Effects of Resilience Building on Performance of Pharmaceutical Firms in Kenya
DOI:
https://doi.org/10.53819/81018102t5092Abstract
The purpose of the study was to evaluate the effects of resilience building on performance of pharmaceutical firms in Kenya. The research adopted a descriptive research design. The target population included 171 (22 local pharmaceutical manufacturing and 149 importing firms). The study adopted a census sampling technique. The data was analyzed using SPSS 22 version. The study made use of multiple regressions analysis which helped to generate a weighted estimation equation (OLS) that was used to predict values for dependent variable from the values of the independent variable. The regression results revealed that resilience building had a positive and significant relationship with the performance of pharmaceutical firms. It was found that resilience building is satisfactory in explaining the performance of pharmaceutical firms which was supported by a coefficient of determination also known as the R2 of 57.5%. The null hypothesis was rejected which indicated there is no significant relationship between resilience building and performance of pharmaceutical firms in Kenya. Thus, there is a significant relationship between resilience building and performance of pharmaceutical firms in Kenya. The study recommended that pharmaceutical firms should develop and implement the resilience building practices to increase reliability, visibility, adaptability and build reputable brands. Among the practices which are of great significance are those to do with timely and effective response on new customer customers preferences, stable and assured supply, innovativeness to new preferences and preparedness to deal with supply disruptions. The study also recommended that management in pharmaceutical firms should implement the aforementioned practices since they lead to an improved firm performance in terms of sales, customer service and efficiency
Keywords: Resilience building, performance, pharmaceutical firms, Kenya
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