Conclusion
(Karla Rodriguez)
The pharmaceutical industry is profitable, and one of its leading players is Bristol Myers Squibb (BMS). This report aims to delve into BMS's business processes and competitive strategies. It specifically focuses on how integrating information systems into product development processes can optimize its systems to support the company's business processes such as customer service and recruiting. The report also looks at BMS's product development process, identifying its strengths and presenting opportunities for improvement. BMS is a global pharmaceutical company with about 25 locations worldwide, serving various functions from manufacturing, research, and development to commercial, regulatory, data management, finance, HR, IT, and product development. The company is dedicated to providing life-changing medicines to patients suffering from severe illnesses such as cancer, diabetes, HIV/AIDS, cardiovascular disease, and psychiatric disorders. With a net income of $6.32 billion as of 2022, BMS has a massive workforce of 34,300 employees who collaborate to drive innovation and bring lifesaving medicines to those in need.
The report benefited from the guidance of Catherine Francisco, an experienced IT Business Partner at BMS, who provided insightful leadership for understanding and refining information systems and business processes. The pharmaceutical industry has grown exponentially from 2001 to 2022, with revenue going from $390.2b to $1,482b. BMS alone had about $50 billion in revenue for the 2022 year, and millions rely heavily on its products yearly.
BMS focuses on an Industry wide differentiation strategy, striving to create unique and innovative pharmaceutical products that distinguish itself within the pharmaceutical market and maintain a competitive edge. The company dedicates a substantial portion of its efforts to R&D in product development for chronic and severe illnesses, and this practice area helps it maintain a competitive advantage over competitors. To maintain its competitive advantage, BMS must ensure that its efforts are sustained in making reliable and reputable products for treating severe illnesses like cancer. BMS has a long history and reputation that makes it extremely difficult for others to enter its markets.
In conclusion, this report provides a comprehensive overview of BMS's business processes and competitive strategies. The effective integration of information systems into product development processes is crucial for success in the pharmaceutical industry, and BMS must continue to focus on innovation and R&D to remain competitive.