According to their website, Pfizer works across developed and emerging markets to advance wellness, prevention, treatments and cures. Pfizer operates in the pharmaceutical industry. They currently have over 31 drugs on the market focused on a variety of different illnesses. They also produce a number of animal health products. Over the last decade, Pfizer has acquired two companies – Wyeth and Warner-Lambert. Both corporations have only strengthened the pharmaceutical giant and allowed them to explore more innovative ways of drug discovery.
An important element in preparing for a crisis is strategic management, which involves analyzing the environment the organization operates in. Many organizations operate under a corporate strategy that is typified by identifying the industries the organization is in. An organization can operate in a single industry, multiple related industries, or multiple unrelated industries. Pfizer operates in a single industry.
Operating in a single industry is often the best way to avoid a crisis. By limiting the number of areas your corporation is involved in, the more control the organization has. However, when a crisis does occur the damage is usually worse. When a company only has investments in one industry, there are no others to soften the blow and make up for lost revenue. In Pfizer’s case, their single business industry contains enough diversification within its product lines to make up for any slight dips.
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