GSK’s strategic intent is to become the indisputable leader in its industry – not simply in terms of size, but in how it uses that size to achieve its mission. It has already set its foundation as the world’s leading research-based pharmaceutical company with a powerful combination of skills and resources that provides a platform for delivering strong growth in today’s rapidly changing healthcare environment. Its strength lies in its establishment as one of the world’s leader in pharmaceutical industry by providing its consumers with reliable medical products.
It has already taken hold seven per cent of the world’s pharmaceutical market. With its research and development centered on providing vaccines, oncology products and four major therapeutic areas – anti-infective, central nervous system (CNS), respiratory and gastro-intestinal/metabolic. But it does not only stop there. To adhere to its mission to improve the people’s quality of life, The company also has a Consumer Healthcare portfolio comprising over-the-counter (OTC) medicines, oral care products and nutritional healthcare drinks, all of which are among the market leaders.
GSK’s core competence lies in its drive to help people around the world by constantly developing, discovering and unraveling the secrets of health and diseases at the same time providing health care solutions. It doesn’t only focuses on research and development but also uses its wide GSK network for clinical development by forging ties with health organizations such as the World Health Organization. However, since GSK are constantly developing vaccines and drug discovery, they are also prone to constant government regulation and patent licensing.
Since they are also branching out to genetics and bio technology it will take several years for the recent development to be made public and be useful to people. There is also the possibility that its capitalizing in the development of biomedical science may not be meet with commercial success and the price of development of new drugs is soaring. However, GSK makes sure that situated within the organizational fabric of R&D, are regulatory-affairs and marketing staff who ensure that development efforts directly address the requirements of regulatory bodies and the needs of medical professionals and their patients.
GSK maintains a close and open relationship with its stakeholders by reporting to its stakeholders twice a year, where it announces its half-year and full-year results. To ensure that the Non-Executive Directors are aware of and understand the views of major shareholders about the Company, the Board has in place a process focusing on sector specific issues as well as general shareholder preferences. With respect to the general perspectives of shareholders, each year the Non-Executive Directors receive an external review of shareholder opinion and presentations from a leading financial analyst specializing in the pharmaceutical sector.