Vision and mission statements in pharmaceutical industry: Evidence from content analysis perspectives

Background: Recently, the growth of pharmaceutical sector in Nigeria are challenged by competitive and dynamic environment. There is a strategic planning process that the organisation needs to use to achieve the pre-determined objectives. This study aimed to determine the vision and mission statements of the pharmaceutical industries which affects their growth and performance outcomes.

Methods: To accomplish this study, a sample of 20 Top Pharmaceutical Companies in Nigeria was analyzed using excel spreadsheet to draw out the vision and mission components. And the list was obtained from Pharmaapproach, Pharmaceutical and Medical Manufacturing Companies in Nigeria as well as InfoGuide Nigeria.

Results: The findings examined that the 20 pharmaceutical firms do have recurring vision and mission statements that are published in their various corporate websites. The industries’ vision statements shows the survival; growth and profitability concern; technology; products and services; markets; philosophy; concern of employees; customers; self-concept and; concern for public image while the mission statement fulfill the components of statement of purpose; customer; products and services; location/market; core technology; concern for growth and profit; philosophy value; self-concept; concern for public image; concern for shareholders and concern for employees.

Conclusions: The study recommends that components of vision and mission statements of pharmaceutical industries have to be consistent, strategically-crafted, well-organized and established. Vision statements have a strategic future plan for an industry and how target goals of the firm will be met. Mission statements, however, is an effectiveness of work done in the industry They determine the daily task that is being carried out, and what direction the firm is heading towards to achieve the specific vision of the industry. It was emphasized that pharmaceutical industries have comprehensive vision and mission statements that helps in achieving their various goals and objectives.

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Keywords

Competitive Advantage; Mission Statement; Purposes; Strategic Planning; Vision Statement; Products; Services; Competitors