Pfizer Inc. is an American international biotechnology and pharmaceutical corporation that is headquartered in Manhattan in New York. Charles Pfizer established Pfizer between the years 1824 and 1906 (Pfizer Inc., 2021). Pfizer organisation produces and develops vaccines and medicines for neurology, endocrinology, cardiology, oncology, and immunology. The firm has various products or blockbuster drugs that generate more than one billion US dollars in yearly revenues.
Proposed strategic initiative
Pfizer Inch looks forward to increasing its market share and profits by providing access to affordable, effective, and safe medicines to patients. Pfizer’s 2020 annual report indicates that the company’s aim of becoming effective in the market is attainable because it has increased its revenues over the past five years (Pfizer Inc., 2021). Pfizer Inc. should ensure that the financial strategies explored by the company fit the business plan it uses, and the company requires adjustments to adjust the possible variances. Pfizer has the responsibility of converting its goals and visions into relevant real-world results. Pfizer’s strategic vision is offering effective medicine to patients to attract many patients to facilitate an increase in profits.
However, this is an unfortunate strategic plan because it generalizes Pfizer. Instead, Pfizer should concentrate on offering affordable services to customers because even though the medicines are effective, many customers may not access the expensive medications (Stretton, 2020). In addition, the company should consider lowering its expenses and increasing its assets by spending less and investing more. Relying on the SWOT analysis of Pfizer, the expected results include; the capability of differentiating its competitors, adequate financial resources to increase assets and reduce expenses, and market diversification.
Simple budget for the strategic initiative
Table 1: Simple Budget
Financial data overview
Table 2: Pfizer Financial Data Overview
Pfizer’s financial data trend was examined from the year 2016 to the year 2020, as shown in Table 2 above. The economic data reviewed include; revenues, income, loss, total assets, long term obligations, and income from discontinued operations. In 2016, Pfizer had a gain of $ 36664; in 2017, the company had revenue of $ 38757. In 2018, the company had a payment of $ 40825; in 2019, the company had an income of $ 41172, and in 2020 the company had revenue of $ 41906.
Income from the company’s ongoing operations has been decreasing from 2016 to 2020, which indicates that the company has also incurred losses between the four years. In 2016, the company had an income of 67; in 2017, the company had a payment of 13558, and in 2018 the company had an income of 3861 (Pfizer Inc., 2021). In 2019, the company had an income of 10867, and in 2020, the company had an income of 7021. The company has also faced a decrease in its total assets and net cash flow.
References
Pfizer Inc. – AnnualReports.com. Annualreports.com. (2021).
Stretton, A. (2020). Strategic initiatives, project/program management, and responsibilities for benefits realization. PM World Journal, 9.