Pfizer’s mission, vision, and purpose as one of the biggest pharmaceutical and biotechnology firms indicate industry leadership and focus on benefit to patients. The fruition of goals based on Pfizer’s mission statement, vision statement, and business purpose is reached according to the business principles that the company applies in its organization and operations. These principles guide strategic management decisions, human resource development, and workplace behaviors that determine the results of operations in the pharmaceutical and biotechnology business. With these business principles, Pfizer’s vision statement, mission statement, and purpose lead to strategic objectives that puts value on industry leadership for the benefit of stakeholders, especially patients.
The strategic implementation of Pfizer’s vision and mission depends on industry factors and trends affecting the company. For example, the political and social factors in the pharmaceutical industry affect the opportunities and trends that are accounted for in developing and implementing strategies for business growth. Matching the goals and objectives of Pfizer’s mission statement and vision statement to these trends can optimize success and bring long-term growth in multinational operations.
Pfizer’s Mission, Vision & Purpose
Pfizer’s mission statement is “Breakthroughs that change patients’ lives.” This same statement is Pfizer’s vision statement and business purpose. Such unity ensures the company’s coordinated efforts for competitive advantages and long-term growth in the global pharmaceutical market. The following are the components of Pfizer’s mission, vision, and purpose:
- Breakthroughs (industry leadership)
- Change (improvement for patients)
- Patients’ lives (patients as target stakeholders)
Breakthroughs in pharmaceuticals and biotechnology imply leadership as the first component of Pfizer’s mission, vision, and purpose. For example, achieving breakthroughs establishes the company as a leader in product development that other pharmaceutical companies need to catch up with. In satisfying this component of the mission statement, vision statement, and business purpose, capabilities for breakthroughs depend on business strengths, and the types of breakthroughs depend on business opportunities available to Pfizer.
Change for patients is the second component of Pfizer’s vision, mission, and purpose. This change equates to improvement that benefit patients. For example, through new medicines and vaccines, Pfizer can help improve patients’ prognoses and enhance the overall effectiveness of the healthcare system. Thus, Pfizer’s mission statement, vision statement, and business purpose require the development of products as solutions to problems and challenges that affect patients.
The third component of Pfizer’s vision, mission, and purpose focuses on patients as the main stakeholders who benefit from the company’s products. For example, new medicines are developed to help patients overcome illnesses and improve their health. This component connects Pfizer’s corporate social responsibility (CSR) and ESG programs and stakeholder management to the company’s mission statement, vision statement, and business purpose.
Pfizer’s Business Principles
The business fulfillment of Pfizer’s mission statement and vision statement is subject to the influence of the company’s business principles. These principles ensure the alignment of strategies and tactics directed toward the satisfaction of the company’s mission, vision, and purpose in the pharmaceutical and biotechnology industries. The following are Pfizer’s business principles:
- Trust is Everything
- Science Will Win
- Disruption Calls for Innovation
- Time is Life
- Execution Makes the Difference
Pfizer’s pharmaceutical and biotechnology business develops and grows according to these business principles. These principles establish what the company values and prioritizes in its business. For example, trust is a value that relates to customers’ trust in the Pfizer brand. Also, innovation is prioritized in business operations, especially in product development for the realization of Pfizer’s vision statement, mission statement, and business purpose. Compliance with these business principles leads to effectiveness and higher rates of success and profitability in pharmaceutical and biotechnology markets. Pfizer’s organizational culture (company culture) is a major route for instilling these principles in human resources for the achievement of the goals of the company’s mission statement, vision statement, and business purpose.
Strategic Objectives of Pfizer’s Mission Statement, Vision Statement, and Purpose
Strategic management options and decisions are based on the requirements of Pfizer’s mission, vision, and purpose. These requirements focus what the company can do for business growth and development. For example, Pfizer’s generic competitive strategies and intensive growth strategies support competitive advantages for industry leadership and effectiveness in satisfying the needs of patients as target consumers.
Pfizer’s mission statement, vision statement, and business purpose also set goals for the company’s marketing activities. For example, Pfizer’s marketing mix (4P) and related marketing strategy and tactics are developed to facilitate reaching target customers to increase their awareness about the company’s medicines. This marketing approach satisfies the company’s goal of providing breakthrough pharmaceutical products that benefit patients.
Strategic objectives based on Pfizer’s vision statement, mission statement, and business purpose are designed to bolster the company’s capabilities against competitors. These competitors have their respective business strengths that make them effective in capturing their share of the global market for pharmaceuticals and biotechnology. The implementation of strategic objectives based on the vision, mission, and purpose, in this case, effectively responds to the force of competitive rivalry affecting Pfizer.
References
- Aggarwal, A., Baker, H. K., & Joshi, N. A. (2024). Organizational innovation as business strategy: A review and bibliometric analysis. Journal of the Knowledge Economy, 1-27.
- Etit, D., Meramo, S., Ögmundarson, Ó., Jensen, M. K., & Sukumara, S. (2024). Can biotechnology lead the way toward a sustainable pharmaceutical industry? Current Opinion in Biotechnology, 87, 103100.
- Pfizer Inc. Form 10-K.
- Pfizer’s Purpose, Core Values, and Purpose Blueprint.
- Shankar, P. R. (2024). Developing organizational vision, mission and values – can we be inclusive, diverse and consultative? Education for Health, 37(2), 188-189.
- U.S. Department of Commerce – International Trade Administration – Biopharmaceuticals Industry.