formidable research and
development capabilities. Their keen attention to an aggressive approach to
international expansion has also been quite similar (IMAP, 2011). However,
Sanofi continues to have an edge in the research and development capabilities
due to its transformation programme whose ability to discover more effective
solutions to existing human ailments seems to be better than its competitors’
(Sanofi, 2011). Moreover, the company continues to enjoy great results from its
unique approach to sales and marketing- a strategy whose results is highly
hinged on the passion and the knowhow of the employees involved. It must be
noted that the internal processes and management practices deliver to the
employees of Sanofi A satisfaction levels that are hard to replicate in any
other organisation (Sanofi, 2011). The future continues to look bright due to
these capabilities.
The VRIN framework is used in analysing
the strategic capabilities of an organisation by conducting an internal
analysis and determining which resources are likely to provide it with a
competitive advantage (De Wit and Meyer, 2010). This framework is an extension
of the resource based view of the organisation. This theory views the
organisation as a bunch of resources which must be utilised correctly in order
to yield the desired results for the organisation. For resources to be able to
yield a competitive advantage for the organisation, they must be VRIN
(Valuable, Rare, Inimitable, and Non-substitutable) (De Wit and Meyer, 2010). If
a competency can certify the given thresholds, it becomes a competitive
advantage. Some of the resources that the company can use to reach their goals
include the financial resources, the exceptional machinery, and their employee.
The organisation continues to have a strong financial position which is
supported by their exemplary performance on the global stage with the company
being ranked 4th in terms of sales revenues (IMAP, 2011). This
financial muscle is important in the sense that it gives the organisation the
muscle to sustain research and development efforts; and this makes them remain
ahead of the competition due to their ability to demonstrate superior
innovations.
The second strategic resource they
possess are the state-of-the art machinery which enable them to out-produce
their competitors with high quality drugs which they are able to produce at relatively
low unit costs and this enables them to compete effectively in the market. The
third and perhaps the most important resource is the human resource (Ansari,
2010). Sanofi has managed to instil a culture of excellence among their
employees with many of them remaining diligent in their quest to ensure that
the company achieves the desired results (Sanofi, 2011). Having equipped itself
with a large team of formidable scientists, the organisation continues to have
the highest potential for innovation in the market and this also forms the
reason for its remarkable performance in the area of vaccine production
(Ansari, 2010). The unique contribution of the employees is the biggest source
of a competitive advantage for Sanofi. The special relationship between the
employees and the company yields high motivation and passion for achievement in
a manner that cannot be replicated elsewhere.
The pictorial presentation of Sanofi’s
value chain is as below:
Sanofis conducts a thorough analysis of
the materials being supplied before settling on their suppliers. This helps
assure quality. Where possible, the company sources for raw materials for
functions such as packaging from the hosting economies in order to save on costs
(Sanofi, 2011). The company makes use of independent suppliers in many
instances and this exposes to the risk of interruption due to supplier
inefficiencies. To guard against this risk, the most critical supplies are
sourced from their own affiliates which are mostly based in France (Ansari,
2010). This strategy ensures uninterrupted supply of drugs to the market. The
procurement procedures are also efficiently executed to ensure timely ordering
and proper storage.
The productive operations designs at
Sanofis are sophisticated and designed to ensure productivity and accuracy of
procedures (Ansari, 2010). These operations designs also enable the observance
of stringent safety regulations while keeping the production costs at the bare
minimum. The health and safety of workers is also assured and this makes the
employees feel well taken care of; a fact which contributes to their high
motivation levels (Ansari, 2010). The company also runs a quality control
system whose threshold tends to be higher than the authorities’ (Sanofi, 2011).
This helps ensure that only the quality drugs are availed for consumption in
the market. The company also works at ensuring continuous improvement by
focusing on different production processes in line with the concept of total
quality management (Ansari, 2010).
The company ensures efficient
distribution of the products in the markets by making use of exclusive
distributors as well as independent distributors (Sanofi, 2011). In addition,
public health bodies and hospitals are also supplied with sufficient stocks for
distribution along the healthcare systems in the various national economies.
The company maintains a highly qualified
sales team which consists of employees with enough training to explicitly
explain the product features and their benefits to doctors and other consumers
(Ansari, 2010). The process of forming the sales teams is carefully planned out
in order to ensure that those who make the team are not only qualified, but are
also result driven and capable of delivering on the set targets (Ansari, 2010).
The marketing exercises are normally intense and they take the form of an
informative campaign in most of the cases.
The company ensures compliance with
government regulation on the retail of drugs (Sanofi, 2011). This helps in
ensuring that prescription drugs are not wrongfully used and thereby cause harm
to the patients. The main focus of the sales teams is to convince doctors to
prescript their drugs.
The support activities include research
and development, human resource management, technology development, and general
administration (Sanofi, 2011). These support activities are essential in
ensuring that the organisation runs efficiently thereby affecting the cost of
production indirectly. Other functions like research and development help in
ensuring that the organisation can remain innovative at all times.
The robust performance of this
multinational is evidence that they have a good understanding of their core
competencies and that they are using them well to sustain their competitive
advantage in the market. Sanofi continues to have a commanding presence in the
industry with its drugs known to be of high quality, effective and reasonably
priced. The internal processes are refined to ensure quality while keeping the
cost of production at bay. The quality is also assured through the rigorous
inspections that raw materials are taken through. The quality of drugs must be
kept high and this is the essence of the intense regulation by governments
around the world. Sanofi’s standards have in most cases surpassed the threshold
set by the regulators and this has been a contributing factor to the rapid
strengthening of its brand. Sanofi’s market share has been increasing steadily
since 2009 and it is likely to continue rising if the good utilisation of the
company’s core competencies is sustained.
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