Pharma Veterans

The Future of Asian Family Businesses – Asrar Qureshi’s Blog Post #1301 Dear Colleagues! This is Asrar Qureshi’s Blog Post #1301 for Pharma Veterans. Pharma Veterans Blogs are published by Asrar Qureshi on its dedicated site https://pharmaveterans.com. Please email to pharmaveterans2017@gmail.com  for publishing your contributions here. Credit: Shvets Production Credit: Meruyert Gonullu Credit: Ron Lach Preamble This blogpost takes insights from a podcast discussion by two INSEAD faculty members. Link at the end. The Future of Asian Family Businesses: From Family Legacy to Professional Enterprise Family businesses are among the most powerful engines of Asia's economy. They are not merely companies owned by families; they are institutions deeply embedded in communities, economies, and social relationships. In some Asian markets, family-owned enterprises contribute roughly 70 percent of GDP and employ more than 60 percent of the workforce. Their importance therefore extends far beyon...

Family Businesses Across Regions – Asrar Qureshi’s Blog Post #860 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #860 for Pharma Veterans. Pharma Veterans aims to share knowledge and wisdom from Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Credit: Cliff Booth Credit: Elina Fairytale Credit: Greta Hoffman Credit: Paul Efe This blogpost partakes from INSEAD article by Alexandra von Stauffenberg and Claudia Zeisberger. Link at the end. A business may be defined as Family Business in which two or more family members operate the company, and the majority of ownership or control lies within a family.  90% businesses start as family business, as per the definition above. Family businesses also account for 70% of GDP in the global economy and 60% of global employment. When a family starts a business, they aspir...

Divide & Rule OR Unite & Succeed? – Part 1 – Asrar Qureshi’s Blog Post #757 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #757 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Fox Photo Credit: Keira Burton Photo Credit: William Fortunato ‘Divide and Rule ‘is a strategy or policy of maintaining control over a group of people by encouraging divisions and conflicts between them. This tactic is often used by those in power to prevent unity among the subjugated group, making it easier to maintain their control. Divide and Rule in business comes from two sides: one, business owners; two, senior managers. Business owners have an innate desire to keep tight control over the organization.  Most of them suffer from...

About Family Businesses – Last Part – Recommendations – Asrar Qureshi’s Blog Post #714 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #714 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Artem Podrez Photo Credit: Greta Hoffman This article takes some insights from Harvard Business Review articles whose links appear at the end. Continuing from the last post, we shall look at recommendations for the other two types, and then conclude this topic. The Sibling-Controlled Family Business The business here is controlled by more than one person, who are siblings. The immediate concerns that come to mind are – division of labor, division of decision making, consensus decisions, differences in powers etc. On the positive side, ...

About Family Businesses – Part 7 – Recommendations – Asrar Qureshi’s Blog Post #713 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #713 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: William Fortunato Photo Credit: William Fortunato This article takes some insights from Harvard Business Review articles whose links appear at the end. The times are turbulent, the risks emerge from unknown corners and tend to attack the very existence of businesses. The most recent example is that of COVID19 which led to the unceremonious demise of so many enterprises, new and old. The shield against this would be to build resilience in the organization.  Resilience would mean that the organization structure, strategy, investment, o...

About Family Businesses – Part 6 – Recommendations – Asrar Qureshi’s Blog Post #712 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #712 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Thirdman Photo Credit: Tim Douglas This series of articles partakes from some material published in INSEAD Knowledge. INSEAD is in France and is highly ranked among the most prestigious business schools of the world. INSEAD Professor of Economics and Academic Director of the Wendel International Center for Family Enterprises, Morten Bennedsen defines two major reasons for the floundering of family businesses: not defining corporate governance; and not bringing external executives in to manage the firm. We have talked much about corporate ...

About Family Businesses – Part 5 – Asrar Qureshi’s Blog Post #711 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #711 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Andrea Piacquadio Photo Credit: Fox This series of articles partakes from some material published in INSEAD Knowledge. INSEAD is in France and is highly ranked among the most prestigious business schools of the world. We continue to look at some negative factors which became barrier in the development of the Pharma companies.  Over-Centralization Centralization is common in most organizations; over-centralization is also not uncommon. It is when the owner insists on doing/approving everything, even a ten rupees expense. There is zero delegation and ze...

About Family Businesses – Part 4 – Asrar Qureshi’s Blog Post #710 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #710 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Anastasia Shuraeva Photo Credit: Elina Fairytale This series of articles partakes from some material published in INSEAD Knowledge. INSEAD is in France and is highly ranked among the most prestigious business schools of the world. Let us look at some negative factors which became barrier in the development of the Pharma companies.  Sticking to Traditional Model As Allama Iqbal said, ‘Tarz e kohun pe arrna – sticking to old style’ is a difficult, critical stage in the life of nations and enterprises. The story is ubiquitous, from Nokia to Blackberry to...

About Family Businesses – Part 3 – Asrar Qureshi’s Blog Post #709 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #709 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Forbes.com Photo Credit: Google Images This series of articles partakes from some material published in INSEAD Knowledge. INSEAD is in France and is highly ranked among the most prestigious business schools of the world. We continue with the positive factors which have helped pharmaceutical companies grow. Our focus is on local, generic pharmaceutical corporates. Infrastructure, Policies and Processes The lynchpin of sustained progress is development of appropriate infrastructure, policies, and processes. The infrastructure is formed as the needs evolve. S...

About Family Businesses – Part 1 – Asrar Qureshi’s Blog Post #707 Dear Colleagues!  This is Asrar Qureshi’s Blog Post #707 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on  WordPress, the top blog site. Please email to asrar@asrarqureshi.com for publishing your contributions here. Photo Credit: Andrea Piacquadio Photo Credit: Fox Photo Credit: Karolina Grabowska This series of articles partakes from some material published in INSEAD Knowledge. INSEAD is in France and is highly ranked among the most prestigious business schools of the world. Almost all businesses start as family business, even if they are started by one individual. However, the future trajectory varies greatly. It is reported that around 70% fail even before the second generation takes over. There are many reasons for such huge failure, but it is mostly due to failure to change as...