KCB IDs: 14507, 14508                    University of Wales              (Kensington Collage of Business)                ...
KCB IDs: 14507, 14508Section 1 - Mergers and AcquisitionsPharmaceutical Industry is one of the most revenue generating and...
KCB IDs: 14507, 14508Merger of Sanofi and AventisIn 2004, Sanofi Synthelabo acquired Aventis. Sanofi was a French pharmace...
KCB IDs: 14507, 14508most powerful company in pharmaceutical industry. And also has a high position over othercompanies in...
KCB IDs: 14507, 14508The ease in of the possibility of the getting information and the increasing of orientalism andspirit...
KCB IDs: 14507, 14508space industry have strong collaborations with the US and European based pharmaceuticalcompanies, suc...
KCB IDs: 14507, 14508Section 3 - Business Ethics and Sustainability (Mini-Case)In this section, it will be criticised and ...
KCB IDs: 14507, 14508The company is an international company. It has lots of outlets all around the world. This situationm...
KCB IDs: 14507, 14508food industry. I have learned how the technological developments affect on the shaping ofindustry`s b...
KCB IDs: 14507, 14508ReferencesAngell, M., 2004. The truth about the drug companies: How they deceive us and What to Do Ab...
KCB IDs: 14507, 14508Moynihan, R., 2003. Drug company sponsorship of education could be replaced at a fraction of itscost....
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MANAGING STRATEGY Group Assignment - Examine the Mergers & Acquisitions, Technical and Global Collaborations in Pharmaceutical Industry and Business Ethics and Sustainability


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MANAGING STRATEGY Group Assignment - Examine the Mergers & Acquisitions, Technical and Global Collaborations in Pharmaceutical Industry and Business Ethics and Sustainability

  1. 1. KCB IDs: 14507, 14508 University of Wales (Kensington Collage of Business) MBA MODULE TITLE: MANAGING STRATEGY GROUP ASSINGMENT TITLE: Examine the Mergers & Acquisitions, Technical and GlobalCollaborations in Pharmaceutical Industry and Business Ethics and Sustainability LECTURER NAME: KEVIN O`HARA KCB IDs: 14507, 14508 DATE OF SUBMISSION: 02/06/2011 0
  2. 2. KCB IDs: 14507, 14508Section 1 - Mergers and AcquisitionsPharmaceutical Industry is one of the most revenue generating and leading industries in the globalbusiness. The developments in this industry have been directly related with the human beings`health care. It cannot be claimed that the pharmaceutical industry has less importance than themedical industry. It should not be forgotten that the medical industry needs the complementary ofthe pharmaceutical industry.Today most of the illnesses can be cured by very small pills which have huge amount investment onit. From the most deadly illnesses such as cancer or AIDS to an unimportant flu disease, humanbeings need the necessity medicines. This necessity makes the pharmaceutical industry veryimportant and also very competitive. The lots of multinational companies which are competing toeach other have been sharing very huge amount of revenue of the pharmaceutical industry.Companies in the industry are trying to increase their profitability as “rough and tumble” so to saylike other industries.This industry is very old and deep rooted industry. And also the companies in this industry are veryold. Most of them were established in the late of 19th century and the early of 20th century. Aftersome important developments like invention of the insulin and penicillin, from 19th century to 21stcentury this sector became more and more important. Technological changes and developmentshave made harder to be successful in the tough competitive environment. All pharmaceuticalcompanies have been developing business strategies to gain their competitive advantage over theirrivals and also have been increasing their market share in the industry. So it has firstly to be definedthat which business strategies should be chosen and how they should have been developing formaking more revenue.What is Strategy?Everyone has plans to achieve his or her goals in continuing life. For instance, if someone wants tohave a good and well earned job, he or she has to have a well qualified education. Selecting auniversity to have a good education can be defined as a basic step of strategy.Companies and managements have not differences than living people. They also need strictstrategies and plans to reach their targets. According to Porter (1996), “strategy is companies allpractices and actions to gain a competitive advantage among its rivals and effort to be unique in itsenvironment with enforce all its activities.” Porter`s definition can be seen short, but enough toexplain what strategy is. Every actions of a company are to increase its profitability and achieve itsoperational goals.Industry ReviewAs it mentioned before, pharmaceutical Industry is very old and important. There are lots of bigcompanies in this industry such as Pfizer, Merck & Co, Bayer, GlaxoSmithKline and more. There aresharing big amount of revenue and most of these companies are in the Fortune 500 list. Forinstance, Pfizer is at number 31 in the Fortune 500 list. Its total revenue is $67,8b and its profit is$8,25b. Merck & Co is at number 53 and its total revenue is $45,9b and its profit is $8,61b (CNNMoney, 2011). These number shows that this industry has very strong and big potential. And thismeans that there are also lots of opportunities.All pharmaceutical companies are trying to increase their market share and gain a competitiveadvantage. There are lots of examples like mergers and acquisitions according to these companies’strategies in this sector. It will be mentioned that the most known and important mergers andacquisitions as company strategy in pharmaceutical Industry. Also it will be mentioned why thesecompanies chose those strategies and how it became useful to reach company goals and how theindustry has been affected from these mergers and acquisitions. 1
  3. 3. KCB IDs: 14507, 14508Merger of Sanofi and AventisIn 2004, Sanofi Synthelabo acquired Aventis. Sanofi was a French pharmaceutical company and itwas the subsidiary of famous multinational French oil company Total. The company has been formedafter a merger with Synthelabo and changed its name to Sanofi Synthelabo in 1999. SanofiSynthelabo was the 18th in the world, 6th in Europe and 2nd biggest pharmaceutical company inFrance in those years. Its stock market value was €33b and sales revenue was €8b. SanofiSynthelabo wanted to increase its market share and sales in the sector like all other companies andbid one of other famous pharmaceutical company Aventis. Aventis also was formed after a mergerbetween Rhône-Poulenc S.A. and Hoechst AG in France in 1999. This was a transnational mergerbetween Germany and France. Before merger with Sanofi Synthelabo, Aventis had 71,000 employeeand €17.6b total revenue. Sanofi Synthelabo bid worth €46.6b to Aventis in January 2004. ButAventis rejected this bid. Because it was not a well enough bid for a company like Aventis. Aftersome meetings Sanofi Synthelabo gave a much better bid worth €55.3 billion and merger has beendone. New company’s name became Sanofi Aventis. This was a profitable agreement for bothcompanies. It`s believed that, both Sanofi Synthelabo and Aventis could not do such an investmentto expand their market shares. Because return on such an investment would be take too much time.But after this merger new company, Sanofi Aventis, had €25.4b revenue very first year. It`s thoughtthat this was an absolute success for both companies. The pharmaceutical industry has beenaffected from this successful merger. The new company, Sanofi Aventis, became the 3rd leadingpharmaceutical company after US`s Pfizer and UK`s GlaxoSmithKline in the globe. Industry’s balanceschanged suddenly.Merger of Merck and Schering-PloughThe second big merger has been realized by Merck & Co. and Schering-Plough in 2009. This was alsoeffective just as Sanofi Aventis for pharmaceutical industry. Merck & Co. was established in 1917. Itis the one of leading pharmaceutical company in the world. Company was producing severalproducts not only for human health but also for animal health. During the 2006 and 2007, company’sshare prices had upward trend. But the company could not keep that good condition in 2009.Company’s shares started to decrease. At the end of 2009 Merck announced a merger withSchering-plough in November. Merger was worth $41.1b. Merck and Schering-Plough merge underMerck’s name. After this merger Merck became the second leading company in pharmaceuticalindustry. Merck Chief Executive Richard Clark said, in a teleconference with reporters and analysts,that the merger "makes great strategic sense." He said the "combined strengths" of the companieswill "create sustainable growth and meaningful value for shareholders" (CNN Money, 2009).Everyone started to talk about a possible merger between GlaxoSmithKline and AstraZeneca in 2010.GlaxoSmithKline also had a problem just like Merck. Its share prices were declining, too. It was beenexpected an action like Merck from GlaxoSmithKline. But soon GlaxoSmithKline has announced theydid not interest a merger with any company. With the power of this merger, Merck is at number 53in Fortune 500 list in 2011 and at the second place in pharmaceutical industry list (CNN Money,2011).Merger of Pfizer and WyethAt last but not least, one of the most important mergers has been done between Pfizer and Wyeth.Pfizer is the most known and leading pharmaceutical company in the globe. Pfizer bid $68b to one ofits biggest rival, Wyeth. The meetings have been taken a year between two companies. Afteragreement between companies, this was the highest merger agreement after AT&T and BellSouth’s$70b worth agreement in 2006. It is still arguing about this merger’s positive or negative effects onPfizer. The company still have some problems and still trying to cope with them. But it`s thought thatthis merger will be successful. It can be defined with an expression in Turkish; `Hitting two birds bythrowing just a stone`. This expression can be used exactly for this merger. Pfizer both expanded itsmarket share and evade from one of its tough rival. This strategy maybe cannot show its benefits ina short period but it`s believed that it will be beneficial in a long period. Pfizer is the leading and 2
  4. 4. KCB IDs: 14507, 14508most powerful company in pharmaceutical industry. And also has a high position over othercompanies in the globe. As it was mentioned before it is at place number 31 in Fortune 500 list.ConclusionIn conclusion, all the pharmaceutical companies have been trying to increase their revenue andprofitability and market share. They have been also trying to have competitive advantage over theirrivals. To achieve these goals they use tough business strategies. The merger examples, which arementioned above have the most global effects rather than other smaller mergers. Especially, inpharmaceutical industry there are lots of other mergers and acquisition examples. But as the resultsother examples are more local and financially worth less than these. Pfizer, Merck and Sanofimergers are more known and more effective than the others. All these mergers affected thepharmaceutical industry and their rivals counter moves. It`s believed that it will be seen moremergers and acquisitions in near future both in pharmaceutical industry and other industries. Whilesome of them losing power and the others will be stronger.Section 2 – Technology and Global CollaborationHistorical Review of the Pharmaceutical Industry for technological development andglobal collaborationThe pharmaceutical industry has dramatically faced with the vast major of developments since theearly drugstores existed in the modern world after the second half of the 19th century. Thediscoveries of the insulin and penicillin at the period between the two world wars caused the firstjump up for the industry. The countries, which attached the importance to the biotechnologicaldevelopments, such as Germany, UK, US, Switzerland, France and Belgium, have the leadingpharmaceutical giants in today`s world. The industry kept carrying on its stable growing by courtesyof the developments on the science of biotechnology.The industry was required to make detailed clinical tests before marketing its products because ofsome serious defects on the late 1960s. These occurrences, after the second half of the 20th century,have helped the pharmaceutical industry to being closer to the technological developments andcollaboration with global science based institutions.The pharmaceutical industry has had the new players as the developing countries, such as Japan,India, Brazil and China, were playing a key role by producing without patent legislation in the late1970s. These new players will have been the new collaborators of the world`s leadingpharmaceutical giants in such a way of the cost oriented approaches.The industry has faced with the contribution of the information and analysis technologies in the1980s and the early 1990s. On the other hand, the early 1990s were the significantly anddramatically changing period for the pharmaceutical industry. The early examples of the mergers,acquisitions and takeovers has been seen in this period as the small companies could not afford therising cost of the research and development (R&D), while the pharmaceutical giants were increasingtheir collaboration with the institutionalized biotechnology companies.The developments on the internet technology after the late 1990s caused the ease in of thepossibility of the direct informing and buying for end consumers and purchasing the raw materialsfor the producers. On the other hand the commonly using of the internet technology caused theincreasing of drug consumerism by using of the disease mongering even if the consumers did notneed the medicines. 3
  5. 5. KCB IDs: 14507, 14508The ease in of the possibility of the getting information and the increasing of orientalism andspiritualism caused the rising of demand on the alternative medicines, complementary medicines,traditional medicines and herbal medicines for the consumers whether they were conscious or not.This area has been the emerging competitive area for the pharmaceutical industry at the early of the2000s.Technological Developments and Collaborations which affected the IndustryThe industry is mainly affected by the biotechnological developments. The giant companies of theindustry has been spending vast majority of their costs on research and development (R&D), which ismainly based on the science of biotechnologies. According to Tufts University Center for the Study ofDrug Development, “entire pharmaceutical industry has spent $65.3 billion for R&D and investmentsregarding R&D during the year of 2009.” The two main legs of the industry`s R&D are “DrugDiscovery” and “Drug Development” which dramatically determine the survival of the players. In theearly stages of occurrence of the importance of the R&D, the company`s preferred both to establishbiotechnological R&D centres by their selves and make collaborations with existing biotechnologicalinstitutions or companies. Then the era of the economic pressure on the 1980s and 1990s pressuredthe pharmaceutical companies to risen their collaboration with institutionalized biotechnologycompanies even for simple researches. Of course, the biotechnological institutes, which areeconomically related with the pharmaceutical companies, might report only positive results aboutthe related companies` products. This economy related technological development caused for thebig companies becoming bigger and for the relatively small companies becoming smaller evencollapsing.On the other hand relatively smaller companies have also been using modest budgets on their R&Dto focus on discovering a specific drug formulation which can allow them to be taken over by thegiants. The brilliant discovery of a medicine has given the small companies the opportunity to betaken over for a high bidding by the giant companies. The biotechnological developments, from thediscovering of the penicillin by Fleming in 1920s to discovering of the genetically modifiedtechnology in recent decades, has been the locomotive of the industry`s growing. It can be listed themilestones of the biotechnological developments which the industry benefited. Discovering of thefermentation, the penicillin and the insulin in the early stage; controlling of the pests and germs, thediscovering of “the Pill”, cancer researches since 1970s, the greater understanding of themicrobiology, the greater understanding of the neurology and discovering of the anti depressants,the discovering and developing of the genetically modified technology. In conclusion, theimportance of the biotechnological research and development on the pharmaceutical industrycaused for the big companies to focus on merger and acquisitions and for the small companies tofocus on discovering brilliant discoveries by using modest budgets.The other cost item is manufacturing plants for the industry. The giant companies invest ondeveloping the technology of the machineries and producing processes which are very important toreduce the production costs. For instance, according to Reuters, Ricciardi, the president ofmanufacturing of Pfizer, said that “there is an opportunity to be more competitive both on operationsand pricing by developing the machineries and the production processes.” This economic relatedtechnological development caused for the big pharmaceutical companies to make collaborationswith the companies in developing countries, where the investment and labouring are cheaper thandeveloped countries.The industry has also benefited from the developments in space industry. The collaboration andinvestments on space industry allows the pharmaceutical companies to have the extraterrestrialexperiences for their products and researches. The closer relationship between two industries allowspharmaceutical industry to research and develop opportunities. Especially the US and European 4
  6. 6. KCB IDs: 14507, 14508space industry have strong collaborations with the US and European based pharmaceuticalcompanies, such as Pfizer, Novartis, Glaxo Smith Cline, Sanofi Aventis, Roche and Astra Zeneca.In 1990s, by the widespread of computerized and internet technology on the globe, the marketingway of the industry dramatically changed in a different way. The industry has had the opportunity tokept the recent data about products and consumers and analyse the efficiency of each products. Onthe other hand, the consumers have had the opportunity to have more direct knowledge about theirdemands regarding their health care. The more access to knowledge for the consumers by theinternet using allows the pharmaceutical companies the more efficiency for marketing theirproducts. The collaboration of the industries of pharmaceutical and IT & Internet has reached a hugebudget on 21st century. Because of the tough challenges on the information management, thepharmaceutical companies have faced the pressure of arranging their internal and externalcollaborations by using complex applications. The IT giants, such as HP, IBM, MS etc., offer complexcollaboration packages to allow the pharmaceutical companies maximizing their investments.Global Collaborations of Pharmaceutical Industry with Other PartnersThe pharmaceutical industry has faced with other challenges except technological developments,such as legislations and regulations, coping with the protests of against activists, the importance ofthe direct marketing to consumers, and the rising awareness of the alternative medicines all overthe globe.The companies have spent huge budgets for lobbying to regulations and legislations on behalf ofprotecting and carrying on their interests. On the other hand, existences of preventetive medicinescause the importance of influences on decision makers about public health care. The lobbyingactivities are being made in US and UK, which have already big market for public health care, andalso even in developing countries, which have an increasing market for public health care. Accordingto USA Today (2007), the industry spent $855m in eight years to 2006 for lobbying in US. Thecollaborations of the industry for its interests, especially with the politicians, and the people fromregulatory bodies or decision maker authorities, sometimes cause some serious corruptionallegations.The suspected clinical trials on animals and rarely on human being cause the protests of animal andhuman right organisations. On the other hand, the companies are blamed because of the diseasemongering to increase their revenues by marketing more products. The companies of the industryhas tried to cope with the protests and allegations by making collaborations with academic, publichealth care and law authorities. The industry has spent vast amount of its budget to fundingacademic conferences and symposiums, gifting and training the health professionals, encouragingjournals and lectures to support their products, backing charity programmes and even threateningthe opposite groups with law.The increasing of demand on alternative medicine and orientalism / spiritualism may be both threatand advantage for the pharmaceutical industry. Based on the traditional and cultural influences,some herbs or their mixtures and some experienced practises have been seen attractive byconsumers rather than conventional drugs which are produced by pharmaceutical firms. Thewidespread use of the internet and knowledge tools has triggered this attractiveness on the 2000s.This rising market made awareness that it is an emerging market for the pharmaceutical companies.The latest trend of the alternative medicine market has been using by the pharmaceutical companiesfor marketing their new generation non chemistry (!), organic (!) products with the power of theinternet believed era. 5
  7. 7. KCB IDs: 14507, 14508Section 3 - Business Ethics and Sustainability (Mini-Case)In this section, it will be criticised and examined a medium-large size UK owned restaurant chain andalso reliable recommendations about improving its ethical and environmental stances asenvironment and ethics manager of this restaurant. Before recommend something it has to beconsidered the problem and analyse its causes.The restaurant chain has been specialised on Asian foods. It has lots of outlets all over the world andalso has 5,000 employees. But in past few years restaurant faces tough problems. These problemsare corruption scandals, dealing with suppliers who are related poor human beings and animal rightsrecords, working less with local suppliers, excess executive pays and bonuses, unhealthy productsand lack of quality control. Before recommendations it has to be considered that what ethic is.When the question of `what ethic is` asked, most of the people answer as `doing something whichaccepted by the society`. But this is not a current definition always. Societies sometimes can beethically corrupted, such as the period in Nazi Germany. Despite wide spread ethic is not what thesociety accepts. Ethic is doing something in term of rights, according to regulations, beneficial forsociety or fairness. (Corey, 2004)The first problem, which has to be immediately coped with, is too much pays to managers. Thissituation causes an income imbalance between the employees and the executives. If theorganisation shows the fairness to its members, the organisation would be successful to solve allother problems. It is a known fact that, both the success and failure are directly related with theemployees’ satisfaction. Another problem can be defined as lack of fairness and ethics while actingthe employees and also lack of ethics while behaving to the external environment. It is ensured thatif the income imbalance problem among employees and managers is regulated, it will be fair andeffective as a first step to solve all the negative publicity and other problems.The other problem is corruption scandals and allegations in international market of Asia and Africa.If the employees, who are responsible about these allegations, are punished, the negative publicityregarding the company can be reduced. Of course not only punishment is enough. It has to beshown how the company is trying to cope with this serious situation. It has to be published the codesof ethics like the example of CKE Restaurants Inc did about its bribe allegations. CKE has publisheddetailed rules which are accepted by CKE’s business ethics. In this publication, it was stated that agift which has a value over $100 accepted as a bribe. It can be an effective way to solve the bribeallegations. It has to be identified that what bribe is or not and it has to be published to society. Ifthe seriousness against the allegations is shown, the standing of the company on people’s mindwould be grateful.It has been thought by vast majority of the society that the company is serving unhealthy foods andalso using unhealthy ingredients in the products. It has to be done more advertisements against thisbelief. The company is already producing Asian foods which are generally accepted as healthy. It isvery important that what the society`s thinking about how the company seems rather than what thecompany actually is. It should be attracted the attention that Asian foods are fully healthy. It can bejoined social responsibility campaigns. However, if the company adds some fat free or diet food toits menus it can be stated that the company is selling healthy foods. For instance, famous restaurantchain Subway is selling so many low-fat menus and people prefer to eat those menus rather than theothers. In the customers` memorize, Subway is a healthy food restaurant. In addition to thissituation Subway started to use lots of their materials as recycling items. It can be done somethingsimilar with Subway. 6
  8. 8. KCB IDs: 14507, 14508The company is an international company. It has lots of outlets all around the world. This situationmakes sometimes the works harder. For instance, the company should work with local suppliers andalso employ local people rather than the others. The company`s reliability will be improved in timeby this way. In addition, the company is working in several countries and also it has someresponsibilities on behalf of those countries. It has to be supported these local economies byworking with local suppliers. It is thought that, the company is responsible on behalf of thesecountries and also the local customers in these countries.It has to be needed serious quality control mechanism. It is very important that the products mustbe qualified. In the food industry, quality management has a key role to being successful. Thissituation is directly related with the suppliers. The vegetables must be fresh and must be suitable toseason. It has to be avoided using the unqualified ingredients in the products. And also if thecompany promise to its customers about qualified products, it should be done. It has to be donesome more investment to improve the quality control mechanism. It can be deal with some localemployees who have much information about the country which the company is working in.Without a quality control system, success can just become a dream.Another serious problem is the suppliers’ which have poor human beings and animal rights records.The company has to work with the suppliers who care about the globe and rights. Working withmore responsive suppliers in food industry can also improve the company`s reliability.In conclusion, the restaurant chain’s corruption scandals, working with suppliers which don`t careabout human beings and animal rights, working less with local suppliers, high executive payments,using unhealthy ingredients in the products, and lack of quality control systems are absolutely causeof the low ethical and environmental stance. Working much with local and especially moreresponsive suppliers and balance the incomes between employees and the executives can solve lotsof these problems. Also well educated employees regarding business ethics can help theenvironmental stance of the entire organisation. The other important point is quality managementand quality control systems. If it is maintained an autonomous quality control mechanism, it can behelpful to meet the ethical purposes. Last but not least, to be more responsive and work ethical, incontrary to general beliefs, does not decrease the company`s revenue and profit. It is believed thatthis restaurant chain can work more effective rather than past if the company cope with the actualproblems and improve the ethical sensitiveness. It is also thought that the sales and the reputationof the company will increase.Student DiaryKCB ID: 14507I prepared the first section of this assignment. In addition to this section, the third part was preparedby together with my teammate. This was the second group assignment with my teammate. We haveworked good-coordinated with him just like the previous one. I have learned so many things fromthis work about management strategy in pharmaceutical industry. I had not known lots of thingsabout pharmaceutical industry until this work. I had known just the Pfizer and few more company.After this assignment I got some details about the pharmaceutical companies` business strategies. Ialso was amazed that there have been so many mergers and acquisitions in this industry. The othersubject was about ethic in restaurant industry. This subject also was a chance to learn much moreinformation both restaurant industry and its ethics. As a summary, it was a useful study for myacademic education.KCB ID: 14508I have contributed to the second section which is about technological developments and globalcollaborations in pharmaceutical industry and also the third section which is a mini case regarding to 7
  9. 9. KCB IDs: 14507, 14508food industry. I have learned how the technological developments affect on the shaping ofindustry`s business strategies. It`s definitely clear that the survival and the sustainable growing ofthe pharmaceutical companies in the era of hard challenge is related to be leader on technologicaldevelopments and adding them in your business making. Another clear state is that how the reliablecollaborations of the companies with the other parts contribute them regarding to their interests. Ihave also learned from the third section, which I worked with my colleague, coping with the ethicsscandals and allegations directly affects the sustainability of the company. It is also clear that ethicsand coping with the regarding issues are one of the most important part of the shaping businessstrategies.Total word count excluding Cover Page, Student Diary and References: 4200 8
  10. 10. KCB IDs: 14507, 14508ReferencesAngell, M., 2004. The truth about the drug companies: How they deceive us and What to Do About It.Random House.Austin, M. 2008. Business Development for the Biotechnology and Pharmaceutical Industry. GowerPublishing LimitedBarlett, D.L. and Steele, J.B., 2004. Why Drugs Cost So Much. Why We Pay So Much for Drugs. TIMEMagazine.Available at:<URL:http://www.time.com/time/magazine/article/0,9171,993223,00.html>[Accessed: 27th May 2011]Barnett, A., 2003. How Drug Firms hoodwink Medical Journals. The Observer.Available at:<URL:http://observer.guardian.co.uk/uk_news/story/0,6903,1101680,00.html>[Accessed: 27th May 2011]Cassels, A. and Moynihan, R., 2005. Selling Sickness: How Drug Companies are Turning Us All intoPatients. Allen & Unwin Pty. Limited.Corey, G., 2004. Issues & Ethics in the Helping Professions.Dilanian,K., 2007. Senators Who Weakened Drug Bill Got Millions From Industry. USA Today.Available at:<URL:http://www.usatoday.com/news/washington/2007-05-10-senators-drug-bill_N.htm>[Accessed: 27th May 2011]DiMasi, J.A. and Faden, L.D., 2011. Competitiveness in follow-on drug R&D: a race or imitation?.National Review Drug Discovery 10 (1): 23–27.Dunwiddie, C.T., Lindborg, S.R., Munos, B.H., Mytelka, D.S., Persinger, C.C., Schacht A.L., 2010. Howto improve R&D productivity: the pharmaceutical industrys grand challenge. Nature Reviews DrugDiscovery 9 (3): 203–214.Friedman, Y., 2008. Building Biotechnology: Starting, Managing, and Understanding BiotechnologyCompanies 2nd ed. Logos Press.Gossieaux, F., 2002. Enabling Collaboration in the Pharmaceutical Industry. BioPharm 0602:105-106Greene, J.A. and Podolsky, S.H., 2009. Keeping Modern in Medicine: Pharmaceutical Promotion andPhysician Education in Postwar America. Bulletin of the History of Medicine 83(2): 331–377Jacobsen, T.M. and Wertheimer, A.I., 2010. Modern Pharmaceutical Industry. Jones and BartlettJohnson, G., Scholes, K. and Whittington, R. 2008. Exploring Corporate Strategy: Text & Cases 8th ed.Pearson Education Limited.Liebenau, J., 1990. The rise of the British pharmaceutical industry. British Medical Journal, 301: 724-733 9
  11. 11. KCB IDs: 14507, 14508Moynihan, R., 2003. Drug company sponsorship of education could be replaced at a fraction of itscost. British Medical Journal 326: 1163.Nerkar, A. and Roberts, P.W., 2004. Technological and product-market experience and the success ofnew product introductions in the pharmaceutical industry. Strategic Management Journal 25 (8-9):779–799 10