Management and leadership of astrazeneca
|✅ Paper Type: Free Essay||✅ Subject: Business|
|✅ Wordcount: 1478 words||✅ Published: 1st Jan 2015|
Strategic management & leadership is the framework of all organization’s success. According to my experience of working in AstraZeneca Pharmaceuticals, it is my understanding that strategies are tactical plans needed by any organization to ensure dynamic achievement of its objectives. Both areas of management & leadership are magnanimously benefited by how these strategies are enforced. Hence, the way management is being performed must be conjoined by a leadership that shares similar tenacity in reaching its goals. But these goals may not always be objectified nor the organization geared to the path it is expected to go. This also gives great importance in controlling these strategies & to the people who do it.
1.1.1 STRATEGIC MANAGEMENT “comprises a series of long-term managerial decisions & actions in which a firm selects & implements strategies. The purpose of these strategies is to build the firm’s strengths through market positioning &/or accumulation of internal resources that will give the firm an advantage over rivals” (Parthasarthy, 2007).
1.1.2 STRATEGIC LEADERSHIP “refers to the leadership capabilities of strategic managers in conceiving an inspiring vision & guiding the firm to its vision. The quality of leadership is assessed by the strategic choices managers make that endow the firm with the competitive advantages it needs for sustained good performance” (Parthasarthy, 2007)
The way an organization goes through its strategy processes in order to achieve its company mission translates to what management & leadership styles are to be implemented. One organization that greatly exemplifies a successful management &
leadership style that is congruent to its strategies in achieving its objectives is the global company AstraZeneca Pharmaceuticals Incorporated.
LEADERSHIP & MANAGEMENT IN ASTRAZENECA PHARMACEUTICALS
1.2.1 COMPANY PROFILE
AstraZeneca takes great pride in having an immense range of pharmaceutical products in its pipeline & is one of the world’s leading companies in the market. It discovers prescription medicines, both biologics & vaccines, develops & manufactures them for significant dimensions of healthcare: pain & infection, cardiovascular, gastrointestinal, neurology, oncology & respiratory. It spends more than $15 million daily on breakthrough medicines. Its head office is located in London, UK but its 3 major research & development sites are found in SWEDEN, UK & USA. Now, AstraZeneca operates in more than 100 countries worldwide.
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1.2.2 LINK BETWEEN STRATEGIC MANAGEMENT & LEADERSHIP
The success of the organization is reliant on how its strategic management & leadership is confederated translating to effective achievement of objectives. Strategic Management is responsible in formulating, executing & assessing the effectiveness of these corporate tactics. It follows a global set of guidelines in all its areas of function – research & development, manufacturing & distribution, operations & management & sales & marketing.
These are then streamlined to the different corporate levels for execution to meet the organizational performance target for the month, semester & fiscal year. The company relies on how effective the strategies are as devised by the management & in turn, the management entrusts the company’s triumph in the market over competition by how leadership gets the job done on the frontline.
1.2.3 MANAGEMENT & LEADERSHIP STYLE IN ASTRAZENECA
AstraZeneca Pharmaceutical’s performance is dependent on the level of commitment the employees devote to their individual tasks. The company commences its achievement of objectives from its vision of researching & developing the best ethical pharmaceutical products in the market for sales & marketing people to promote & create demand for. Throughout the process, every other corporate function gets involved in achieving the organization’s target – sales growth & market leadership. Thus, it is fitting to say that how these people are being motivated & managed dictates how much commitment they are willing to put into practice.
18.104.22.168 REASSURE & CHALLENGE STYLES OF LEADERSHIP “adjust the level of challenge and make sure there is an appropriate level of performance anxiety. The goal is anxiety in moderation. Performance commitment is high if & only if employees feel slightly anxious about succeeding. Reassure style of leadership help employees cope with the stresses & challenges of work life. Challenge style of leadership push employees by raising the level of challenge” (Hiam, 2000).
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This organization deals with a business that sustains life & health. It’s main guideline for all its employees around the globe is the promotion of safety, health & environment protection. It demands its employees to follow these guidelines for their own individual benefit but it also ensures the organization’s protection of its employees as well. The management actively advocates for well-documented reporting of adverse events or any untoward incident involving any of its promoted & on-study products showing its commitment to valuing life & health.
1.2.4 LEADERSHIP STYLE ADAPTED IN DIFFERENT SITUATIONS
Since pharmaceutical business presently faces a diversity of issues in the market, AstraZeneca Pharmaceuticals campaigns for the 3 Bsâ€¦”Brilliance Beyond Basics”. The company urges every employee to utilize every company resource strategically. As research & development processes can’t be compromised, strategic spending & effective economics are implemented in the sales & marketing departments specifically. Having brilliance beyond basics is utilizing the best company’s assets, its people, breakthrough pharmaceutical products, employee training & skills enhancement in the most strategic way.
To help these employees cope & perform satisfactorily, there is a constant mentoring & in-field coaching for the frontline employees, scientific trainings conducted regularly involving all levels of sales & marketing management to combat competitors strategies, team-building activities being held quarterly in all departments giving importance to professional-personal life balance, regular forum between top management & all other levels to discuss any concern involving employment, benefits & disputes, open communication among all employees & performance review of not just managers on employees but employees on managers as well, & ultimately national conferences to gather employees from all parts of the country/organization to give citations & merits for job well done.
1.2.5 EVALUATION OF LEADERSHIP STYLE
AstraZeneca Pharmaceuticals competes in the market with various pharmaceutical giants & influx of local drug companies by meeting them headstrong through its valuable product portfolio. As this organization is involved in research & development, it
takes pride in its ethical products & envisions itself to be the No.1 ethical pharmaceutical company in the world each passing year. It believes in empowering its people who as a result empowers the organization & its business. In ensuring that all employees get heard, the company uses the greatest tool in knowing about their view of the entire organization, its management & leadership, through the Focus Survey. This strategic tool serves as evaluation by employees of how strategic managers & leaders run the organization. Global guidelines being designed each year & every revision period in AstraZeneca is dependent on the result of the Focus Survey.
The management & leadership style of AstraZeneca Pharmaceuticals have been successful in enduring the stringent market competition. It strategically addresses every business challenge & continuously empowers & motivates its employees. The style adapted by this organization is best exemplified by Buhler in stating that leadership is more focused on energizing people in their performance while management is more focused on monitoring their performance levels (2001). Both areas really work hand in hand & serve critical functions for this organization to achieve its objectives. The management & leadership style of an organization transcends to employee performance. Motivated people in a company sustains the organization & its goals.
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