Overview of SQUARE pharmaceuticals LTD Essay

Introduction public squ argon Pharmaceuticals Ltd. (SPL) has been the trendsetter in Bangladesh Pharmaceutical Market since its inception in 1958. Over the last disco biscuit SPL actually rose to a recent standard moving beyond manufacturing quality medicines to win mindshare of patients, physicians, shareholders, handicraft decomposeners, and commwholeies where we bring in and live. Our dedication to add to a greater extent value to the common wealth of the society compounded by innovational strategies for growth and diversification, pi wizering role in bringing new technology and implementing new ideas, and commitment for total quality management distills the glory of our success. Today SPL is not merely a foodstuff loss leader. Most of the merchandises that it actively markets enjoy leading stance demonstrating incomparable trust of the healthcare professionals. Today SPL is ready to reckon the challenge of scarce sourcing of Active Pharmaceutical Ingredients (API) in the post-WTO era, with its advanced a manufacturing capability.SPL is one of the inaugural companies to bugger off an extensively computerized and automate working surroundings connecting every corner of the awkward to the centre. harvest-timeivity through connectivity is one of our heritages of progress. SPL is the initial fol let out to go beyond the subject boundary, exporting its quality intersection points in overseas markets in Asia Africa, and Europe. More than that, SPL has probably fulfilled a national aspiration of turning a once import dependent country into an exporter of quality medicines. We believe, with our technological and busial know-how and ability to take on challenges, we leave alone be able to progress much faster towards our object lens of go the nations mostVisionary political partyObjectivesOur main objective is to neaten this project to know about the organic law. We try to focus on the project chock up analysis, potter quintette forces, organization design in Square Pharmaceutical Ltd. ScopeOur assignment is only document root so we gestate not opportunity to take interview, survey and have got observation. As it is a report about anorganization so we have opportunity to collect data by reading documents from their web sites. methodological analysisTo complete our project and reach in a decision we nearly methods. To collect in ground levelation we search internet, read newspaper, and utilize our personal observation. virtually COMPANYSquare Pharmaceuticals Ltd. is a leading edge drug companyceutical ships fraternity establish in Dhaka, Bangladesh and is acclaimed for its outstanding product quality, world-class manufacturing facilities, product phylogeny capabilities and outstanding professional services. straightforward today symbolizes a name a state of mind. But its journey to the growth and prosperity has been no have sex of roses. From the inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh. Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the pharmaceutical labor of Bangladesh since 1985 and is now on its way to becoming a luxuriously performance global player. Historical Background of Square Pharmaceuticals Ltd. self-coloured Pharmaceuticals throttle is the largest pharmaceutical company in Bangladesh and it has been continuously in the inaugural position among all national and multinational companies since 1985. It was formal in 1958 and converted into a public limited company in 1991.1958 De entirely of lusty Parma as a Partnership Firm.1964 Converted into a Private Limited Company.1985 Achieved market-leadership in the pharmaceutical market of Bangladesh among all national and multinational companies.1987 Pioneer in pharmaceutical export from Bangladesh.1991 Converted into a Public Limited Company1997 Won the discipline Export trophy for exporting pharmaceuticals. 1998 A gro-chemical substances & Veterinary harvest-homes particle of SQUARE Pharmaceuticals starts its outgrowth. 2001 US FDA/UK MCA standard new pharmaceutical factory goes into operating room built infra the supervision of Bevis Lend Lease, UK. 2005 New State-of-the-Art SQUARE Cephalosporins Ltd. goes into operation built under the supervision of TELSTAR S.A. of Spain as per USFDA/ UK MHRA requirements. 2007 SQUARE Pharmaceuticals Ltd., Dhaka building block gets the UK MHRA approval. 2012 SQUARE Pharmaceuticals Ltd., Dhaka Unit and SQUARE Cephalosporins Ltd. get the Therapeutic trustys Administration (TGA) of Australia approval. tutelageOur Mission is to publish and provide quality & innovative healthcare substitute for people, respect stringently ethical standard in business operation also ensuring benefit to the Shareholders, stakeholders and the society at large.VisionsWe view business as a means to the material and affable wellbeing of the investors, employees and the so ciety at large, leading to accretion of wealth through financial and moral induces as a part of the process of the humankind civilization.ObjectiveOur objectives are to stockpile transparent business operation based on market weapon within the legal & social framework with aims to attain the mission reflected by our vision.Corporate Social Responsibility (CSR)Corporate Social Responsibility (CSR) is the proceed commitment by business to behave ethically and contribute to scotch development while improving the quality of life of the workforce and their families as well as of the local community and society at large.SQUAREs activity goes well beyond the sphere of business. As socially conscious and responsible corporate body SQUARE is committed to the amelioration of the society as a whole. SQUARE helps many NGOs in their effort to make available healthcare to the disadvantage cosmos of the country. SQUARE is also a major sponsor of sporting events in the country.Organization DesignThe Board of Directors is responsible for the strategic planning and boilersuit policy guidelines of the bank. Besides, there is an audit committee in the Board to manage compliance of major regulatory and operational issues. The chief decision maker officer& MD, Deputy MD and stem executives are responsible forachieving business goals and overseeing the day to day operations. The CEO and MD assisted by a senior management group supervise operation of various decisions centrally and coordinate operation of branches. on that point is also a management committee comprising member of the senior executive headed by CEO and MD to image into all operational subroutine and risk management of the bank. The workflow of the organizational structure is given in the figure below1. act as specialization2. Departmentalization3. Span of reserve4. concatenation of command5. Centralization & Decentralization6. formalizationWork specializationWork specialization, which is dividing wo rk activities into separate labor task. Individual employees specialize in doing part of an activity rather than the entire activity in order to append work output. Its also known as division of labor. on that point are rough work specialists in SPL.Research and Development study TechnologyHuman Resource turn in ChainMarketing guest DevelopmentBusiness to BusinessFinance DepartmentDepartmentalizationGrouping jobs in concert is called departmentalization. Departmentalization and Division of labor is the same thing. Each and every organization follows some common forms of departmentalization. The five common forms of departmentalization areFunctional DepartmentalizationGeographical DepartmentalizationProduct DepartmentalizationProcess DepartmentalizationCustomer DepartmentalizationFunctional departmentalizationGroups jobs according to function. For instance it has the departments for marketing, accounting and finance, human resource and management information system separately. All the departments together form functional departmentalization under managing directorGeographical DepartmentalizationGroups Jobs according to Geographic region. Square distributes its products all over the country using its own dispersal rut. It has a large number of vehicles and sales depots to ensure reporting of the whole country. Its coverage is the best in the country.Product DepartmentalizationGroups jobs by product line.Process DepartmentalizationIn every diffusion take certain type of process is obtained to maintain the customer flow.. To show the way of working of Square Pharma Ltd. under process departmentalization, a diagram is presented below.Customer departmentalizationGroups on the basis of specialised and unique customers. SPL has several product lines the tasks are definitely different to service of process the customer of individual product line. Customers needs and problems differ from one product line to anformer(a).Research and DevelopmentThis department b rings ideas to im strain and introduce their notes as well. Information TechnologyThe managers of this department find the new technologies available and use.This technology to constrain competitive advantage. Human Resource DepartmentManagers of this dept use to drive the employees in a disciplined manner toachieve organizational goal. here they also motivate the employees to the fullest possible extent.Customer DevelopmentBuilding affinity with customer and maintain the relation is important job for any organization that and is done by the managers of this departments. This department also tries to find needs and wants of the customers.Supply Chain DepartmentAfter production how products should be distributed to the supplier- wholesalers, retailer or what would be the chain of supply of the products from production till sales to the utmost consumer is totally operated by this department.Marketing DepartmentManagers of Marketing department tries to make believe values of thei r brands to the customer by taking various steps like- promotion, advertisement, acquit distribution and so on. Finance Department The vital role is vie by finance department these departments develop plans for their financial activities and also prepare the budget for the coming fiscal year.Span of ControlHow a manager dope efficiently and effectively manage his subordinates is called span of control. In skid of SPL, they strong span of control as a result they gain market leadership as well as their progress summation.FormalizationSPL is a highly formalized organization there are transparent job descriptions, numerous organizational rules, and clearly defined procedures covering work process. All employees have to follow guided rules and procedures in SPL. SWOT abbreviation of the SQUARE Pharmaceuticals Ltd.The overall evaluation of a companys strengths, weaknesses, opportunities, and threats is called SWOT analysis. In general, a business unit has to monitor key macro env agitatement forces (demographic- economical, technological, political-legal, and social-cultural) and significant microenvironment actors (customers, competitors, distributors, suppliers) that affect itsability to earn profits. The business unit should set up a marketing intelligence system to chase after tends and important developments. For each trend or development, management needs to trace the associated opportunities and threats .StrengthsRecognizes as a global company.Brand valueStrong brand portfolio.Strong relationship with retailers.Economies of scale.Largest organizationsAdvanced technologyWell skilled professionalsGood distribution network all over worldSquare Pharmaceuticals provided creative strategiesStrong marketing and good image creationWide distribution channels in both national and internal marketsDecentralized decision-making.Weaknesses double leadershipNot connecting with customers.Inefficient management of brands.Focus on neat term strategyHigh cost of r estructuringHard to manage and control company structureHigh cost limit promotions in companyOpportunitiesChanging consumers preferenceIncreasing need for several diseases unpolished areas are a large prospective marketEmploying external job applicantsGain high market shareIntroducing new distribution channelPromote its products in new geographic areasCustomer base is increasing with effective marketingTake advantage of the changes of technologyPopulation expanding at a rapid rateLow income consumersThreatsThe threats of the pharmaceutical industry are the analysis of the external industry components that could create an opportunity for the SPL to decline, atrophy or lose some competitive edge. For example, the pharmaceutical industrys threats could embroil increased political sympathies regulation, a declining economy, increasing research and development (R&D) be or a decrease in the global population. The threats of SPL are discussed below. Product innovation is ineffectiveThe high rivalry for market share increases promptlyChanges of peoples perceptionPolitical and Economic factorsIncreasing social awareness in societyUnfavorable conditionsAcquisition decision deficiency of proper knowledge in medicineIndustry AnalysisIs a vital part of the decision making process in business? Industry Analysis helps investor to take decision. Industry Analysis also helps entrepreneurs to iron out the wrinkles in their business plans. Michael Porter has identified five forces that are widely used to assets the structure of any industry. Porters five forces areThreat of new entrantsThreat of substitutes negociate baron of emptorsBargaining power of SuppliersCurrent rivalryThreat of new entrantsPharma industry is one of the most easily accessible industries for an entrepreneur in Bangladesh. The slap-up requirement for the industry is very low creating a regional distribution network is easy, since the point of sales is restricted in this industry in Bangladesh.Econom ies of scaleSquare pharma can easily produce based on economies of scale but it is quite difficult to new entrants for produce based on economies of scale First mover advantageIt was established in 1958 and converted into a public limited company in 1991.First mover advantage is part of the standard lore of the I-Cubed Economy. It means that the first company into a market generally wins. Access to channels of distribution and relationshipThe Square pharma is a large pharmaceutical company in our country so they have large distribution channel and good relationship with the retailers.Distribution Channel at a glimpseThreat of substitute ProductsThis is one of the great advantages of the pharma industry. Whatever ascertains, beseech for pharma products continues and the industry thrives. One of the key reasons for high competitiveness in the industry is that as an ongoing concern, pharma industry seems to have an space future. However, in recent times, the advances made in the fie ld of biotechnology, can prove to be a threat to the synthetic pharma industry. Bargaining power of buyersThe unique feature of pharma industry is that the end user of the product is different from the influencer. The consumer has no choice but to buy what doctor says. However, when we look at the buyers power, we look at the influence they have on the legal injurys of the product. In pharma industry, the buyers are scattered and they as such(prenominal) does not wield much power in the pricing of the products. However, government with its policies plays an important role in regulating pricing through the National Pharmaceutical Pricing Authority.Price SensitivitySquare pharma is produced the pharmaceutical products which are undifferentiated product and there are few switching cost. Relative Bargaining Power Two factors related to the relative negotiate powerNumber of buyerThe buyers bargain power is dogged by the number of buyer relative to the number of suppliers.Volume per buyerIt is determined by volume of purchase by single buyer. The number of buyer of Square pharma is a single buyer with several substitute(a) suppliers.Bargaining power of SuppliersThe pharma industry depends upon several organic chemicals. The chemical industry is again very competitive and fragmented. The chemicals used in the pharma industry are largely a commodity. The suppliers have very low bargaining power and the companies in the pharma in dusty can switch from their suppliers without incurring a very high cost. However, what can happen is that the supplier can go for forward integration to become a pharma company. Companies like Orchid Chemicals and Sasha Chemicals were basically chemical companies, who turned themselves into pharmaceutical companies. In case of Square pharma there is low bargaining powers of supplierCurrent revelryConcentration and Balance CompetitorsThe number of firms in an industry and their relative size of its determine the degree of concentration. Lots of similar size and strong competitor exist in the market and price competition is likely to be harsh. So square pharma product price is competitive. Degree of differentiation and switching costProduct differentiation is not the driver, cost competitiveness is. However, companies like Square pharma have created man-sized brands in over the years, which act as product differentiation tools. redundancy Capacity and Exit barrierIt is quit impractical for square pharma or other firms to exit from thisindustry because of they cannot use those machineries in other purpose. Also here some rules and regulation exist no one cannot easily exist from this industry.RecommendationQuality and control According to supranational standard square pharmaceuticals ltd. Should maintain their product quality Local market share At present in Bangladesh square pharmaceuticals is the market leader in pharmaceutical sector. Its followers and competitors always try to increase their circumstances of market share. So square pharma concentrate more to increase his market shareDynamic sales strategiesDue to the customer charge and the lack of guidelines to prevent untrained sales staff from serving customers, we recommended that square pharma should take dynamic sales strategies for higher customer satisfaction. international market Though SPL captured Asia, Africa, Middle East pharmaceutical market but the Europe market till now un-captured. So square pharma should concentrate more in Europe market.ConclusionIn finally, I can say that Square Pharmaceuticals Limited play an important for economic development of the country after creating job opportunities, and earning profits as well. SQUARE Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985.Referencehttp//en.wikipedia.org/wiki/Square_Pharmaceuticalshttp//www.squarepharma.com.bd/index.phphttp//www.s cribd.comhttp//www.managementstudyguide.com/swot-analysis.htmhttp//en.wikipedia.org/wiki/Porter_five_forces_analysishttp//en.wikipedia.org/wiki/DepartmentalizationBooksManagement-10th-Edition-Stephen P.Robbins & Mary colter