Critical Success Factors for Competitive Advantage in Iranian Pharmaceutical Companies: A Comprehensive MCDM Approach

Abstract

The unprecedented COVID-19 outbreak strengthened the critical manifestation of the rapid development vs. survival for pharmaceutical companies, deploying strategic conduct worldwide. This study therefore explores the endogenous relationship among pharmaceutical companies' manufacturing strategy and their performance indicators within the ambit of creating a long-lasting competitive advantage in turbulent times. Very often, it is not possible to launch a cause-effect relationship between performance and their drivers. To achieve this end, multiple-criteria decision-making (MCDM) techniques are employed in a hybrid fashion in this study. The notion has simultaneously ranked critical success factors (CSFs) in the manufacturing strategy and performance indicators in the limelight of managerial perceptions, while controlling the inherent bias concerning the causality direction in the ambit of these two entrenched concepts. A case study on the Iranian pharmaceutical companies is piloted to demonstrate this hybrid-fashion multifarious approach. Overall, the results revealed the most pertinent CSFs that reached superior-performance echelons in the Islamic Republic of Iran.