Group 4 glaxosmithkline case analysis
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This document summarizes the history of GlaxoSmithKline Pharmaceuticals Ltd. in India. It was originally incorporated in 1924 as H.J. Foster & Co. Limited and underwent several name changes over the decades as it merged with other companies. By 2001 it had merged with Smith Kline Beecham Pharmaceutical (India) Ltd to become GlaxoSmithKline Pharmaceuticals Ltd. The document also describes GSK moving from a target-driven sales incentive system to a new system focused on ethics, knowledge, and customer service over sales targets. It discusses the advantages and disadvantages of the new system.
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2. Inorganic growth can provide access to new distribution channels, customers, and competencies through acquisitions. However, it also brings risks around cultural integration and management retention.
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Corporate strategy is a process by which an organization envisions its long-term goals. It should include establishing a plan, position, and shared vision to motivate employees. Benefits include a framework for action, evaluating competitors, and annual evaluations. Critical factors are responding to strengths/weaknesses and opportunities/threats, developing differentiated roles, and identifying economic factors for stakeholders. Successful implementation requires senior management commitment to strategic and strategically driven decisions guiding the organization.
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Group 4 glaxosmithkline case analysis
- 1. 1. Amit Prakash Singh (CGT21002) 2. Dipanjan Sengupta (CGT21005) 3. Indranil Ghosh (CGT21006) 4. Mohd Zinhar Uddin (CGT21010) 5. Bhargav Sri Dhavala (CGT21027)
- 2. HISTORY โข The company was incorporated in India on November 13, 1924 under the name of H.J. Foster & Co. Limited โข On March 1, 1950, the company changed its name to Glaxo Laboratories (I) Ltd โข In 1968, it acquired the whole capital of BDH Group Ltd. As of July 1, 1968, the company became a public limited company and its name was changed to Glaxo Laboratories (India) Ltd. (Glaxo) โข Glaxo and Burroughs Welcome merged in 1995 to form Glaxo Welcome (India) โข Continuing with the trend of growing through mergers, Glaxo Welcome (India)and Smith Kline Beecham Pharmaceutical (India) Ltd. merged to become GlaxoSmithKline Pharmaceuticals Ltd. in 2001
- 3. 3 ๏ง Variable pay formed a substantial portion of front-line employeesโ compensation in a number of industries ๏ง Higher proportions of variable components led to two types of behaviours ๏ง It engendered self-drive among employees to work hard, perform better, and earn higher ๏ง Secondly, the higher variable component in their pay propelled managers to exert incessant and unrelenting pressure on the medical representatives Issues in the Incentive System
- 4. 4 ๏ง Most prominent reasons for the stress faced by the pharmaceutical sectorโs sales force were working hours and continuous pressure for improved performance โข People at the senior level and older employees who had spent substantial time in the organization understood the company culture and were embedded in its principles and ideals. These principles now had to be taken to the ground levelโto the entry level sales force who were responsible for generating revenues and also formed a link between the organization and its stakeholders Issues in the Incentive System
- 5. 5 ๏ง The organization rescinded its earlier performance and compensation systems that rewarded achievement of sales targets ๏ง Any New system will have to revolve around the philosophy of fairness and transparency to all stakeholders and should also provide multiple platforms for dialogue between its many stakeholders including employees and customers ๏ง In December 2014, GSK moved from target-driven sales to a no-sales target regime ๏ง The objective was to shift the focus of its sales force to ethical behaviour, dissemination of scientific knowledge among doctors, and customer and patient PATH OF TRANSFORMATIONAL CHANGE
- 6. 6 Knowledge ๏ง The first KPI of the revised PMS was acquisition of knowledgeโdiseaseโproduct knowledge (DPK), commercial knowledge, testing, and compliance ๏ง Knowledge levels were tested once every four months (quad) with weights assigned to each component ๏ง Tests were supervised by RBMs, training managers, and the product management team Redefined Performance And Incentives
- 7. 7 Action ๏ง Action was measured in terms of numbers of doctors met and sales calls madeโ reach and coverage, respectively. ๏ง To qualify for monthly achievements, representatives must have worked for a minimum10 days in the field during the month ๏ง Handling information was made easier, and approaching doctors became less awkward as the representative was with iPad with full information on product and disease knowledge Redefined Performance And Incentives
- 8. 8 Application of Knowledge โข This component was comprised of - business planning - role-play assessment, - in- clinic assessment โข Each aspect of knowledge application was evaluated by a panel of at least two members Redefined Performance And Incentives
- 9. 9 Advantages 1. More sales more reward-this can be used to increase performance 2. Makes it easier to calculate and tally for the sales force 3.More transparent rating process 4.Helped company in assessing performance gaps 5. Increased engagement index - 91 % ( reduction in the stress levels) 6. Sales Representative more aware of the market (Effective communication- Science Sales ) 7.Inculcating company values to the ground level Pros & Cons of the new competence based system
- 10. 10 Disadvantages 1. Highly stressed work environment 2. Loosing the key objective (welfare of public) and doing damage to the company's reputation 3. Loss of high performing talent 4. Increased paperwork Pros & Cons of the new competence based system
- 11. 11 ๏ง Implementing new data management system to store data in a more efficient manner ๏ง Make sure everyone is apprised of the new system and exactly why the change has been made ๏ง Concerns of the previous high performers who are facing difficulty with the new system needs to be heard and resolved on priority Recommendations - Can GSK go the extra mile ?
- 12. 12 12