Evaluation of Pharmaceutical Companies Introduced in Tehran Stock Exchange Using Balanced Scorecard Method and Data Envelopment Analysis
Subject Areas : Management
Fatemeh Sadat Aghaei
1
,
Majid Annabi
2
*
1 - Department of Pharmacoeconomic, Faulty of Pharmacy, Tehran Medical Sciences ,Islamic Azad University, Tehran, Iran
2 - Department of Pharmacoeconomic, Faulty of Pharmacy, Tehran Medical Sciences, Islamic Azad University, Tehran, Iran
Keywords: Performance Evaluation, Balanced Scorecard, Data Envelopment Analysis, Pharmaceutical Companies Introduced in the Stock Market,
Abstract :
Background: Pharmaceutical science is one of the most dynamic scientific fields in the production of new science and technology due to its tremendous impact on improving health. Techniques such as DEA(data envelopment analysis) and BSC(balanced scorecard) are tools that cannot be considered alternative techniques. Objectives: The main purpose of this study is to evaluate the efficiency of pharmaceutical companies introduced in the Tehran Stock Exchange based on the model Balanced scorecard, and using data envelopment analysis. Methods: In the beginning, performance evaluation indicators from four perspectives: financial, customer, internal processes, and learning and growth; then the efficiency of these companies is considered based on the indicators considered in the model (BSC), measured using (DEA). The statistical population of this study consisted of 13 pharmaceutical companies operating in Iran and listed on the Tehran Stock Exchange. After collecting data, the efficiency rating of pharmaceutical companies was calculated using the output-driven CCR model. This model has been implemented using DEA-Solver software. Results: The results of the model implementation include efficiency scores for each decision unit. As a result, companies that have a rating of 1 are effective. Others are considered ineffective. The results show that out of the 13 pharmaceutical companies surveyed, 9 companies are effective and the rest are ineffective. Conclusion: As a result, companies that have a score of 1 are efficient and compared to other units, they have relatively better used their resources and obtained better results.