PharSim - Pharmacy Simulation
In the simulation, teams take over the management of a pharmaceutical wholesaler, where they have to make economic decisions. The most important thing in the game: management and competition. In addition, external economic effects also play an important role. In addition, external economic effects also play an important role.
The virtual company dates back about two decades and represents an international pharmaceutical company. The country where the company operates is moderately economically developed. The company is currently active in three product groups: antibiotics, analgesics and antispasmodics. Each is sold in a variety of packaging and wrapping; on the basis of licenses obtained from the parent company.
During the game, participants have to make decisions related to marketing, sales and product licensing, as well as financial decisions and logistics issues.
How PharSim simulation software works:
- The students form groups and take over the management of the virtual company created by the simulation software.
- The virtual company is managed by making strategic decisions for every quarter of a year.
- The software gives a written feedback about the results of the decisions.
- The software settings can be modified in various ways based on different demands, purchase prices and a number of other factors.
- The software can simulate up to 8 periods.
Advantages and learning points:
- The program shows a basic economic activity, the operation of a producing company, highlighting the most important strategic points in the management of the company.
- The program is complex enough to synthesize and put into practice the knowledge of students, who are close to finishing their studies.
- The game challenges and develops analytical skills, as students are required to find the data they need from various financial and commercial reports (for example balance sheets, income statements, cash flow, market research).
- As a result, just like in real life, effective teamwork is essential to successfully complete the game.