Sample Essay on Business Studies Organization and Strategy at Millennium

Organization and Strategy at Millennium

Question 1

The main objective for the Millennium Pharmaceuticals was to come up with treatments of different illnesses before they have spread to wider areas. This was a positive idea that would help consumers and other medical firms, to save on costs and time in covering an area that is affected by a disease. In most firms that were involved with creating treatment of illnesses using traditional methods that was objectively to find chemical compounds that would treat the symptoms of the illnesses. However, the Millennium Pharmaceuticals company, focused on combining biology and technology to come up with treatments for different diseases. Unlike the traditional ways of getting the treatment of a disease by focusing on curing the symptoms, the use of biotechnology by the firm ensured that it identified targets responsible for an illness and create chemical substances that would help prevent and cure different of these diseases. It is therefore through the engaging in biotechnology by the company, that created competition in the industry. Due to this fact, however, most pharmaceutical companies were experiencing losses because of the costly research processes and the competition in the market by a different firm to offer the best and reliable treatment to different diseases. Most in these firms therefore set to work together to come with treatments, in order to spend less and come up with medicinal products that would meet the needs of the ill people.

Question 2

            The vertical integration strategy usually involves a number of channels of distribution for a company’s operations. The Pharmaceutical company will be manufacturing treatments for different illnesses and selling them to intermediaries such as retailers and wholesalers, who will be able to provide them to the final consumer. However, in order for the medical company to ensure this operation strategy is successful, it will need to consider some factors that are associated with the strategy. For instance the costs of the manufactured product to the final consumer should be regulated pharmaceutical company. The company should also ensure that it produces the most reliable treatment for disease in order to be competitive with other pharmaceutical firms. This will help ensure that the company acquires a large number of sales due to the quality of effectiveness of their medication products. However, the company, who are the manufactures of these treatments, should also regulate the prices of their medicines in accordance to the amount spent on researching for a medicine for a disease. Apart from that, all the cost incurred to be fully released to the market for consumption should also be considered when pricing the treatment.

Question 3

            As the CEO of the company, I will consider firstly, undertaking an analysis of the likelihood of a disease to break as well as diseases that are said to be easily contagious. This will therefore help the company to come up with treatments that are required urgently to avoid is spread. This analysis also helps understand the environment of a target market. Secondly, modifying the pharmaceutical company’s objectives and goals will be necessary to help Millennium company successful. Through this, the management and employees will be able to sort coming problems easily. Lastly, implementing the set rules, and regulation on how researches should be undertaken as well as the period a research should be fully completed, is the major priority, since without implementing the set strategies to meet the company’s objectives, will be a waste of time and resources.