WDI Global Impact Internship Program

From the reports I have been reading, it sounds like everyone is having a total blast with their summer internships. I wish everyone the best of luck in their endeavors and hope you enjoy your corner of the globe!

It's definitely hard to believe that the month of June is upon us. While the light at the end of the tunnel is not yet shining, the magnitude of the expected deliverables is!!!

To recap on my role at Pfizer, the pharmaceutical company is attempting to leverage its massive product portfolio by rolling out essential drugs to base of pyramid populations. Termed "Global Access," the drug company is effectively trying to increase the health of the world's neediest populations. While admirable, the effort is certainly not easy.

Pfizer already has strong representation and in-country operation in more than 125 nations globally. The company has been an industry leader in its manufacturing, marketing, and drug development. However, much like other pharmaceutical companies, Pfizer has been critized - whether fairly or unfairly - for not devoting a larger percentage of R&D funds to diseases of the developing world, as well as, pricing drugs cheaper and more accessible to needy populations. Hence, Global Access.

From a corporate perspective, the opportunity and decision to target BoP populations generally follows two essential avenues: 1) Revenue Generation; and, 2) Public Relations. In order to achieve buy-in both internally within the management structure of a company, as well as, externally with its stockholders, operational units need to generate a return on investment. This is true whether we are discussing a new blockbuster drug or maternal pharmaceuticals in rural India. The fact is that a loss, cost, or net-zero balance will simply not achieve the necessary internal and external buy-in from key stakeholders. As such, Pfizer is trying to determine how the operational unit of Global Access can generate a modest return on investment - while simultaneously benefiting the target BoP populations.

The second avenue is public relations. Given the criticism that drug companies have taken regarding price and research for essential drugs, targeting the BoP is a great opportunity to improve a company's brand equity in the eyes of key stakeholders: governments, tender agencies, researchers, etc. As such, the Global Access project provides Pfizer with an excellent opportunity to both capitalize on a relatively untapped pharmaceutical market, while simultaneously achieving significant reputational gains with the media and important pharmaceutical players.

Next time - I'll write about how these avenues are taken to the next step. Developing a strategy that effectively aligns these two avenues is much easier on paper than reality!