Research On Internationalization Strategy Of Hengrui Pharmaceutical Company

The pharmaceutical industry is an important industry in the national economy and people’s livelihood.From the perspective of the internationalization degree of the global pharmaceutical industry,the globalization of medicine in the United States,Europe,and Japan has been very mature,while the internationalization of China’s pharmaceutical industry is currently in the developing stage.In recent years,China’s pharmaceutical procurement has entered the deep water region,and the domestic pharmaceutical market is full of pressure and challenges.If domestic enterprises want to develop,they must accelerate the process of internationalization.In recent years,the state has issued a series of policies to encourage the international development of domestic pharmaceutical enterprises.The state has issued the "14th Five Year Plan" for the Development of the Pharmaceutical Industry,aiming to establish a new development pattern of domestic and international dual circulation in the pharmaceutical industry.During the "14th Five Year Plan" period,the accelerated evolution of the world’s unprecedented major changes in a century and the beginning of a new journey of China’s socialist modernization drive blend with each other.The COVID-19 has a wide and far-reaching impact.The reform of the medical and health system has been comprehensively deepened.The internal and external environment for the development of the pharmaceutical industry will undergo complex and profound changes.A new round of technological change and crossborder integration will accelerate,This is also prompting pharmaceuticalcompanies to accelerate the process of internationalization to adapt to changes in the internal and external environment.This paper takes Hengrui Pharmaceutical Company as an example to study the internationalization development strategy of pharmaceutical enterprises.On the basis of combing the current research situation at home and abroad,the thesis adopts various analytical methods such as SWOT analysis,literature research,and case analysis,and uses strategic management theory,international strategy theory,innovation theory,and core competitiveness theory as the theoretical basis for its research.It conducts research on the internal and external environment,SWOT analysis,and strategic choice implementation of Hengrui Pharmaceutical Company’s international development.Firstly,the thesis analyzes the external environment of Hengrui Pharmaceutical Company.In terms of the macro environment,Hengrui Pharmaceutical Company is facing a political environment where policies encourage drug research and development,medical security is fully covered,drug review systems are fully optimized,and drug intellectual property protection is strengthened;In terms of economy,China’s drug market is second only to the United States,and is one of the most important drug markets in the world.Driven by policies,a dual domestic and international circulation pattern is being established.In terms of social environment,Jiangsu Province,where Hengrui Pharmaceutical is located,adheres to the principle of "four in one" to promote high-quality development of the biomedical industry.Although there are currently shortcomings in technology,the investment in research and development has continued to increase.In terms of industry environment,Hengrui Pharmaceutical’s international development is mainly faced with threats from potential competitors and competition from existing mature enterprises in Europe,America,Japan,India,and domestic leading enterprises in the industry.Furthermore,it analyzes the internal environment of the internationalization development of Hengrui Pharmaceutical Company.Hengrui Pharmaceutical Co.,Ltd.is a leading domestic pharmaceutical enterprise,ranking 16 th in the world.The company has continuously received many honors for many years,adheres to scientific and technological innovation,and steadily promotes internationalization.The company has 15138 people with bachelor’s degrees or above,accounting for 61.18%of the total.It has built a research and development team with over 5400 people,established research and development centers in the United States,Japan,Europe,and China,and established a global innovation system.The company has a good cash flow situation,and has consistently ranked among the forefront of research and development investment in the industry.Hengrui Pharmaceutical Company has an excellent research and development team,excellent early research and development capabilities,excellent medical transformation capabilities,and advanced technology platform construction;Production capacity meets international quality management standards;In terms of marketing,we have a consistent and experienced marketing team with strong execution ability,flexible response,and a number of over ten thousand.Then,on the basis of internal and external analysis,a SWOT analysis was conducted on the international development of Hengrui Pharmaceutical Company.The advantages of Hengrui Pharmaceutical Company’s international development are reflected in its brand advantages,research and development advantages,and quality advantages;Disadvantages include frequent changes in senior management,high risk and long cycle of product research and development,and immature overseas industrial chains.Opportunities are reflected in the cliff of patents,numerous opportunities for branded generic drugs,the division of labor in the pharmaceutical industry,and the state’s encouragement of innovative drugs to go to sea;The threats are reflected in the tightening of international certification regulations,fierce competition in research and development pipelines,and stricter environmental standards.Finally,based on the above analysis and the actual situation of Hengrui Pharmaceutical Company,a plan for the internationalization strategy of Hengrui Pharmaceutical Company was formulated.Determine the strategic goal of Hengrui Pharmaceutical Company to enable innovation through technology and drive international development through innovation,and enter the international market through product export and new subsidiaries.Its implementation strategy is to orderly carry out international clinical trials of innovative drugs,continue to promote overseas registration applications,establish an international marketing and research and development system,implement international quality management,comprehensively promote the layout of international talents,and promote the international development process of Hengrui Pharmaceutical Company through the above strategies to improve international competitiveness.