Transforming a pharmaceutical business:
Optimization in a family business environment
A pharmaceutical company established in the late 1980s by a married couple was confronting intense competition from global players, putting its long-term viability at risk. To expand and evolve into a full-service pharmaceutical company (FIPCO), it was crucial to revamp its business operations and roll out a fresh strategy. Additionally, the couple's three sons who had grown up alongside the business each held significant roles within the company.
Description
From initial analytics and conversations with family members, we charted the current trajectory. This was followed by sessions with each family member to identify their respective visions for the future of the business and their roles in executing the new strategy. Once goals and strategy were agreed upon, areas of responsibility and resources were identified for each area of the business.
Solution
A strategy for the next five years was developed covering all aspects of the business including production, marketing, and management. 95% of the strategic plan was implemented in the first year, including optimizing production processes and launching new products. Involvement of all family members was increased in the management and growth of the business.
Results
The transformation of the pharmaceutical business to a FIPCO in a family-run environment required careful planning and building communication among family members. Through collaborative efforts and a well-defined strategy, the company successfully adapted to new challenges and remains on the path to growth and prosperity.