Pfizer is a pharmaceutical company best known for the development and production of various vaccines and medicines. Its products include drugs for neuropathic pain, lower LDL, antifungals, Viagra, and various others.
Founded over a hundred and fifty years ago in New York City by Charles Pfizer from Germany, today it is one of the largest multi-national companies in the world. The company’s vision statement clearly outlines its strive to become the largest and most profitable business globally, which is why it merits a closer examination.
Pfizer Mission Statement and Analysis
Pfizer’s mission statement is: “To become the world’s most valued company to all of these people.”
It is evident from a quick read, the company desires to be big, powerful, and consequently of the highest value. The only way a pharmaceutical company can achieve all of what is stated in Pfizer’s mission statement is to offer new, unique, and effective drugs, which is evident from the company’s heavy investment in acquiring patents as well as R&D.
“To become the world’s most valued company…” is a statement which may appear upon first reading to be alluding to the company’s mission to make money. While it is true that Pfizer does want to make money, but it also signals to the company’s ability to improve value by offering valuable products.
The value of a company like Pfizer is much more than just monetary. While its shareholders are concerned with profits, for regular people, the value is in the quality of the drugs. Pfizer knows this which is why they state “…valued company to all of these people” in the mission statement. By people, they are hinting at customers, patients, or those who rely on their drugs to fend off illness.
Pfizer Vision Statement
Pfizer's vision statement is: “Innovate to bring therapies to patients that significantly improve their lives.”
As discussed above, R&D is one of the avenues where Pfizer focuses a lot of their time and money. Research guarantees innovation, and so it isn’t hard to see why it (innovation) is a massive part of the mission statement.
The focus on creating new and better medicines is what has helped it remain competitive and fend off competition from other major industry giants. Being able to improve the lives of people is a vision that all pharmaceutical companies should abide by. However, with Pfizer, we see the vision statement brought to life with their introduction of new and better products almost every year. In a way, it can be seen as Pfizer’s investment in the health of its customers, which consequently turns a profit for the company.
Pfizer Core Values
Pfizer’s core values are: “customer focus, leadership, quality innovation, collaboration, respect for people, integrity, and performance.”
As a pharma company, Pfizer’s focus should be its customers, which is why the first value isn’t out of place. However, “quality innovation” is an interesting core value because the assumption is that innovation across the board is the same. But in the pharmaceutical industry, that’s not the case. Many in the industry claim innovation when, in fact, the ideas are either stolen or purchased from defunct smaller businesses.
Pfizer’s commitment to respect its customers and collaborate with partners ensures that its products can reach everyone that needs it. So, its core values are right in line with the mission statement and the vision statement of the company as well as its general practices.