The “advent of globalization and the recent developments in the fields of technology as well as innovations have drastically changed the way the various business organizations and the companies transact their business in the present times” (Khan, Muttakin and Siddiqui 2013). Thus, the primary focus “of the majority of the business organizations in the present times is to enhance the amount of annual profit gained by them” (Khan, Muttakin and Siddiqui 2013). However, it is also seen that “in the present times another new trend is seen among the various business organizations”, that is, to make a positive contribution towards the cause of the environment as well as the planet, which is the primary place from which they procure the raw materials required for the conduct of their business (Rafols et al. 2014). Furthermore, it is also seen that the various organizations of the present times also have developed their systems of governing bodies whose rules as well as regulations are in synchronization with the rules and the regulations of the nation in which the concerned business organization is operating (Rafols et al. 2014). It is a reflection of this particular fact that the concept of corporate governance “has gained a considerable amount of significance” within the framework of the modern day business world. In addition to this, another concept which has gained prominence in the recent times is the concept of organizational values (DeJong et al. 2016). These are the values or the principles which guide the business process of a particular business organization (DeJong et al. 2016). In addition to these, it is also seen that the amount of risks which the various organizations in the present times face has considerably increased than the level of risks faced by the various business organizations a few decades ago (DeJong et al. 2016). Therefore, it is generally seen that the “various business organizations take the help of various kinds of risk management techniques” for the mitigation of the high level of risk faced by them (DeJong et al. 2016). This report will discuss about the above mentioned concepts through the lens of the organization “Jubilant Life Science”.
The business organization “Jubilant Life Science” is one of the global leaders in the genre of pharmaceutical industry (Jubilant Bhartia Group 2018). The business organization was founded in 1995 by “Shyam S. Bhartia and Pratik Pota” (Jubilant Bhartia Group 2018). The organization is an Indian based “integrated global pharmaceutical and life sciences” organization is known for the wide range of pharmaceutical “products as well as services which it provides to the customers” not only from the nation of India but also from the other parts of the world (Jubilant Bhartia Group 2018). Some of the important products as well as services offered by the business organization under consideration here are “APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products, Advance Intermediates, Fine Ingredients, Crop Science Ingredients, Life Science Chemicals and Nutritional Products” (Jubilant Bhartia Group 2018). In addition to these, the organization is also known for the cost effective as well as high quality “Sterile Injectables and Drug Discovery Solutions” which it offers to the people from the different parts of the nation (Jubilant Bhartia Group 2018). Many people are of the opinion that the wide range of high quality pharmaceutical as well as life science products which “it offers to the customers from the different parts of the world is one of the primary reasons which has lead to the success” achieved by the organization in the recent times (Khan, Muttakin and Siddiqui 2013). The primary focus of the organization under consideration here is the manufacture of high quality pharmaceutical as well as life science products and services (Khan, Muttakin and Siddiqui 2013). Furthermore, it is significant to note that this particular feature is being used by the organization as a strategic tool to “bring about the overall growth as well as the development of the entire organization” (Khan, Muttakin and Siddiqui 2013). The organization, though based in the nation of India, is operational in more than 100 different countries of the world in addition to having their business offices in India, China, North America, Europe and others (Jubilant Bhartia Group 2018). In addition to this, “Jubilant has relationship with 19 of Top 20 pharmaceutical companies and 6 amongst top 10 agrochemical companies across the globe” (Jubilant Bhartia Group 2018).
The vision of the business organization is “To acquire and maintain leadership position in the chosen areas of businesses…To continuously create new opportunities for growth in our strategic businesses…to be among the top 10 most admired companies to work for…to continuously achieve a return on invested capital of at least 10 points higher than the cost of capital” (Jubilant Bhartia Group 2018). In addition to this, one of the values of the organization is “With utmost care for the environment and safety, we will always strive to excel in the quality of our processes, our products and our services” (Jubilant Bhartia Group 2018). In addition these, another significant value of the organization related to the concept of “corporate social responsibility” is “We will carefully select, train and develop our people to be creative and empower them to take decisions, so that they respond to all stakeholders with agility, confidence and teamwork” (Jubilant Bhartia Group 2018). The promise of the organization to its customers from the different parts of the world is “we will, with utmost care for the environment and society, continue to enhance value for our customers by providing innovative products and economically efficient solutions; and for out stakeholders through growth, cost effectiveness and wise investment of resources” (Jubilant Bhartia Group 2018).
The “business organization under discussion here takes the help of the concept of cost leadership as well as product differentiation” as strategic tools not only “to reach out to a larger number of customers from the different parts of the world but also to bring about the overall growth as well as the development of their business organization” (Melo and Garrido?Morgado 2012). It is significant to note that the concept of cost leadership is utilized by the organization under consideration here to provide the best quality pharmaceutical as well as life product and services to the customers from the different parts of the world at very affordable prices (Melo and Garrido?Morgado 2012). The concept of product differentiation, on the other hand, is utilized by the concerned organization to provide pharmaceutical as well as life science products and services to the customers from the different parts of the world which are different in terms of quality from the ones provided by the other business organizations (DeJong et al. 2016). Therefore, it can be said that the use of these two concepts as strategies tools have significantly helped the business organization to capture the business market in the recent times (DeJong et al. 2016). One of the key values of the organization under discussion here is to make a positive contribution towards the cause of the environment and also the community (Rafols et al. 2014). It is a reflection of this particular fact that the focus of the organization in the present times is on “Economics, Environment and Social performance” (Rafols et al. 2014). In addition to this, the organization also focuses on the process of “community development through focus on primary education, basic healthcare service, and livelihood generation programs focused on improving the employability of women and local youth” (Jubilant Bhartia Group 2018). Furthermore, the organization takes the help of various kinds of quality control methods and also regulatory measures to ensure that they deliver “high quality products as well as services to the customers from the different parts of the world” (Rafols et al. 2014). Many people are of the opinion that the organizational values as well as these strategies are being used by the business organization to ensure that the organization not only fulfills the values, vision, promise made by the organization to the customers but also to earn more amount of profit by providing better quality services to the customers (DeJong et al. 2016).
As already mention that the organization under discussion was in 1995 by “Shyam S. Bhartia and Pratik Pota” and although based in the nation of India the pharmaceutical organization also has its presence in the other developed as well as developing countries of the world including nations like China, the United States of America, Canada, various nations of Europe and others (Rafols et al. 2014). It is significant to note that the nation of India is a developing and back in the year 1995 when it was founded by “Shyam S. Bhartia and Pratik Pota” the nation has very limited medicine and pharmaceutical at its disposal (Jubilant Bhartia Group 2018). Therefore, it can be said that the organization was founded with the objective to empower the nation in terms of the pharmaceutical as well as medical field (Rafols et al. 2014). However, the founders soon realized that in order to attain the level of performance which they wanted to organization to have it needed the help of the other famous pharmaceutical organizations of the world and this is one of the main reasons for the numerous collaborations which the organization has undertaken with the other leading pharmaceutical organizations of the world (Rafols et al. 2014). The organization under discussion has in the last decade became a global leader in the field of the pharmaceutical industry and “it is a reflection of this particular fact that the organization under consideration here” has under gone collaborations with 19 out of the 20 largest pharmaceutical business organizations of the world (Jubilant Bhartia Group 2018). Furthermore, the organization in the recent times has also under taken collaborations with the other pharmaceutical organizations of the world in order to discover the cure for the diseases for which the world currently has no cure (Rafols et al. 2014). It is “a reflection of this particular fact that the pharmaceutical organization” under discussion here boasts of a “network of 7 world class manufacturing facilities in India and 4 in North America and a team of around 7600 multicultural people across the globe with over 2000 in North America and ~1000 in R&D” (Jubilant Bhartia Group 2018). The organization under discussion here has more than 6,200 employees related to it in different parts of the world and the net revenue generated by the organization for the year 2017 was “Rs 58 billion (US$ 925.55 million)” (Jubilant Bhartia Group 2018). Therefore, it would be apt to say that the organization under discussion here in the recent times has attained a considerable amount of success especially when the fact that it conducts the major amount of its business with a developing country.
The organization under discussion here also takes the help of various kind recent technologies as well as innovations for the purpose of the manufacture of pharmaceutical products which will not only be much cheaper but also more superior in terms of quality (Mash et al. 2013). Therefore, with the view to fulfill the promise made by the organization to the customers and also to fulfill its vision the organization under discussion here has “a strong R&D team, modern R&D facilities, command over cheap technologies and economies of scale into a synergistic organic entity, continuously creating and nurturing high quality products and technologies” (Rafols et al. 2014). Along with the pharmaceutical products which the organization provides to the customers from the different parts of the world the organization under discussion is also know for the high quality life science products as well as services which it provides to the customers (Mash et al. 2013). The organization under consideration here is also know for the various kinds “corporate social responsibility” policies as well as principles which it follows with the objective to make a positive contribution towards the cause of the environment and also to help further the cause of the environment (Mash et al. 2013).
One of the key commitments of the organization is “leverage innovation and scale of operations at every step of the pharmaceutical value chain to deliver value to our stakeholders” (Jubilant Bhartia Group 2018). In the opinion of many experts the founders of the organization, “in order to attain the sustainability of business, we aim at improving stakeholder value through improved eco efficient use of capital and natural resources” (Khan, Muttakin and Siddiqui 2013). The organization is one of the most technological advanced organizations of the nation of India and “it is a reflection of this particular fact that many experts are of the opinion that innovation at Jubilant is backed by strong chemistry, bio science expertise and the knowledge bank created over the years” (Jubilant Bhartia Group 2018). Thus, the Annual Reports of the organization have not only been praised but also much appreciated by the majority of the people and it is a reflection of this particular fact that the Annual Reports of the organization has received impressive ratings of “GRI G3.1 A+ level & GRI Check, (FY 2007-2015), from FY 2016 the company publishes this report in line with latest GRI G4 guidelines” (Jubilant Bhartia Group 2018).
The hard work as well as the efforts of the organization in the recent times has been much appreciated and “it is a reflection of this particular fact that the organization in the” last few years has been the proud recipient of many awards and honors (Khan, Muttakin and Siddiqui 2013). Some of the most important awards received by the organization under discussion here in the last few years are-
The organization “Jubilant Life Science” is one of the largest pharmaceutical and life science organizations not only of the nation of India but also of the world yet the organization faces a number of risks within the business market of the nation of India and also of the world business market (Mash et al. 2013). The first risk which the organization “Jubilant Life Science” faces is the risks from the various competitors which are operational within the same field of operations (Mash et al. 2013). The organization also faces a considerable amount of risk on the score of the rise of the various kinds of generic drugs and it is affecting the business of the traditional kinds of drugs manufactured by it in a considerable manner (Khan, Muttakin and Siddiqui 2013). The organization under consideration here also faces a considerable amount of risks from the slow rate of technological growth of the nation of India in which its main center is located (Khan, Muttakin and Siddiqui 2013). It is significant to note that the pharmaceutical industry requires the use of “recent innovation as well as technology” not only for the manufacture of the various kinds of medicines and life science “products and services offered by them to the customers belonging to the different parts of the world but also for the purpose of research which is very important for the development of new products and services” (Khan, Muttakin and Siddiqui 2013). These risks are likely to affect the “prospects of the concerned organization Jubilant Life Science” in a significant manner (Dadfar et al. 2013). Therefore, the organization in the recent times has come up with “various kinds of effective strategies for the mitigation of the high level of business risk” faced by them. It is a reflection of this particular fact that the organization “Jubilant Life Science” in the recent times has not only formed collaborations with the majority of its business competitors but is also taking the help of the framework of “merger and acquisition” (Dadfar et al. 2013). Furthermore, the organization has started its operational centers in the several developed nations of the world and with this particular method it is trying to mitigate the effect of the slow growth rate of technology in the nation of India (Dadfar et al. 2013). These in short are some of the strategies which the organization “Jubilant Life Science” has adopted in the recent times to mitigate the risks faced by it in the business world.
Conclusion
To conclude, the “concept of organizational values has attained a considerable amount of significance in the recent times and it is a reflection of this particular fact that the various business organizations of the present times are taking the help of this particular method to bring about the overall growth as well as the development of their business process”. Another “concept which has gained a considerable amount of significance within the framework of the contemporary business world is the concept of corporate social responsibility”. It is significant to note in the present times the primary focus of the various business organizations in addition to making the maximum amount of profit is to contribute in a positive manner towards the cause of the environment as well as the community from which these business organizations derive the maximum amount of resources. Thus, when the organization “Jubilant Life Science” is taken into consideration it becomes clear that all the strategies used by the organization both for the manufacture as well as sale of its pharmaceutical and life science products and services are strictly based on the concepts of organizational values and the “corporate social responsibility” policies and principles of the organization.
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