Accounting
Baxter has been a leader in the health-care industry for over 70years, including medical devices, pharmaceuticals and biotechnology. Thecompany was founded in 1931 as a manufacturer of commercially preparedintravenous solutions. Initially, the company sold and distributed theproducts made by another manufacturer, but demand was there, especially inthe Midwest, and the company went solo. The main values that Dr. Baxterhad then laid at the foundation of the young company are still actual evennowadays, like, for example, a strong accent placed on the research anddevelopment process. This led to a series of inventions, like theTransfuso- Vac vacuum container, for storing blood, which made the companyone of the most important in its field. The 50s saw a period of expansion for Baxter, with the opening of asecond plant in the United States, in Cleveland, and the purchase of HylandLaboratories, in 1952. Additionally, international expansion marked itsfirst step in 1954, when an office was opened in Belgium. The company wasbecoming more and more independent and the relationship with the AmericanHospital Supply Corporation that had been until then the primary
The Kaizen technique is based on the general belief that "that thedevelopment of an individual's skill benefits both the company and thatindividual, and that people constantly aim for self-improvement"[2]. The initial product produced by the company, intravenous solutions,is still one of the most important in Baxter's product mix. Listing onthe stock exchange and entry in the top 500 American corporations list,published by Forbes, were two of the recognition of its merits. Value may have differentconstitutive elements for different persons, but in a company, there mustbe common values and goals. Ateam will find it easier to define a common value and objective andintegrate it with the company's mission and objectives. If I am to consider the accounting department within Baxter, such atechnique may have several benefits. Within theaccounting department, such a team can easily set goals for the members. If we look at this particularity, we may considerthat the rise and fall in the medical products industry happens quiterapidly. As I have discussed, the company'scompetitive advantage is based on extensive research and development, goodcustomer relationship and a strong infrastructure. As I have mentioned in the beginning, there are generally threedirections in Baxter's business: biotechnology, pharmaceuticals and medicaldevices. Another important aspect of the kaizentechnique refers to 'the address flow". Another characteristics is that the companies operating in theindustry have very large research and development budgets, based on what Ihave discussed above.
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Acceptance Essays
