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A growing and aging world population and the increasing strain on nature’s ecosystems are among the major challenges facing humanity. As a global leader in health and nutrition, we are able to play a key role in devising solutions to tackle these challenges.
Guided by our purpose “Science for a better life,” we deliver breakthrough innovations in health care and agriculture. We contribute to a world in which diseases are not only treated but effectively prevented or cured, in which people can take better care of their own health needs, and in which enough agriculture products are produced while respecting our planet’s natural resources. That's because at Bayer, growth and sustainability go hand in hand. In short, we are working to make our vision “Health for all, hunger for none” a reality. Our strategy operationalizes our vision, as we look to achieve long-term profitable growth and make a positive contribution to society and the environment.
We focus on four strategic levers:
1. We develop innovative products and solutions and leverage cutting-edge research to address unmet societal challenges. We are also continuing to drive the digitalization of our entire value chain.
2. We drive the operational performance of our business by optimizing our resource allocation and cost base.
3. Sustainability is an integral part of our business strategy, operations and compensation system. Through our businesses, we contribute significantly to the United Nations’ Sustainable Development Goals (SDGs). We also pursue bold, science-based climate action along our entire value chain.
4. As a global leader in health and nutrition, we continue to develop our business. We create value with strategy-based resource allocation focused on profitable growth. We are active in regulated and highly profitable businesses that are driven by innovation and in which we have the objective to grow ahead of the competition.
These four strategic levers underpin the strategies of our divisions:
The landscape is changing in agriculture: Increased pressures due to climate change combined with a growing population have created a pivotal moment in how our customers provide food, fuel and fiber for a world that needs to learn to live within planetary boundaries. These challenges have spurred rapid, disruptive changes in the industry, intensifying competition across the value chain, creating new players and opening up new sales opportunities.
In this dynamic environment, the differentiators are clear: The speed and scale of innovation and a focus on sustainable results for our customers. With a leading innovation pipeline, a deep digital ecosystem informing our growers and our research and development (R&D) capabilities, and a multitude of partnerships that accelerate the availability of new technologies, we are currently the market leader and are also very well positioned moving forward.
Our mission is to transform agriculture and drive a more sustainable food system through a farmer-centric, outcomes-based and digitally enabled approach. Our overall goal is to grow faster than the market and deliver superior returns than our competitors. In addition, we aim to achieve 100% digitally enabled sales by the end of the decade.
In the near-term, we are leveraging the positive market momentum driven by favorable commodity prices and further accelerating our strong performance across regions. We continue to invest in the backbone of our business: customer-focused innovation in seeds, traits, crop protection and digital solutions.
Our on-farm connectivity continues to create faster innovation, drive more customized solutions for farmers, automate processes and increase the productivity of our R&D pipeline. We are digitally connecting farms, optimizing input use and creating an industrywide ecosystem aimed at unlocking new income streams for our customers and our own business by pioneering new business models with sustainability at their core.
As part of these endeavors, we pursue ambitious sustainability targets: reducing the environmental impact of Bayer’s crop protection by 30% globally, decreasing field greenhouse gas emissions by 30% in the most emitting cropping systems that we serve, and improving the livelihoods of 100 million smallholders.
Supported by our digital application FieldViewTM, the Bayer Carbon Initiative rewards farmers for adopting climate-smart practices, sequestering carbon at scale and creating new on-farm revenue streams. Since its launch in July 2020, the initiative has been scaled in the United States, and pilots have also been initiated and further developed in Brazil, the EU, India and Australia.
Smallholder farmers are both a fast-growing market that we are committed to serving and a critical lever for global poverty reduction. That’s why we continue to expand the Better Life Farming program, with 900 centers open for small farmers in India, Bangladesh and Indonesia.
Throughout the world, an aging population is leading to a growing number of chronic diseases and the increased occurrence of multiple conditions. The convergence of biology and data science will be a key element for innovation in Pharmaceuticals. Digital technologies can transform the way health care is delivered, while cell and gene therapy has the potential to cure severe diseases.
We are helping to drive medical progress through our focus on researching, developing and marketing innovative medicines. Our near-term growth is driven by key products, such as XareltoTM and EyleaTM, while our near- and mid-term growth will be further fueled by launch products, such as NubeqaTM, VerquvoTM and KerendiaTM, and late-stage R&D pipeline candidates, such as elinzanetant. To safeguard long-term growth, we continue to invest in R&D in therapeutic areas with a substantial need for innovation.
We are continuously strengthening our technology platforms. Building on our acquisitions of the U.S. companies BlueRock Therapeutics LP, United States, and Asklepios BioPharmaceutical, Inc. (AskBio), we are further expanding our cell and gene therapy activities. In addition, the recent acquisition of Vividion Therapeutics Inc., United States, strengthens our drug discovery capabilities with a chemoproteomics platform. Vividion’s approach identifies previously unknown binding pockets in undruggable targets to generate novel compounds. We are also enhancing our technological capabilities through the targeted expansion of our digital R&D infrastructure. Moreover, we are expanding our efforts to access external innovation through research collaborations and in-licensing, capturing continued growth opportunities in biologics and novel technologies.
In Oncology, we are continuing to build our integrated Research & Early Development organization.
In addition, we are investing in the One Drop digital platform and in developing digital solutions, e.g. a platform through which healthcare professionals can centrally manage AI-enabled medical imaging and imaging workflow applications.
We also pursue ambitious sustainability targets. Our sustainability agenda includes improving access to medicines. We are therefore applying tiered pricing principles globally, in order to set price levels according to a country’s ability to pay. Another key focus is on improving women’s health and strengthening their role in society by helping to promote gender equality and women’s economic participation. As part of this endeavor, we are leveraging our leading position in women’s health and are aiming to provide 100 million women in low- and middle-income countries with access to modern contraception by 2030. In addition, we remain committed to combating neglected tropical diseases and noncommunicable diseases.
Rising health care costs, changing demographics and increasing health awareness of consumers continue to make self-care more relevant, and are expected to continue to fuel attractive long-term growth of the consumer health care market. The pandemic has further raised awareness about the importance of self-care, driven increased consumption in categories like nutritional supplements, and accelerated channel shifts toward e-commerce.
We provide consumers with products, services and information that empower them to improve their everyday health. Our strategy focuses on our core categories, as well as the transition of prescription medicines to non-prescription status. Our profitable growth is driven by world class, science-based innovation with our trusted, consumer-preferred brands as well as new product launches. We are also continuously driving cost and cash productivity across the entire value chain.
We continue to digitalize all areas of our operations, in marketing, sales, supply chain and R&D to engage better with consumers, customers and healthcare professionals while driving productivity, flexibility and resilience. We leverage an agile innovation model and collaborate with external partners to provide consumers with innovative solutions that best address their everyday health needs. Through acquisitions and partnerships, we have gained access to new business models and capabilities to provide personalized diagnostics and treatment solutions.
We pursue ambitious sustainability targets. By 2030, we aim to expand access to everyday health for 100 million people in underserved communities per year. We are executing this ambition by fully embedding sustainability across our operations to offer solutions that best serve consumers, in particular those for whom self-care is the primary form of care, while reducing our CO2 emissions and overall environmental footprint.