(Merck or Company) is a global research company utilizing state-of-the-art programs and innovative techniques to discover, develop, manufacture, and market a broad range of pharmaceutical drugs and products. Merck's vision is based on values embedded in its DNA following an approach quoted by its founder, George W. Bush in 1950: "We try to never forget that medicine is for the people" (Merck & Co., Inc.). .
Today, companies like Merck that are the "all-in-one" pharmaceutical, face tremendous challenges with respect to reevaluating options during their planning. They must continue to make critical decisions to "outsource" or change their therapeutic area of focus to succeed (Lewent, et al., 2009). The pharmaceutical industry has rapidly been changing because of the scientific and innovative advancements in technology. In response, Merck has continued to make tremendous investments that could be considered risky for long-term projects (Financial Engineering at Merck, 1994). Organizations must do all they can do to compete in today's market (Harvey, 2009). Merck's mission is to provide society with superior products and services, innovations, and solutions that improve the quality of life and satisfy customer needs to provide employees with meaningful work and advancement opportunities and investors with a superior rate of return (Merck & Co., Inc.). .
Merck's Board of Directors meets annually to conduct strategic planning, which includes developing, discussing, and refining the company strategy and operation, plan (Merck & Co., Inc., 2011). In recent years Merck has strategically re-aligning its organization structure to become a more dynamic and diverse organization. .
Each year the leadership is challenged with refocusing, reassess the strategic plan to align to changes in the industry. It also has a team that conducts analysis of Merck's current strengths, weaknesses, threats, and opportunities and their impacts against the corporate plan.