Type of paper: Essay

Topic: Development, Company, Medicine, Competition, Industry, Pharmacy, Drugs, Pharmacology

Pages: 2

Words: 550

Published: 2020/11/06

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Innovation and Change Models

Innovation: Teva Pharmaceutical Industries Limited
The pharmaceuticals industry is characterized by innovative players who strive to remain competitive to succeed. Some of the most competitive players in the industry include Alexion Pharmaceuticals and Teva Pharmaceutical Industries (HBS, 2006). Based in Israel, Teva Pharmaceutical Industries Limited involves in the manufacturing of generic pharmaceuticals. It is recognized as the largest government company in the country (HBS, 2006). Being a leader in the pharmaceutical production, the company’s strategy has been based on the need to be more innovative to counter the stiff competition. The productions of pharmaceuticals in the company have been greatly affected by emerging trends in the industry. This has forced the company to change most of its product lines and endeavored to manufacture more innovative drugs. As a move to gain competitive advantage in the new environments, the company has focused more on producing new generic drugs and leaving behind drugs that have expired from the market. In essence, due to the need to adapt to counter the stiff competition, the company has considered production of innovative drugs alongside generic products. For instance, the best drug for treating multiple sclerosis in the whole world (Copaxone) was produced by the company (HBS, 2006). To sustain the competitive edge, the company has also considered altering its manufacturing process to incorporate new technological advances in the pharmaceutical sector. Emerging trends in the use of technology have led to increased production and an improvement on the quality of drugs (HBS, 2006). Fundamentally, high production of quality products is simply achieving competitive advantage according to the company’s strategy. Strategizing to achieve competitive advantage, on the other hand, is a way through which the firm adapts itself to both the macro and microenvironments and acclimatizes to the existence of other companies. This helps in enhancing the novelty and inventiveness of the company to a level that it sustains its leadership in the industry (HBS, 2006).

Change is inevitable. People should not repeat doing the same things in the same way while expecting different results (Harigopal, 2006). In order to create a culture that is compatible with change, sustaining change is the most significant aspect. As much as people and many other aspects change, it is most predictable that; without the necessary input, this change cannot hold for long or will definitely be of no importance. The need to change is correspondingly defined by the need to maintain the same change. It is like running a marathon; there are a lot of pressures that one must endure to win the race. In this same way, sustaining change ensures its long-term viability. The reason for changing is the need to sustain it in the first place (Harigopal, 2006). Thus, sustaining change is significant for it allows for continuance and upholding of special aspects that define success. Lack of the ability to sustain change is the number one reason for failure. Past leaders have indeed shared their vision for change. Change is far much positive if expected, and if the organization is ready and prepared for it. This implies that; vision to change should be well informed about the organization to prepare each and everyone and facilitate the adaptability required to sustain the same change (Harigopal, 2006). To be more practical and proactive, the leaders should have established the significance with which the change comes with. Such a scenario is more realistic when there is evidence of the fundamental nature of the change. Good anticipation lies in the significance that change brings in. It is easier to adapt and sustain a change that one knows will affect them positively, or is of great importance (Harigopal, 2006). Consequently, it is important for the leaders to seek measures to establish the significance of the anticipated change.

References

Harigopal, K., (2006). Management of Organizational Change: Leveraging Transformation. New York: Sage Publications.
HBS, (2006). Strategy in the Twenty-First Century Pharmaceutical Industry: 7th Annual Report on the World's Top 50 Pharmaceutical Companies. Kenilworth, NJ: Merck & Co.

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WePapers. (2020, November, 06) Change Models Essay Samples. Retrieved October 25, 2021, from https://www.wepapers.com/samples/change-models-essay-samples/
"Change Models Essay Samples." WePapers, 06 Nov. 2020, https://www.wepapers.com/samples/change-models-essay-samples/. Accessed 25 October 2021.
WePapers. 2020. Change Models Essay Samples., viewed October 25 2021, <https://www.wepapers.com/samples/change-models-essay-samples/>
WePapers. Change Models Essay Samples. [Internet]. November 2020. [Accessed October 25, 2021]. Available from: https://www.wepapers.com/samples/change-models-essay-samples/
"Change Models Essay Samples." WePapers, Nov 06, 2020. Accessed October 25, 2021. https://www.wepapers.com/samples/change-models-essay-samples/
WePapers. 2020. "Change Models Essay Samples." Free Essay Examples - WePapers.com. Retrieved October 25, 2021. (https://www.wepapers.com/samples/change-models-essay-samples/).
"Change Models Essay Samples," Free Essay Examples - WePapers.com, 06-Nov-2020. [Online]. Available: https://www.wepapers.com/samples/change-models-essay-samples/. [Accessed: 25-Oct-2021].
Change Models Essay Samples. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/change-models-essay-samples/. Published Nov 06, 2020. Accessed October 25, 2021.
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