Mission and values set the direction of the company. Especially in the constantly changing environment like that of Pharma companies, these are essential. Establishing a company's mission and values are critical because they state where the company is going (vision) and what it will do to get there (mission)
The mission statement describes what the company needs to do now to achieve the vision, whereas the vision statement describes where the company wants to be in the future. They both must support each other, but the mission statement is more specific. It defines how the company will be different from other companies in its industry and how specific it is in resolving the unmet medical needs, in case of the Pharma companies.
The MISSION statement
A mission statement explains the reason for existence of the Pharma company. It describes the company what it does and its overall intention. It supports the vision and serves to communicate purpose and direction to employees, customers, payers, patients and other stakeholders. The mission statement leads to strategic goals that are the broad goals, the company will try to achieve. This way it allows the company leaders to define a coherent set of goals that fit together to support the mission.
The VALUES statement
A values statement describes what the Pharma company believes in and how it will behave. Values create a compass for the company and its employees. This compass guides decision-making, establishes a standard against which the actions can be assessed and defines the deeply held beliefs and principles of the company culture. In other words, it’s also called the code of ethics that differs from both the vision and mission statements. They direct the efforts of people in the company toward common goals. It defines what the company believes in and how people in the company are expected to behave with each other, and with other stakeholders. It provides a moral direction for the company that guides decision-making and establishes a standard for assessing actions and a standard for employees to judge violations.
Together, the mission, and values statements provide direction for everything that happens in a Pharma company. They keep everyone focused on where the company is going and what it is trying to achieve and how people are expected to behave. They are not intended to be a straitjacket that restricts or inhibits initiative and innovation, but they are intended to guide decisions and behaviours to achieve common ends.
But does a Pharma company’s mission and values RESONATE with you? And if yes, then which Pharma company is it? To answer these questions, lets apply the Socratic method (maieutic: answering a question with a question for critical thinking).
One should ask themselves whether the mission and values statement of a particular Pharma company motivates you? What is the purpose of those statements? How do those statements come to life? How long have the statements been in existence? Is it simple, straightforward, articulate and easy to grasp? Do they reflect your essence? Do they match with your talent and maybe set you apart? Are they sustainable in the longer term? Do your personal values match?
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