Aspen Pharmacare: Global Pharmaceutical Market Leadership Case Study

Strategic Growth and Innovation in the Pharmaceutical Sector

Introduction

The global pharmaceutical company deals with the research of drugs and the development of medicines for treatments for the respective diseases. The companies include primary care sectors, sectors of specialty care, emerging markets, and products that are established. It deals with oncology, health issues related to animals also nutrition, and consumer healthcare (Chowdhury et al. 2019). As reported in the year 2022, the global pharmaceutical market in the global state was estimated at 1.48 trillion U.S dollars. Incentive based innovation programmers in order to capitalize globally is to be done from efficient techniques. Aspen Pharmacies as acclaimed to be the largest pharmaceutical company in Africa has been branded among the selected companies in international market. The main objective of the global pharmaceutical company is to promote high standards of production, giving the assurance of the quality of the production. The company such that is Aspen Pharmaceutical Company which is a global supplier of medicines with brand quality. The products also include medicines for infants and products for consumer health care. It was established in the year 1997 at a Suburban home in Durban, South Africa (Kloos, 2020). The growing years of the company made it the largest South-African owned pharmaceutical company.

The approaches the company took were the diverse number. The managers within the company decided to achieve sustainable growth. The most important decision they took that was essential for every business management of any sector was the proper required execution and integration. It is a multinational pharmaceutical company. It comprises more than 90 products with 4500 trademarks. Aspen Global is a company that is responsible for managing more than 3500 stock that keeps units of over c75 manufacturing sites over the world. The export of the product internationally in over 150 countries. The company's backbone of success is the people or employers working with them. The talented individual is the reason behind their best quality products. Of about 200 staff members work across 8 departments. Most importantly they are giving women opportunities to work. Female scientists and researchers in the medical field are there in building the backbone of the company (Jannat et al. 2023).

Understanding the skills with its framework is utmost necessary to carry out the depth of its quality which Aspen did. Uses an online community it connects many physicians virtually for providing better facilities to the people. They establish such social media platforms for the promotion of the company's products. Holding free campaigns worldwide to reach people that make them understand their product.

Evaluation of Aspen Pharmacies Growth Strategies

The Aspen Company started in 2004 and was earlier established in the year 1997. A small company that became a multinational pharmaceutical company that deals with trillions of budget. Growth is imperative and when it means success that leads to an increase in revenue and improvement (Yu, D.E.C et al. 2020). A business that holds healthy growth is always called the future holder and has more chances for investors to prosper their company. This is called the growth imperative.

Figure 1: Aspen growth in numbers 2004-2014

The next is organic growth, which is termed the company's inner growth this occurs when the company tends to mergers acquisitions and takeovers take place. It is also referred to as the core growth of the company. (McRae. 2021). The third one is vertical integration when two businesses merge etc., such measures were also followed by Aspen Company for their rapid growth. The purpose of studying this case and doing research on it is to highlight the growth strategies of the Aspen Company in past decades (Campos et al. 2019). Cross-selling of drugs and providing occasional sales and benefit schemes to the consumers. Available their free samples so that people can define it earlier. The cost of the product is put at a limit so that all the people of different Backgrounds could enjoy the benefit from the products. The company followed several strategies such as organic growth, which is a key factor that creates values of incremental values and stakeholders (Baumann et al. 2020).

Improving management of supply chain is a big aspect to gain prominence in competitive market. Some of the most trusted organizations in a supply chain rely on the negotiations between the insurers, companies, and the dealers. Again, the amount that has to be paid for a brand-based medicine or others will have to take into account the insurance plans and the size and value of the products negotiated with. The price effect may also prove to be severe in handling the success of the supply chain. Their expansion of products globally. (Veilleux and Boulanger. 2021). Producing the best quality products in terms of budget keeping in mind the population. The company had provided double-digit earnings growth for 16 years consecutively.

Figure 2: Aspen Pharmaceutical Company’s Growth Strategies

The main advantage of the company as they got the best intellectuals working with them. The cooperation and satisfaction of the employers was the key role of success in the company (Teramae et al. 2020). As stated the organic growth was followed by the company which clearly states that the core growth, the inner growth of the company was done by the members. The competition in producing better facilities in the production, research field, innovation, and interventions of the companies to produce first. Market Specific Risks- this is very important that how well the company holds its risks and how properly the company can overcome the risks. With proper handling of the products from unreliable processes, the company can reach its zenith. It must be traceable too for the patient or the customers purchasing the products must have a clear understanding. The recent year growth that is reported as the fig. 3 shows:

Figure 3: Total revenue of Aspen Pharmacare Holdings from 2017-2022

In the year 2022, the annual revenue report of Aspen pharmaceutical holdings reached 38.6 billion 2.21 billion in U.S. dollars. As stated it is the largest company in Africa.

Future Prospects of the Company

The Pharmaceutical Company should focus on the therapies that are personalized, prevention measures, and understanding of the norms that get released newly. New experiments are rapidly occurring in the modern world the future is bright and phosphorus (Sahasranamam et al. 2019). Many such companies including Aspen had invented and researched the cultures provided during the covid-19. New modalities, including cells and gene therapies, and different types of vaccines, the fastest growth has been recorded in this field of Pharmaceuticals. (Leblebicio?lu and Keskin 2021) New supply chains and production of unique life medications. Many companies for their future development follow block chain technology in this industry. The tracker of the supply chain, data that is reporting medical records that are used by practitioners in health care. During the covid-19 the company has seen an upward trend in revenue and growth of the company. Aspen company follows the path of producing the best quality products for the population. No such negativity was recorded. (Trenfield et al 2022) The strategies of this company researched became the motivation and growth ideas for the newly starting companies.

Figure 4: Aspen Challenges Themes

The challenges that the company faced during its rising years are the intense competition- many such companies compete with this company. Every field of business once has to face the challenges of competition. Aspen would like to expand its footprints even in other least or slow developing nations. increasing product sustainability and achieving its targets through ends is and has to be the basic facet of Aspen in the future years even. Market Specific Risks- this is very important that how well the company holds its risks and how properly the company can overcome the risks. Where there are business factors there are risk factors to occur. The risk can determine the profit and loss of the company, even the downfall of the company. Good experience and proper decisions while handling risk are very important. Restrictive legislation that is always followed by the company often causes the loss and degradation of the company. The laws and regulations of the government often act as a barrier. Such factors of challenges a company has to face. The company also should concentrate on how well they can manage their product waste whether they are eco-friendly or not (Salman et al. 2022). The environment should not be the harm by producing such products. The environment is like a person's body. The harm that can affect environmental factors can also affect human beings. The disposal of waste by pharmaceutical companies should be strictly kept under observation. The strategies they put up for the growth of the pharmaceuticals are they update their websites because the research had shown that about 92% of such companies had passed the test in Google. (Trenfield et al 2022) Uses an online community it connects many physicians virtually for providing better facilities to the people. They establish such social media platforms for the promotion of the company's products. Holding free campaigns worldwide to reach people that make them understand their product.

There is no such literature published that contains the following above measures that the company should implement in their practice. For that, the company should implement the challenges and the measures required to save the environment. The success will not only grow on the products they produce. They have to be more careful about how well they are handling the challenges and sustainability of future trends.

Conclusion

From studying and analyzing the growth strategies of the company adopted by the Aspen Pharmaceutical company in the year 2004-2014, the research has found the leadership qualities that single-handedly developed in the competitive market. The extension of the terrestrial coverage that had made the company's strategy strong. Proper planning of the company is required to reach one's goal. The strategic advantage means the production capabilities in the ongoing investments. Well, execution of the plan from the company. Governing data through IBP results maintained in respect of personal and data governance is an effective way of cumulating its growth in the future.

References

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