My name is Brandon Judy, and I am a senior at the University of Memphis, majoring in supply chain management. I chose Merck as my company because the pharmaceutical industry intrigues me, and this is an opportunity for me to learn more about one of the major companies in the industry.
Merck & Co. is a healthcare company that is #57 on the Forbes 500. They design and deliver consumer products, vaccines, prescription medicines and animal health products. Merck first opened its production facility in Berlin, Germany in 1851 with the founder being Dr. Ernst Christian Fiedrich. Then, in 1891, Merck opened its first plant in the United States. Merck's headquarters are currently located in Whitehouse Station, New Jersey and they also have another facility in Memphis, Tennessee. Merck & Co. had a revenue stream of $47.3 billion dollars with them spending $7.9 billion on research and development.
Strategy means how a company will achieve its goals and objectives. When you think of a company like Merck, they do that by designing breakthrough medicines and drugs that will help human and animal patients cure/prevent diseases and extend their lives. So, many of Merck's strategies are based off of continuing a certain drugs research or canceling it and wasting millions and years of research on that particular drug. Merck has six strategies as a business and they are:
1. Remain the specialty markets of pharmaceuticals, life science tools and specialty chemicals.
2. Continue to improve on the foundations of Merck's success.
3. Gain future growth in the emerging markets.
4. Use the mega-trends that will influence our society, such as the growing middle class and ways of working, to our advantage.
5. Continues to develop and refocus on our business platforms.
6. Aim to strengthen our winning culture, build up talent base and optimize systems and processes.
Sources
History
Strategies
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