Australia Business Environment Business & Marketing Essay (Essay Sample)

AUSTRALIA BUSINESS ENVIRONMENT
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Table of Contents TOC \o "1-3" \h \z \u Australia Business Environment PAGEREF _Toc26862319 \h 3Executive Summary PAGEREF _Toc26862320 \h 3Introduction PAGEREF _Toc26862321 \h 4Novo Nordisk PAGEREF _Toc26862322 \h 4Legislative, Regulatory Framework/s Affecting Novo Nordisk PAGEREF _Toc26862323 \h 4Treaties, Conventions or Agreements that Affect Novo Nordisk Products or Services PAGEREF _Toc26862324 \h 7Conclusion PAGEREF _Toc26862325 \h 9References PAGEREF _Toc26862326 \h 10
Australia Business Environment
Executive Summary
Novo Nordisk is a Danish multinational pharmaceutical corporation with plant facilities in 8 countries and affiliate businesses in 5 countries, including Australia. As a non-resident multinational corporation, the firm must comply with several consumer protection and fair competition laws. Moreover, complying with taxation and employment laws is essential to avoid taxation and labor-related litigations. However, the company enjoys free trade provisions in 11 countries and trading blocs that have entered into free trade agreements with Australia. Notably, free trade agreements with the United States, Singapore, and New Zealand allow Novo Nordisk to access a large consumer market. Moreover, ongoing negotiations with other countries mean the company will enjoy better trade tariffs in the future. In summation, Novo Nordisk complies with several legislations and regulations in addition to capitalizing on free trade agreement provisions.
Introduction
Multinational corporations operating in foreign markets have to comply with the relevant legislative, regulatory frameworks, treaties, conventions, or agreements of the host nations. Therefore, multinational corporations operating in Australia, such as Novo Nordisk, have to comply with the Australian government, state, and territory government legislation. The laws governing how multinational firms and other businesses interact with customers, suppliers, employees, and other businesses.
Novo Nordisk
Novo Nordisk is a Danish multinational pharmaceutical corporation headquartered in Bagsværd, Denmark. The corporation has production facilities in eight countries as well as affiliate businesses in 5 countries, including Australia (Novo Nordisk, 2019, para. 2). The corporation manufactures and markets pharmaceutical products and services in over 180 countries. In this regard, the organization is involved in growth hormone therapy, hemostasis, and hormone replacement therapy. In addition, the company sells several types of drugs under various brand names, including Victoza, Levemir, NovoLog, NovoSeven, and Tresiba (Novo Nordisk, 2019, para. 1). To support its operations across the world, the organization has a workforce of more than 40,000 people. In Australia, the organization employs approximately 115 employees administered from its head office in Baulkham Hills, New South Wales (IbisWorld, 2019, para. 1).