Journal of Korea Society of Industrial Information Systems (한국산업정보학회논문지)

Korea Society of Industrial Information Systems (한국산업정보학회)
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Donghwa Pharmaceutical Longevity Company Strategy: Focusing on VRIO Framework

동화약품 장수기업 전략 : VRIO Framework중심으로

  • Received : 2024.02.08
  • Accepted : 2024.04.05
  • Published : 2024.04.30
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Abstract

The purpose of this study is to analyze the core values of Donghwa Pharmaceutical, which has been in the pharmaceutical industry in South Korea for 126 years, and examine the core competencies that have consistently enabled it to maintain a competitive advantage. When applying the VRIO Framework, various general pharmaceuticals, including Donghwa Pharmaceutical's 'Hwalmyeongsoo,' which has maintained the top position in the liquid digestive medicine market for 126 years, are identified as powerful resources (Value) that generate 'sustained competitive advantage.' The principles of ethical management based on the Donghwa spirit, the long-standing principles of trust and belief, and the entrepreneurial spirit possess rarity. Having won four Guinness World Records and holding numerous new drug patents, Donghwa Pharmaceutical has consistently secured the top position in the digestive medicine category of the Korean Industrial Brand Power for 19 consecutive years. The company has been designated as a 'Golden Brand,' and its products have high levels of awareness, making them highly difficult to imitate. Lastly, the organization is structured to efficiently utilize resources such as a transparent hierarchical system, fair personnel management, diverse training programs, and high employee welfare and salaries. This study systematically analyzes the core values of Donghwa Pharmaceutical from a managerial perspective and proposes directions for the company to evolve into a long-lasting enterprise. The research outcomes will provide valuable insights for formulating long-term management strategies.

본 연구는 126년간 제약업을 이어온 동화약품의 핵심가치를 분석하고 꾸준히 경쟁우위를 가질 수 있었던 핵심역량을 살펴보는 것을 목적으로 한다. VRIO Framework을 적용했을 때 126년간 액상형 소화제 시장에서 1위를 지키고 있는 동화약품의 '활명수'를 비롯한 다양한 일반의약품은 '지속적 경쟁우위'를 발생시키는 강력한 자원(Value)이다. 동화정신을 바탕으로 지켜온 원칙경영과 오랜 시간 굳건히 지켜온 믿음, 신뢰 그리고 기업가 정신은 희소성(Rarity)을 가진다. 기네스북 4관왕을 비롯한 다수의 신약 특허를 보유하고 있으며, '한국산업 브랜드파워' 소화제 부문 19년 연속 1위를 차지하며 '골든 브랜드'에 선정되었을 뿐 아니라 다수의 제품이 소비자에게 인지도가 매우 높은 점 등은 모방불가능성(Imitability)이 높다고 할 수 있다. 마지막으로 명확한 직급체계, 공정한 인사고가, 다양한 교육훈련, 높은 수준의 직원복지와 연봉 등 자원을 효율적으로 활용할 수 있도록 조직(Organization)되어 있다. 본 연구는 동화약품의 경영적 측면에서 핵심가치를 체계적으로 분석하였으며 더불어 장수기업으로 나아가기 위한 방향을 제시하였다. 이러한 연구결과는 장기적인 경영전략 수립 시 유용한 시사점을 제공할 것으로 기대한다.

Keywords

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