On day two, we are assigned the “The Biopharm- Seltek Negotiation” role play. After the “Salary Negotiation” on the first day with a desirable outcome, we thought that we would perform better because we seemed to be more familiar with the negotiation process. The feeling of confidence then came into my mind, which made me believe that we would achieve a very favorable deal today. However, compared to other groups’ outcomes, we realized that it was not. Let us recall what had happened today and then analyse to find out why the outcome was not as good as we had expected and how to improve our shortcomings. In the “Biopharm- Seltek Negotiation”, we played the role of the buyer – Biopharm, a profitable U.S.- based pharmaceutical company. In order to produce a genetically engineered antibiotic compound – Detox - a very promising pharmaceutical product, Biopharm needed a plant with special manufacturing equipment. There were two appropriate options for this decision making process: (i) Building a new plant or (ii) Buying an …show more content…
We started by using the real estate agent data of market value of the plant. The value was around $16 million. Adding up some possible tax lien on the property and considering the transportation cost we would have to pay (Seltek plan was 70 miles away from our Headquarter), we came up with the Target price of around $16 million. This was the Target price without Petrochek patent. Rearing Petrochek patent, although Seltek would like to sell it along with the plant as a full offering package, it was not valuable for us at all. Petrochek was just used to solve water pollution problem and was not related to our business. Besides, our top management team also did not want to buy Petrochek patent. Therefore, we did not intend to buy it unless they offered a appealing price, for example, half of market price. Then we might buy it and sell at the market price afterwards to obtain an additional
This was a distributive negotiation whereby Hormel’s primary interest throughout the negotiation with P9 was to reduce wage bills. Hormel’s management were aware that they had the upper hand in negotiations owing to the existing business situation in America that favored corporate rights to labor. In the process of creating a new contract, there existed little legal recourse against the company if they chose to terminate/not hire current workers, reduce wages, or replaced existing workforce with cheap labour. To add on, Hormel had all of the power in this negotiation due to their market position, control of financial resources, and ability to shift production facilities to another location. Local P9 had exactly contradicting interests as Hormel.
The Scanlon plan was effective, but when the company did not pay bonuses timely and changed the ratio, employees lost motivation and trust in the plan. A critical element of the plan was the reserve which was supposed to cover bonuses if the company could not afford them. The employees were aware of this when they signed the Scanlon plan, so they felt cheated. This lack of motivation was further increased when employees saw that their output was not reflected in their bonuses.
When comparing and contrasting the two different reviews of the book, Getting Even: Why Women Don 't Get Paid Like Men - and What To Do About It, by Evelyn Murphy and E. J. Graff, The Wage and Publishers Weekly take two different approaches. Although both give the specifics of what the book covers, it is at this point that each review takes on a life of their own. In the review of Getting Even, that Amazon.com posted on the website, by Publishers Weekly, the review is very specific in the details of the book and on several accounts of how women are losing money, compared to that of their male counter parts. One of these examples is, “each working woman loses between $700,000 and $2 million because of them--that means less money for bills,
This paper is a review over A Civil Action. A Civil Action is a non-fictional retelling of the events that took place in Woburn, Massachusetts in the 1980s. The book follows Jan Schlichtmann, a lawyer who is recruited by a mother from the Woburn community whose child was diagnosed with leukemia, to handle their case. At first, Schlichtmann does not take the case but eventually decides to represent the Woburn citizens against two companies, Beatrice Foods and W.R. Grace, who were accused of contaminating the water supply. This review will highlight aspects of the author as well as critique the material found in the book.
To be able to encourage society to use generic drugs, the act was believed to allow generic drug companies to expedite the FDA approval process so that their products were able to go to the market as soon as brand name products for patents expired. Generic designers “may file an abbreviated New Drug Application (ANDA) that incorporates the safety/effectiveness data submitted by original pioneer drug manufacture and adds only bioequivalence studies”. It is hard to say if the Hatch-Waxman has improved “pharmaceutical innovation” however, the approval and marketing process for generic drugs has helped people significantly. There was an increase in ANDA applications during 1998 and there has been a “high success rate for patent invalidation”. “Since Hatch-Waxman, virtually all top-selling drugs not covered by patent face generic competition; whereas pre–Hatch-Waxman, only 35% had generics available.
4. How did the objective criteria help settle the negotiation? (10 points) Unfortunately, the talent was factually incorrect, the figure skaters is getting $100,000 for the whole series deal including royalties (10-12 episodic shows) versus the talents current(2-3 hour) documentary deal, their was no comparison. 5.
West Pharmaceutical Services peaks my interest as they do work in the form research and development of medicine delivery systems. They have had years to refine the company from its start in 1923 as it has transitioned from research lab packing penicillin to groundbreaking biomedical product production and testing. I am interested in this company as the various research done at their facilities can supplement my knowledge on the working of various devices within the biomedical industry. Moreover, the company is large enough to allow for personal growth within the company to a high extent as I may grow as a biomedical engineer. I would like to contribute to West’s reliability in creating high-quality and technologically advanced containment and delivery solutions.
Department heads earn a considerable amount of money. The principle used in determining the balanced salary is through a comparison with the domestic rates. This is to say that both the native and Growth of diligent boards. A more diligent Board will offer lower incentives. It thus calls for an individual to work toward balancing of the equilibrium.
Modern biotechnology provides breakthrough products and technologies to combat debilitating and rare diseases, reduce our environmental footprint, feed the hungry, and use less and cleaner energy, and have safer, cleaner and more efficient industrial manufacturing processes.
So, while the reply from Bowie was sufficient enough to show the problems that arise in hostile environments and how they negatively impact success. It fails to assert a firm stance against other issues in Carr’s
By the end of 2003, biotechnology company Genentech was well positioned to deliver on its vision to “be the leading biotechnology company, using human genetic information to discover, develop, manufacture and commercialize biotherapeutics that address significant unmet medical needs”. At the time, Genentech had revenues of $3.3 billion and net income of $563 million. Their product sales represented 79% of their revenues, with royalties and contract revenue accounting for the balance. Genentech’s largest revenue-generating product was Rituxan (for non- Hodgkin’s lymphoma) with $1.5 billion in sales.
PORTERS FIVE FORCES ANALYSIS - PHARMA INDUSTRY Using Porter's Five Forces we can analyse the scope of the pharmaceutical industry. It looks into five factors namely, competitive rivalry, threat of new entrants, threat of substitute products, bargaining power of suppliers and bargaining power of customers. " Competitive rivalry: The pharmaceutical industry is highly fragmented with almost 3,000 pharma companies and 10,500 manufacturing units. Due to increasing demand of high-quality drugs, low-to-moderate entry barrier to the new entrant, the presence of a number of large and small firm this market is highly competitive.
In addition, since they decided to implement the team-work system, Regina and Sandy have to discuss all the steps of pay-for-performance plan implementation with the employees. They need to develop the evaluation and reward system together, roles etc. It is important to stick with their plan themselves, but not only make it work for others. It is crucial to not put pressure on the employees while making decisions in the process but to give enough time for discussion and implementation.
There is large investments being made in new technology to reduce production times and improve quality so that patients receive the best quality products in the swiftest manner. Patient care is at the heart of Janssen as clinical trials are on site to always try to gain more information on the potential products to improve. Janssen is a subsidiary of Johnson & Johnson, so to look at the organisation structure it must fall under J&J’s structure first. J&J’s organisation can be split into three main factions; Consumer healthcare, medical devices and pharmaceuticals.
In retrospective to the beginning of the module I created the unrealistic expectation that as we were given departments there would be more action and debate between members of staff and CEO. As human being I felt very positive and anxious because I have always being interest in other people’s ideas about organisation dynamics, from its structure to leaderships concepts and management approaches. I though it would be more collective and interactive as it would be my favourite module and I would easily obtain a good grade. However, I felt a lot of difficulties and had to push myself too hard to try to finish the reports and meet all the criteria’s . This because as much as I had good understanding about a certain theory and knew how to evaluate it put the theory into practical terms was something that seemed impossible.