Merck is a pharmaceutical company established in the United States with its headquarters based in New Jersey. The company is listed on the New York stock exchange where it trades under the symbol MRK. On the other hand, Tenet Healthcare Corporation is a company that deals with the provision of health care services. Its headquarters is located in Dallas, Texas. The company was formed in 1995 after the merger of National Medical Enterprises and the American Medical International.
Merck pharmaceutical is a well established company. However, like in any other business, it faces stiff competition within the country and global market. Its main competitors are Pfizer from US, Norvatis of Switzerland, Bayer of Germany, GlaxoSmithKline of United kingdom, and Johnson and Johnson of USA. On the other hand, Tenet Healthcare majors its focus on ambulatory healthcare services and outpatient surgical centers. Tenet Healthcare corporation faces competition mainly from other market leaders such as HCA Holdings, Community Healthcare services, Universal Health Services, and the Health Management Associates. Merck Corporation has a lot of potential in the market. A clear analysis of its financial strength will indicate a strong financial position. The company can meet its target and thus commands a sizeable market share. The company can also meet its debt and it stands little risks in servicing its debt. On the other hand,Tenet Healthcare is doing well regarding its financial analysis where it generates about over $2 trillion in revenue annually. Thus, it has a good command on the market share.
In the pharmaceutical industry, there exists a lot of competition. Therefore, new entrants face high risks when entering the market. Some of the most successful companies like Pfizers had to use take over strategies to gain market breakthrough. Merck Corporation has attributed its success to continued innovation and market research. These aspects have helped the company to penetrate the market and compete with other companies. Tenet HealthCare operates in an industry where the quality of service offered by companies is under great scrutiny. For a company like Tenet HealthCare, it should deliver its best service for it to accomplish its goals and attract a large number of clients. The strategy has seen its revenue rise annually and the corporation has been able to increase its competitive advantage. Success factors for a company in the pharmaceutical industry may be influenced by how innovation. In the case of Merck Corporation, the success story can be attributed to efficient execution of plans, acquisition strategy, and formation of partnership with other companies.
On the other hand, Tenet HealthCare can attribute its success story to investing in time and other resources such as recruiting highly skilled physicians who deliver the best services to the clients. The healthcare and pharmaceutical industry is highly regulated. For example, the FDA is in charge of regulating pharmaceutical companies in the United State. The organization controls the acquisition of company trading and operating licenses. The healthcare industry is regulated by the Office of the Inspector General (OIG) and the Health Insurance Portability and Accountability Act (HIPPA)
Economic forces affecting the pharmaceutical industry are mainly caused by the forces of demand and supply for the products and the prices the customer are willing to pay for the sake of their health. While the Healthcare industry is affected by the new healthcare reform legislation and increased labor costs combined with drug and medical supply forces. The main social and technical forces that affect the pharmaceutical industry include the social criticism over suits and drugs that have harmful effects on consumers where most of these criticisms are on the internet. Social factors that affect the healthcare industry include the need for more health care among the aged and the young ones whose number continue to increase daily. Technical forces like introduction of new technology has helped to improve the quality of services offered. Merck Corporation uses the vertical integration strategy to carry out its processes and minimize waste while Tenet HealthCare employs a growth strategy in its effort to accelerate its business growth and expansion by targeting a large number of price sensitive patients to earn maximum profits. Most of their competitors apply the same strategy in business and mostly focus their strategy on customer satisfaction and retention.
Merck Corporation pushes for better healthcare education and affordability of their products in the market which has always proved competitive enough. They also do product promotion and advertising through the media and this is also common with Tenet HealthCare. The two companies invest most of their resources in innovation so as to remain at that competitive edge with other industry players. Merck Corporation focuses on reducing unnecessary expenses when purchasing by undertaking local production within the company while Tenet Healthcare focuses on purchasing supplies and materials that are of high quality at the best price. Information systems of both companies are geared towards workforce retention strategy. Merck Corporation and Tenet Healthcare normally bank their success on opportunities that they have when dealing with their processes and minimizing threats which lead to exposure to weaknesses. Merck Corporation has employed a number of strategies so as to remain competitive in the industry like defining and developing drugs through research and this has helped improve the diagnostic capability of the drugs thus leading to customer satisfaction. While Tenet HealthCare Corporation has shifted to rural hospitals and this gaining a large number of clients resulting to increased revenue. Both companies seem to be experiencing a lot of growth and thus more business strategies need to be introduced to cater fro the ever changing business environment.
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