Friday, December 27, 2019

Strategic Human Resource Management The Pharmaceutical...

STRATEGIC HUMAN RESOURCE MANAGEMENT PART A – THE CHEMIST WAREHOUSE SEEMA VARMA 17711030 The Pharmaceutical industry is passing through a very challenging period in its evolution with the traditional approaches to conducting pharmaceutical research and development being increasingly challenged (Piachaud 2004, pg.xii). Successful pharmaceutical organizations have recognized the need to effectively leverage resources and so have come to rely on the wealth of expertise provided by specialist external suppliers, such as The Chemist Warehouse (Piachaud 2004, pg.xii). This essay will provide a short background to the nature and trends of the industry, administrative performance within the organization, including†¦show more content†¦The industry’s level of competitiveness is distinguished by a framework of decision making and payment (Guha, Lacy, Woodhouse 2007, p. 6). Specific drugs consumed by patients to treat particular conditions is mainly performed by physicians. Without consent, pharmacists are prohibited from substituting different branded drugs within the same therapeutic category (Guha, Lacy, Woodhouse 2007, p. 6). However, alterations for generic equivalents of prescribed medicines may be allowed if authorized. Furthermore, most patients share the costs of consuming prescription drugs with insurance plans, to which insurers and pharmacy benefit managers (‘PBMs’) can influence drug choice through the co-payments they charge their members (Guha, Lacy, Woodhouse 2007, p. 6). It is within this framework, price competition among trademarked medications arise at the level of insurers and pharmacy benefit managers, to which medical prescriptions are used to encourage purchasing behavior (Guha, Lacy, Woodhouse 2007, p. 6). In other words, depending on the prices paid by patients and insurers, companies compete via reimbursement in exchange for their products to be positioned more favorably. Other methods of brand competition include medications contesting through promotions that undertake a variety of procedures. Due to physicians being responsible for prescribing drugs, sales representatives of featured drug

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