Competition in the industry
The pharmaceutical industry faces stiff competition from very competent companies that deal with the manufacture of drugs and diagnostic supplies. The leading competitor in the pharmaceutical company is Pfizer, which, though is headquartered in New York, also operates internationally (Leipziger, 2017). This company implements a three-step strategy of business operation. The first step is to develop drugs. In the second step, the company manufactures the well though- and newly innovated drugs. The third step involves a comprehensive marketing strategy that comprises of the marketing of both over the counter and prescription medicines. Additionally, it produces animal medicine for use by veterinary doctors such as vaccines. Pfizer is widely renowned for selling a drug that became a best-seller in the entire world. This drug was effective in lowering the cholesterol level of human beings. As a result, it received an unlimited number of orders especially from patients with obesity, low-fat metabolism rates, and other related multi-dysfunctional syndromes.
Other competitors in this industry include Merck & Co. which specializes largely in the production of medicines that are set to cure rare diseases. It collects revenue of approximately three billion annually and therefore has been ranked second best after Pfizer. The third rival company in this industry is a Swiss company which was ranked as the leading pharmaceutical company with the most comprehensive sales strategy (Leipziger, 2017). Some of the medicines that have given this company the leading position is quality and efficient cancer drugs and medication for macular degeneration. Johnson and Johnson Company faces stiff competition from all the companies above, despite the fact that only approximately 40% of its revenue is generated by the pharmaceutical sector. However, Johnson and Johnson has also improved in keeping with stiff competition by producing highly differentiated products such as quality and effective HIV/AIDS medication.