Corporate Governance at Merck
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Case Details:
Case Code : CGOX004
Case Length : 12 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Merck
Industry : Pharmaceutical
Countries : Germany
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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One of the leaders in the global pharmaceutical industry, Merck, was well known for its high -cholesterol, hypertension, and heart-failure drugs.
The company's famous drugs included Cozaar and Hyzaar (blood pressure), Zetia and Zocor (Cholesterol). Vioxx (pain killer), Propecia (male pattern baldness treatment) and Singulair (asthma).
Merck also produced vaccines for hepatitis A and B, and chickenpox. Merck had several new products in its pipeline, including a new COX-2 inhibitor (Arcoxia) and vaccine candidates for human papillomavirus (HPV, a known cause of cervical cancer) and herpes zoster (shingles).
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These initiatives had become important, as Merck had lost patent protection for its hypertension drug Vasotec, high-cholesterol drug Mevacor, and ulcer drug Pepcid in 2001. Unlike other leading players in the industry, Merck had by and large avoided growth by acquisition.
But the company had tie-ups with companies like Schering-Plough.
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In 2003, Merck spun off its Medco Health Solutions Pharmacy Benefits Management and drug distribution subsidiary, which it had acquired in 1993. In 2002, Merck recorded revenues of $51,790.3 million and a net income of $7,149.5 million1.
Background Note
Merck was started in 1887 when German chemist Theodore Weicker came to US to set up a branch of E. Merck AG of Germany. George Merck (grandson of the German company's founder) came in 1891 and formed a partnership with Weicker...
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