Analyzing The Partnership Of Pfizer Inc. With Zhejiang Hisun Pharmaceuticals

External Issues and Trends Driving the Partnership

 The partnership working is a boom in the global pharmaceutical industry. There can be many reasons for it; however, moving beyond the patent medicine concept is one of those that attract Multinational Corporation towards it. Multinational companies wish to continue with their highest selling product even after the expiring of patent medicine. Commercializing the off-patent medicine has become a source of good business (Lezaun & Montgomery, 2015). The same purpose has driven the interest of Pfizer and Hisun for a collaborating business. Both the companies have analyzed the business opportunities with the off-patent medicine. The result of such interest has produced one of the most notable joint venturing the global pharmaceutical industry has ever witnessed (Press.pfizer.com, 2017). The main purpose of this assignment is to analyze the challenges, which is there in partnering business.

 The analysis does provide some supportive facts that may prove the business relationship of Pfizer with Hisun a success. Developing countries such as China is a potential market for generic medicines. The reasons behind the facts include the stable local government policies for off-patent medicines, developing infrastructure, demand for such medicines etc. However, the business relationship needs to have a plan to counter the various environmental challenges such as proper disposal of unwanted medicines as these are extracted through urination. A significant amount of medicines is disposed through urination and pollute the rivers and the surrounding environment. Eco-friendly drugs will be the potential answer to the identified challenge (Cameron et al., 2012).

1. a) Macro & micro environmental analysis-
2. c) Analysis based on SWOT, PESTEL, 5 Forces, Value Chain and VRIN-

The joint venture between Pfizer and Hisun is one of the biggest deals in the global pharmaceutical industry. The deal has probable been done to satisfy the needs of individual. Pfizer has probably done the deal after getting encouraged from the prospects of generic medicines in developing nations such as China. China is one of the biggest platforms for generic medicines. Hisun is the leader in generic medicines in China. The mentioned facts have probably attracted Pfizer towards the deal (Cameron et al., 2012). However, it could not turn up as expected. The dropping profits of Hisun especially in the US market have probably encouraged the deal to fail. The huge reduction in supply of doses is probably one of the reasons. However, Pfizer has ensured that the company will keep on providing the technological and legal support to generic drug manufacturing at the global platform. The generic drugs will now be manufactured locally in China (Huang et al., 2013). The joint venture deal had looked a potential move due to the fact that Hisun is a leading firm in China in manufacturing of generic drugs and the generic drugs are picking up in demand at the global level especially in the developing nations. The deal would have benefitted Hisun from the technological and the legal perspectives both in China and at the global level. However, it could not prove wonder for Hisun as the supply of doses had dropped in US and that had encouraged Pfizer to move out of the deal (Fiercepharma.com, 2017).

Expected Internal Benefits and Synergies

Following are the expected benefits of the joint venturing in between the Hisun and Pfizer:

• Will be one of few resources to provide high-quality and inexpensive medicines to the people at the global platform (Press.pfizer.com, 2017)
• Joint venture will be benefitted by Pfizer through an efficient R&D process, international standard for market promotion, operational capabilities and manufacturing quality management (Press.pfizer.com, 2017)
• Joint venture will be benefitted in China as the country has 70% of the entire domestic pharmaceutical industry for off-patent medicines (Press.pfizer.com, 2017)

Synergies:

The joint venturing was a result of mutual benefits for both Pfizer and Hisun. Hisun had aimed to get benefits of research & development (R&D) expertise, the technological background and the legal supports at the global platform. In this way, Hisun could have expanded in few other markets at the global level. On the other hand, Pfizer had aimed to get a good understanding of Chinese market for generic drugs. Nevertheless, China is a highly potential market for generic drugs. Hisun is a leading name in China in terms of manufacturing the generic drugs. In this way, the joint venture had probably happened to get the expected benefits to both the partnering companies.

 There can be many reasons such as the prospering demand for the off-patent medicine in the world especially in emerging countries. China is a highly potential market for generic medicines probably because such medicines are cost-effective and high in quality (Hassali et al., 2014). Pharmaceutical industry is a key sector, which significantly contributes in the local economy. Hisun is a leading name in China for generic drug manufacturing. The joint venture was supposed to allow a wider exposure to different market, access to advanced research & development (R&D) process and the legal support at the global platform. Additionally, the joint venture will allow increased investments by Pfizer in generic manufacturing. This was thought as a better opportunity to produce an advanced in technology and cheaper generic medicines to both the Chinese and the global customers. Such facts had probably attracted the Chinese government to support the joint venture between Pfizer and Hisun (Barber et al., 2013). 

External circumstances in the United States were not so favorable at the time when the joint venture between Pfizer and Hisun had happened. Customers were found eager for such medicines as they had found supports on chronic diseases like cardiovascular system at a much cheaper rate. However, the manufacturing of generic medicines was not supported full heartedly. This is because the manufacturers in the US were asked to prove their stand as much profitable as the expensive branded patent medicines (Comanor & Scherer, 2013). This has probably prepared a platform to look for other markets. Nevertheless, to the United States government, the joint venture between Pfizer and Hisun was a much better deal as this will allow to flourish the business prospect of Pfizer and hence the economy of the US. Moreover, the deal was supposed to be a productive option in terms of getting access to the manufacturing of generic medicines. This will allow them to supply medicines at the global platform especially in emerging nations (Comanor & Scherer, 2013).

Comparison with Pfizer’s Recent Partnership with Hospira

The partnership had looked indeed a potential move. This will help Hisun to reach to a global platform, which has not happened before due to the incompetent efficiency. However, the company will now have the advanced R&D and lot more in the form of Pfizer (Press.pfizer.com, 2017). This will provide opportunity to the company to operate at a global platform. Additionally, the company will also grow in the domestic market (Comanor & Scherer, 2013).

This was a positive move for Pfizer as well. The company got the opportunity to enter the Chinese market. The country has a wider prospect for the generic drugs (Sun, 2013). Pfizer had supposedly got a potential market. This was supposed to be beneficial for both the company and the United States. The success of joint venturing was also supposed to be good for relationship between the United States and China that has never been friendlier (Lieberthal & Jisi, 2012).

 There are several associated risks with such joint venturing between Pfizer and Hisun. One of such risks can be the difference in the organizational culture that can also affect the objectives behind the joint venturing. Both Pfizer and Hisun have different objectives behind the joint venturing. Sufficient leadership tends to miss at the earlier stages of the relationship (Zhao, Hwang & Yu, 2013).  

The Pfizer’s Inc. recent partnership with Hospira may be different to the joint venturing relationship between Pfizer and Hisun in following ways:

• Hospira is a United States based company and hence, there will not be many cultural conflicts as it is in case of Pfizer-Hisun (Jackson & Wang, 2013)
• The partnership will provide Pfizer a dominant position in producing the generic sterile injectables (Pfizer.com, 2017)
• The market is expected to grow for generic sterile injectables by 2020. The estimated value could be around $20 billion in 2020 (Pfizer.com, 2017). On the other hand, the partnership business with Hisun is surrounded by certain risk factors such as the cultural differences (Jackson & Wang, 2013)
• Additionally, Pfizer and Hospira will be together to manufacture a difficult to produce life-saving sterile injectables (Pfizer.com, 2017)

Cultural differences are a barrier to business success (Gesteland, 2012). Additionally, the relationship between China and the United States may also affect the joint venturing. Hospira has lost its stock trading on the New York Stock Exchange (Pfizer.com, 2017). This will indeed be beneficial for Pfizer as the company will have a much-needed control in the joint operation. This is never possible in the joint venturing operation with Hisun, which had a 51% shares in the venturing (Pfizer.com, 2017).  

Hofstede’s cultural dimension- a comparative analysis of business cultures in the United States and China has been attached to the appendix section.

Power Distance-

 China scores double to the United States in terms of power distance, which means that leadership is much respected in China. This further means that an easy interaction with the leaders will be comparatively tougher in China. The cultural dissimilarities in between the United States and China might bring communication gap, which is not a very good sign for a progressive business. Americans are very casual while interacting with the leaders. They might find this difficult to interact with the counterpart in China (Jackson & Wang, 2013). An integrated approach is indeed required to run a successful joint venturing (Damanpour et al., 2012).

National and Corporate Culture Analysis

Individualism-

Individualism is very low in China in comparison to the United States. This means that self-values are least addressed in China. This discourages the making of innovation. This is highly evitable in terms of joint venturing. Joint venturing is not just a collaboration of two companies. It is rather a collaboration of two distinguish culture. China differs to the United States in a large degree in terms of individualism. Chinese are less expressive; however, the Americans are high in expressions. The collaboration of innovation will there be of no mean in the joint venturing of Pfizer with Hisun (Pudelko Tenzer & Harzing, 2014).

Masculinity-

Both China and the United States are more or less equal in terms of masculinity. This means both the countries are competitive in nature. Competitive skills will probably help the joint venturing; however, the other identified differences might not allow flourishing the partnership business. Competitiveness can become productive if both the partners are walking down the same line. Both Pfizer with Hisun has different strengths. A collaboration of different strengths will probably serve to the good outcome; however, the identified cultural differences might impose stoppages to the objective (Vaara et al., 2012).

Uncertainty Avoidance-

Uncertainty avoidance states the level of ignorance that a culture has for an uncertain future. The United States is little ahead of China in avoiding the unexpected future. Ignoring the unexpected future can prove to be a good mean to success. This is because such cultures will be progressive in their purpose. Thinking much about the unexpected future might hamper the making of creative skills, which has become a key to success in the contemporary business world (Vaara et al., 2012). The joint venturing between Pfizer and Hisun needs a lot of creative strategies as both the companies have different capabilities. Utilization is possible only when both are progressive and less worrying about an uncertain future. This is indeed not the case in the joint venturing of Pfizer and Hisun.

Long-term Orientation-

Chinese is much more focused on the long-term orientation. This means they are focused on long-term business objectives. On the other hand, business in the United States is more inclined towards short-term goals. This is indeed a threatening signal for the venturing between the two different companies. There are ample of cultural differences between the United States and China. In such scenario, this can be assumed that Pfizer can think of quitting the joint venturing business with Hisun at any point in time. If the expected success is not attained Pfizer can opt the exit from the partnership business (Kvedaraviciene & Boguslauskas, 2015).

Effects of Exchange Rate Movements

Indulgence-

This is another big cultural difference between the United States and China. China is less indulgent, which means that the people of the country spend less time on leisure time. On the other hand, the US believes in spending significant times on leisure moment. Such cultural differences will make things danger for integration. Integration is indeed required. Hisun might not be able to utilize the expertise of Pfizer in such case (Bauer, Matzler & Wolf, 2016).

Pfizer:-

They believe in creating a pulsating culture both in the workplace and the community they live and work. They believe in developing utmost cultural beliefs in staffs, which is why they have created Mentor Match. This is an online tool that enables the development of mentoring capabilities. Moreover, staffs at the different parts of the world will be able to get trained when there is a need for such thing. Community building is an integral asset of Pfizer. They offer a scholarship program to students. They also sponsor various health fairs to support the health wellbeing of a diverse population (Pfizer.com, 2017).

Hisun:-

They give high values to their shareholders, staffs and the influencing communities. They believe in collaboration works, which is good for diverse culture in the workplace. They give high respect to honesty, which can be effective in maintaining a good relationship with the business partners. They seek to improve their innovation capabilities, which will open up doors to collaborate with others that are well versed with innovative capabilities. They want to enhance their capability in technological innovation. This can be realistic through effective joint ventures both at the domestic and the global platform (Hisunchem.com, 2017).

Charles Handy Model of Organization Culture-

According to Charles handy, there exist four types of organizational culture such as power culture, task culture, role culture and person culture (do Carmo Silva & Gomes, 2015).

Power-

The model denotes that there are organizations where decision making and other important activities are related with one or few power. The power can be in the form of the CEO. It further means that the CEO least bothers for other’s suggestions. Such cultures do not encourage a contributive effort in making a decision.

Task culture-

Task culture according to the model is assigned to targets. It encourages the division of employees into different separate teams. All the teams will then need to meet the set target that also means all the team will contribute to a set goal.

Challenges of Doing Business Internationally

Person culture-

According to the model, such culture may suffer the loss as it enables individual to feel bigger than the organization. Individual in such culture does not bother for the organizational values. They rather keep on fulfilling their thoughts and needs.

Role culture-

Role culture encourages the utilization of every single employee through exploiting the individual’s skills and potentials. Individual under this culture are given enough opportunity to utilize their expertise in the right direction.

Pfizer-

Pfizer follows the role culture of Charles Handy model. The company gives value to every single employee. It encourages employees to take the ownership in decision making by giving their valued ideas. In this way, Pfizer gives utmost value to innovation (do Carmo Silva & Gomes, 2015).

Hisun-

The power culture of Charles Handy model looks feasible to the organizational culture at Hisun. It does not mean that it does not give values to thought process. It rather means that employees are given least importance in decision making process. They are authorized to fulfill the set targets for them (do Carmo Silva & Gomes, 2015).

Cultural perspectives of failure of joint venture:

There are contrasting difference between the national and organizational culture of China and the United States. The organizational culture in Hisun is like power culture of Charles Handy model as depicted in (Appendix 8), which means that the decision making is orients from the top management only (do Carmo Silva & Gomes, 2015). Employees are not given equal opportunity. They are not either given importance. Interestingly, they are put for extensive work pressure. The culture is extremely different to what Pfizer has. Pfizer follows the role culture of Charles Handy model, which is common at workplaces in the United States (do Carmo Silva & Gomes, 2015). Such culture gives values to every single employee and decision making process is shared with them. Moreover, there are huge cultural differences between the workplace at Hisun and Pfizer (do Carmo Silva & Gomes, 2015). This could have also troubled the relationship. The cultural conflict would have allowed no or probably very less chance of understanding the each other’s potentialities. Cultural conflicts might have happened at the managerial positions. This could also have happened among the employees. The cultural differences might probably have challenged a smooth flow of business between either of the companies. The two kinds of organizational and the national cultures in China and the US have crashed to produce nothing.  

There exist three kinds of exposures that can affect the joint venture between Pfizer and Hisun. A system of accounting, which is done by calculating the change in the combined financial statements due to a changed behavior of exchange rates, is known as translation exposures. Impact of outstanding obligations, which is set before an expected change in exchange rates but is settled once the change has happened to the exchange rates, is known as transaction process. An unexpected change in exchange rates that affects the expected cash flows is termed as economic exposure (Combes, Kinda & Plane, 2012).

 The complexity of exchange rates can be understood with the help of a theory popularly known as Purchasing Power Parity (PPP). According to this theory, goods and services should cost the same in irrespective of the countries if the measuring parameter is based on the use of same currency. The theory of Purchasing Power Parity states that if the purchasing power is same in both the countries then the exchange rates behavior of two currencies will be in an equilibrium state (Giovannetti, 2013).  

The exchange rate will produce both the positive and the negative impacts on the business deal between the Pfizer and Hisun. The fluctuating behavior of exchange rates will bring both the advantages and disadvantages as well. Pfizer will provide its R&D and manufacturing capabilities in the deal. The business operation will be in China and the manufactured products will be available for both the domestic and the international markets. The global dealing will be in flash due to the fluctuating behavior of exchange rates. This will be affected due to the purchasing capability of the target market. If the purchase power parity is weaker in the target market, then this will be beneficial for the country that manufactures the product. On the other hand, if the purchase power parity is stronger in the target market then this will be a loss in the profitability of the business (Cheung & Sengupta, 2013).

There are ample numbers of challenges in doing business globally. Following are the three challenges that a global operation provides:

This is a very vital factor of consideration while operating at the global platform. This is even bigger when it is related to business in the United States and China. There have been political tensions in between the United States and China. The emergence of China as a developing country has caught the attention of global countries. China is the one country where the United States has less success. Walmart could not also solve the issue. The fear to lose the dominance in the hand of China is probably the one factor that has maintained the long-fought political battle between the United States and China (Shambaugh, 2012).

There are ample of cultural differences in between the United States and China. One of the major differences is the setting of business objectives. China believes in setting long-term goals whereas the US believes in setting short-term goals. This means that Pfizer will look for quick success. On the other hand, Hisun might have a resistive approach towards the goal. A conflicting approach towards the business objectives is highly expected. If the joint venturing is not able to attain a quick success then the future of the partnership working will be under threat. Another notable difference is the style of work, which is highly distinguishing in nature in both the companies. Americans love to reserve time for leisure moments whereas the Chinese do not. This may hamper an integrated approach towards the business objectives (Qiu, Lin & Leung, 2013).

This is another very important factor to consider while operating on the global platform. The leadership style in China is authoritative. This means they believe in putting ample pressure on the staffs. Such working atmosphere is entirely against the work-life balance, which is a widely discussed topic at the global platform. The United States, on the other hand, provides supportive leadership experience to its staffs. The workforce in the United States can also avail sufficient time for their leisure purpose. These are few such differences that might test the patience of American staffs at their work while they are working for a Chinese company (Swaine, 2012).

Such challenges can test the patience level of learner if the learner gets an opportunity of working in different countries. The learner will find this difficult to interact with the others people who are from different cultures. This may prevent the learner from being in a comfortable zone with the other employees. The identified cultural & language barriers may resist the expressiveness, which can prove to be fatalistic as sustenance in such circumstance will be challenging. Moreover, the learner might end up quitting the job and return back to its comfort zone, which is the learner’s home country (Vaara et al., 2012).

The cultural differences have remained a problem for organizations. An extensive marketing research is therefore conducted prior to entering a new market (Deng, 2012). In future, there will be more such practices. Consequently, the international business will witness an increasing number of merger & acquisition process (Ferraro & Briody, 2017). However, it seems that franchising will be one of the emerging choices to respond to the identified cultural challenges at the global platform. Franchising is indeed a good strategy because this enables the conduction of business with the help of local business. Moreover, foreign companies will, therefore, be prevented from facing the cultural challenges (Alon, Ni & Wang, 2012).

Conclusion

 The joint venture is now a failure due to a reducing supply of doses in the United States. Moreover, Hisun had to suffer a huge loss in US. Consequently, Pfizer has decided to sell its entire shares in the joint venture between Pfizer and Hisun. The company will still maintain the manufacturing of generic medicines in China locally. The joint venture was adopted as a strategy; however, merger & acquisition was avoided. This was due to the direct advantages of joint venture and on the other side, the direct risks of merger & acquisition. Joint venture provides working in collaboration with other, which means there will be an exchange of expertise from both the end. Merger & acquisition on the other hand means that a company is acquiring the entire shares of other. In the joint venture, both the partnering parties will be able to access the leverages of others such as it happened in the joint venture between Pfizer and Hisun. Pfizer could access to generic drug market and the leading manufacturers. On the other side, Hisun could access to technological capability in research & development (R&D) process and the legal support at the global platform. The risks involved in joint venturing are lower than merger & acquisition as both the partnering firms make more or less equal investments. On the other side, the failure in business after adopting the merger & acquisition strategy will mean a complete loss of shares. This will be much bigger than it could be with the joint venture.

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