In 1950, George W. Merck eloquently explained that Merck achieves its competitiveadvantage by staying true to its strategic vision: "We try never to forget that medicine is for the people. It is not for the profits. The profits follow, and if we have remembered that, they havenever failed to appear." Today, the pharmaceutical industry as a whole faces the challenge of developing fewer, high-revenue blockbuster drugs while simultaneously incurring unsustainablyhigh R&D costs. Merck responded by merging to improve its drug pipeline, reorganizing toreduce costs, and donating medicines to establish ties with developing countries. Thus, Merck'skey to survival amongst its industry peers is its ability to generate above-average returns by producing quality products and services that improve both human and animal health.
Merck & Co., Inc., headquarted in Whitehouse Station, NJ, is the third largest global pharmaceutical company by market capitalization as of 2009. Founded in the United Statesduring 1891 by George W. Merck, the firm is renowned not only for its medications, but also for its medical manuals, innovative chemical syntheses, and cutting-edge research. Merck isorganized into 3 major divisions – Pharmaceutical (including bone/respiratory/immunology,cardiovascular, diabetes, vaccines, infectious disease, oncology, neuroscience/opthamology,mature brands, and women's health), Consumer Health (OTC drugs, foot care, sun care), andAnimal (livestock, poultry, aquaculture, and companion). Following the 2009 merger withSchering-Plough, the "new" Merck now consists of roughly 100,000 employees worldwide.