St Cloud State University Pharmaceutical Company Business Plan Report

View attached explanation and answer. Let me know if you have any questions.1Pharmaceutical Manufacturing CompanyNameInstitutionCourseProfessorDate2Company OverviewPhatec Pharmaceuticals, LLC is a privately owned company that will be involved indeveloping, manufacturing, and distributing generic and branded prescription drugs. Thecompany will be located in the greater Fargo-Moorhead metropolitan area at the border of NorthDakota and Minnesota. The company aims to produce new and improved products taking intoconsideration the changes in the pharmaceutical industry. The company has been registered,awaiting government approval and licensure for the production business.Phatec Pharmaceuticals also aims to make profits while giving customers value for theirmoney. In this case, we aim to utilize emerging technologies to improve the quality of productsand beat the competition from big scale and existing small scale pharmaceutical manufacturingcompanies in the targeted area. The company will target retail pharmacies, hospitals, healthcareprofessionals, and other prospective customers. In this case, we will establish an effective drugdistribution system in Fargo-Moorhead and the larger Minnesota state to ensure efficient supplychains of drugs to customers.Mission and VisionAccording to the Society for Human Resource Management, a mission statementprovides the firm’s aim, purpose, and the reason it exists (SHRM, 2021). In this case, Phatecpharmaceuticals’ mission statement is to “provide the best pharmacy solutions to improveproductivity, and promote patient satisfaction.” In this case, the company aims to providecustomers with the best drugs in the market to meet their needs. On the other hand, a visionstatement provides a mental image of the company’s future (SHRM, 2021). PhatecPharmaceuticals’ vision statement is “to be a standard and world-class drug manufacturing anddistribution company improving care one patient at a time.” This shows the company’s goal andplans for success in the pharmaceutical industry, including being a global leader in drugmanufacturing and distribution.ProductsPhatec Pharmaceuticals’ main aim will be to develop, manufacture, and distribute/supplybranded (own) and FDA-approved generic prescription drugs. In this case, we will ensure thatwe develop the products with respect to Minnesota and the U.S law and regulations to ensure allproducts meet FDA quality and safety standards. In addition, we will ensure the products meet3our customer utility preferences. We understand there are other players in the industry, so wewill focus on quality and efficient services to customers.Company StructurePhatec Phamarceuticals, LLC will be a limited liability company. This form of ownershiphas been selected since it combines partnership and corporation, allowing the firm to benefitfrom tax advantages. In addition, this shields company owners from being liable for the firm’sliabilities and obligations protecting personal assets (Wood, 2019). In addition, the company hasbeen developed with the goal of competing favorably with the existing brands in the industry.For this reason, we have put in place the appropriate structure to support the firm’s growth andvision we have in mind. For instance, the company will operate through a matrix structure thatcombines centralized and decentralized structures. This will promote flexibility and encouragethe company employees to adopt teamwork since company staff can work across departmentswithin the company (The Economic Times, 2021).The company will ensure it hires qualified, honest, committed, and experienced staff whoare ready to work together to build a strong and prosperous company that will benefit allstakeholders. In this case, the hired staff will occupy the following positions and conduct theprovided roles. The chief executive officer (CEO) will be responsible for recruiting, training, anddisciplining managers. The CEO will also communicate the company strategy and vision toprovide business direction. Lastly, the CEO will be in charge of signing business deals. Inaddition, the Plant/Production Manager will be responsible for ensuring the smooth running ofthe production plant to determine and oversee product quality and quantity. The plant managerwill also train plant workers and ensure the plant meets all the health and safety standards. Thehuman resource and administration manager will oversee the smooth running of administrativeand HR tasks. The HR will also design job positions and manage the hiring process, as well aspreside over the training and evaluation of employees.The inventory/Merchandize manager will manage all vendor relations, purchase rawmaterials, plan sales, and monitor inventory. The sales and marketing manager in the firm willlead all marketing activities. He/she will also oversee the implementation of the marketingstrategies to expand sales. The finance and accountant manager will be responsible for all thecompany’s financial transactions, including preparing financial reports and budgets, forecasting,cash management, and ensuring compliance with taxation laws. The production workers will4operate machinery for manufacturing the products, handle the packaging and labeling ofproducts and assist in loading pharmaceutical products into trucks for transport. Finally, thedistribution truck drivers will be responsible for transporting products to the retail anddistribution centers.The MarketMarket TrendsThe pharmaceutical industry is rapidly expanding due to increased demand forpharmaceutical products. For instance, research shows that in 2020, the U.S was the largestpharmaceutical market, responsible for 46% of the revenues, followed by China (Mikulic, 2021).In addition, the aging population in the U.S, including Minnesota and North Dakota, has beenrising, leading to an increase in the number of patients suffering from chronic illnesses. Forinstance, 16.3% and 15.7% of the people in Minnesota and North Dakota are above 65 years,respectively (U.S Census Bureau, 2019). In addition, life expectancy is increasing rapidly,leading to increased demand for pharmaceutical products. In this case, establishing a marketniche in the Fargo-Moorhead area will give the company a good earning. However, the market ischanging due to the increased healthcare cost, which requires innovative solutions to healthproblems. For instance, there is a growing focus on developing prevention, screening, andtreatment of diseases (Spence, 2017). In this case, pharmaceutical companies must adoptinnovative solutions to ensure their products are therapeutically efficient.Target CustomersPhatec Pharmaceuticals has a wide range of customers for its products. Although themarket for the company products is unlimited, the primary target includes small retailpharmacies, including chemists, health professionals, and private hospitals. In addition, thecompany targets pharmaceutical product wholesalers, hospitals, and pharmacy stores. Also, thecompany targets internet pharmaceutical companies to increase its market share and maximizeprofits.SWOT AnalysisA SWOT analysis is a crucial tool that gives firms a view their competitiveness andprofitability. Although Phatec Pharmaceuticals is a new company, it has various strengths thatwill give it a competitive edge in the market. For instance, the company will offer competitivepricing to attract customers. In addition, the company has a strong marketing strategy that will5help enhance the firm’s brand and profits. The company will also enter the market with morehigh-quality products than those currently in the market. Finally, the company has a strong andskilled management team that will promote company growth.Phatec Pharmaceuticals also has weaknesses. For instance, the company is new to thebusiness and does not have the financial muscles needed to compete with big brands. This meansit might spend less on research and development than its competitors, delaying new products’production. Also, the company has not established a reputation with customers. In terms ofopportunities, emerging technologies provide an indispensable opportunity that could help thecompany impr…

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