| Abstract | Strategic management represents a crucial component of success for pharmaceutical companies, which face numerous challenges such as rapid technological changes, stricter regulations, market globalization and shifts in consumer behaviour. The implenentation of effective strategic management is not just an option, but a necessity for long term success of these companies. Key components of strategic management in the pharmaceutical industry include environmental analysis, strategy formulation, strategy implementation, and evaluation and control. Environmental analysis enables understanding of market trends, competition, regulatory changes, and technological innovations, forming the basis for long-term goals and strategies. Efficient strategy implementation requires proper resource allocation and appropriate organizational structure, while evaluation and control allow for strategy adjustment in line with changes in the environment and internal performance. Pharmaceutical companies that place the customer at the center of all business activities and adopt market orientation have a significant competitive advantage. Marketing plays a crucial role in meeting customer needs, pricing, product promotion, distribution, brand building, and company image. The long-term success of pharmaceutical companies also depends on innovation, the ability to quickly adapt to changes in the environment, and the absorptive capacity of the company. |
