The case is written from the perspective of Charles Li, the chief executive designate of the Hong Kong Stock Exchange (HKEx). Li is faced with a number of challenges relating to the strategic direction of the HKEx. In particular, he needs to develop a plan to address the growing power of mainland exchanges, most notably the Shanghai Stock Exchange (SSE). The cases presents a number of options available to Li, including whether or not to accept mainland accounting standards for companies listed on the HKEx. This is a polarizing issue within the Hong Kong financial community. On the one hand, the change would make listing on the HKEx much more attractive for mainland firms; on the other hand, it could challenge the reputation and integrity of the HKEx in the minds of Hong Kong and foreign members and investors.
Global trade fragmentation - Supply Chains
Summary
New models of economic development are emerging from global trade fragmentation. Supply chain executives must now weigh far more complex trade-offs, says Christos Cabolis
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Redesign pay incentives - Climate promises into action
Summary
To turn climate promises into meaningful results, boards must shape pay incentives by embedding environmental targets into compensation packages.
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Chugai (C): Navigating the next century of global innovation
Summary
Chugai C focuses on the company's future as it celebrates its 100th anniversary in 2025. In 2021, Chugai launched its ambitious 'TOP I 2030' growth strategy, aiming to transition from Japan's top innovator to a global leader. The strategy sets two primary targets: doubling RD output and launching one in-house global product annually by 2030. These goals are supported by three key drivers: a RED SHIFT toward early-stage research, comprehensive Digital Transformation DX, and Open Innovation. The case examines the progress made and the significant challenges that lie ahead. These include intense competition from firms in China and India, technological disruption from AI-driven drug discovery, geopolitical risks and cultural barriers to attracting global talent. The central question posed is whether Chugai's proven model for success can sustain its bid for global leadership in an era of unprecedented market shifts.
Reference
IMD-2711
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Chugai Pharmaceutical
Industry
Healthcare, Pharmaceuticals
Available Languages
English
Contact
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Chugai (B): Alliance with Roche to be among the best
Summary
Chugai B examines the pivotal strategic alliance formed in October 2002 between Chugai Pharmaceutical and Swiss giant Roche. Facing constraints in RD funding and global reach, Chugai's President Osamu Nagayama sought a partnership to achieve the firm's ambition of becoming Japan's number one pharmaceutical enterprise while preserving its autonomy. The case examines the unique business model by which Roche acquired a 50.1 equity stake while Chugai retained its management, public listing and corporate identity. This structure created a powerful synergy: Chugai gained exclusive rights to develop and market Roche's innovative products in Japan, while Roche leveraged Chugai's RD pipeline for its global distribution network. The case details how the alliance transformed Chugai from Japan's 10th largest pharma firm into its market leader in oncology and by market capitalization by 2024. It provides a rich context for analyzing how strategic partnerships can bridge resource gaps, foster a 'capability revolution,' and accelerate a company's path to becoming a global innovation powerhouse.
Reference
IMD-2710
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Chugai Pharmaceutical
Industry
Healthcare, Pharmaceuticals
Available Languages
English
Contact
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Are you sick as a parrot? 4 ways to sharpen your language skills and become a more effective leader
Summary
Soulless management talk disengages teams. Use authentic, thoughtful language to inspire connection, motivation, and purpose in your leadership.
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Aprender a desaprender: cómo adaptarse a un mundo que ya no responde a lo esperado
Summary
En entornos volátiles, complejos y en constante transformación, la experiencia acumulada puede volverse un lastre difícil de superar.
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AI strategies that are working
Summary
IMD’s 2025 AI Maturity Index highlights how leaders of the most successful companies are scaling AI technologies across 10 industries for competitive advantage
Copyright
©2025
Copyright owner
IMD Copyright
Available Languages
English
Contact
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Chugai (A): Overcoming adversity with a transformative leap
Summary
Chugai A traces the transformative journey of a leading Japanese biopharmaceutical firm from its founding in 1925 to the early 2000s. Starting with founder Jz Ueno's vision to 'create medicines that benefit society,' the case details the company's evolution from an over-the-counter OTC drug importer to a research-driven enterprise. Key milestones include the shift to prescription drugs in the 1960s and a strategic pivot to biotechnology in the 1980s. Despite Japan's limited biotech expertise at the time, Chugai successfully developed groundbreaking therapies by forging global partnerships, such as with the US-based Genetics Institute, and laid the foundation for its leadership in biopharmaceuticals. The case highlights visionary leaders like Jz Ueno, Kimio Ueno, and Osamu Nagayama, who drove pivotal strategic transformations in response to environmental and policy changes from 1925 to the 1990s. The central conflict focuses on how President Nagayama, upon taking office in 1992, navigated the limitations of the traditional business to seize the immense opportunities in biotechnology, ultimately realizing the firm's ambition to become an international enterprise.
Reference
IMD-2709
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Chugai Pharmaceutical
Industry
Healthcare, Pharmaceuticals
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Building an IT ecosystem at Intertech
Summary
In April 2021, Sava oban, the newly appointed EVP of Intertech, faces a perfect storm of Turkey's economic crisis and the global scramble for tech talent. This forces him to confront an operational meltdown at Intertech, the IT subsidiary of DenizBank. The massive talent exodus results in a 60 turnover rate, which threatens to derail critical projects as Intertech is now competing with both local firms and global giants hiring remotely during the Covid-19 pandemic. With traditional solutions proving insufficient, Sava proposes a radical strategy: pivoting from being a direct IT provider to an orchestrator of a platform ecosystem. The case challenges participants to map the practical steps necessary to build the ecosystem from the ground up by learning how to create trust with skeptical clients, internal teams and wary partners in the high-stakes fintech sector.
Reference
IMD-2698
Copyright
©2025
Copyright owner
IMD Copyright
Industry
Information Technology;Finance and Insurance, Financial Services
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Building an IT ecosystem at Intertech
Summary
In April 2021, Sava oban, the newly appointed EVP of Intertech, faces a perfect storm of Turkey's economic crisis and the global scramble for tech talent. This forces him to confront an operational meltdown at Intertech, the IT subsidiary of DenizBank. The massive talent exodus results in a 60 turnover rate, which threatens to derail critical projects as Intertech is now competing with both local firms and global giants hiring remotely during the Covid-19 pandemic. With traditional solutions proving insufficient, Sava proposes a radical strategy: pivoting from being a direct IT provider to an orchestrator of a platform ecosystem. The case challenges participants to map the practical steps necessary to build the ecosystem from the ground up by learning how to create trust with skeptical clients, internal teams and wary partners in the high-stakes fintech sector.
Reference
IMD-2698
Copyright
©2025
Copyright owner
IMD Copyright
Industry
Information Technology;Finance and Insurance, Financial Services
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications