Research On The Evaluation Of The Implementation Effect Of The Development Strategy Of YB Pharmaceutical Company Based On The Balanced Scorecar

In recent years,the competition in the domestic pharmaceutical industry has become more and more fierce.Both the development of new products and the promotion of new markets require a large amount of capital investment,which leads to the decline of profits.With the deepening of China’s medical reform,the implementation of the "three medical linkage" reform,medical insurance fee control,secondary bargaining and other policies of the medical insurance Bureau has caused a great impact on the production cost and profit level of pharmaceutical companies.In order to cope with these changes,many pharmaceutical companies are making strategic planning in order to improve market competitiveness,so as to better integrate resources and expand market influence.Even so,from a worldwide perspective,only five Chinese pharmaceutical companies will be included in the "2021 Global TOP50 Pharmaceutical Companies list".From the development situation after the implementation of each strategy,some companies fail to achieve their strategic goals after the implementation of the strategy,and some even have a management crisis in the process of the implementation of the strategy.However,although the current academic circles have studied the strategic execution behavior of pharmaceutical companies,they are different in the selection of research tools and research methods.Among them,there are few relevant literatures that apply the balanced scorecard theory to analyze the strategy of pharmaceutical companies considering both financial and non-financial indicators.Therefore,analyzing the motivation,process and effect of strategy implementation from the perspective of strategy implementation has important theoretical and practical value for guiding the strategy implementation of pharmaceutical companies and other companies.In this context,this paper takes YB Pharmaceutical as the object of strategic research and analysis.YB Pharmaceutical is the first non-state-owned pharmaceutical company with a long history in Guizhou Province.In recent years,the company has formulated and implemented the development strategy of "pharmaceutical industry +medical service".This paper takes the implementation of YB Pharmaceutical strategy from 2016 to 2021 as a case study,and uses four dimensions of the balanced scorecard theory to conduct a case study.Most of the domestic research on strategy implementation theory is at the macro level,while the research on the micro level,especially in the pharmaceutical field,is relatively rare.YB Pharmaceutical is a pharmaceutical company with many years of successful business experience.However,in the fierce market competition,if a company wants to dominate the trend,how to formulate its own development strategy,how to implement the strategy and how to improve corporate performance is particularly important.In the analysis part of this paper,the development strategy implementation status of YB pharmaceutical is introduced.Then,using the four dimensions of balanced scorecard,combined with financial and non-financial indicators,it evaluates the implementation of the company’s development strategy scientifically,and points out the existing problems and deficiencies in the implementation of the company’s development strategy.Finally,according to the problems faced by YB Pharmaceutical,this paper puts forward strategic implementation suggestions of similar pharmaceutical companies,in order to provide reference for domestic pharmaceutical companies to establish balanced scorecard strategic management system and practical application.This paper mainly uses the case analysis,based on the balanced scorecard theory,builds the strategic evaluation index system to evaluate the implementation effect of the company’s development strategy,and concludes that the development strategy of "pharmaceutical industry + medical service" of YB Pharmaceutical has not reached the expected strategic objectives,especially the effect of medical service has not yet emerged.At the same time,YB Pharmaceutical has a series of problems,such as poor financial indicators,changes in the type of business income,poor management performance,and insufficient introduction and reserve of highly educated and high-level technical and management talents,so as to put forward corresponding suggestions.