In today’s healthcare environment, it is encouraging to see the emergence of value-focused businesses and operating models. At the same time, our latest global research with pharmaceutical executive’s shows greater executive alignment and perhaps courage are required to achieve agility, profitable growth and competitiveness. According to our research, pharmaceutical executives, unlike other industry executives surveyed, are challenged by beliefs versus actions when it comes to their operating model design, alignment of leadership and utilization of digital.
Operating Models: Executives from all industries strongly acknowledge that advanced operating models are an enabler of strategic growth, yet less than one-quarter of pharmaceutical executives strongly believe their company’s operating model is aligned to fuel the necessary growth initiatives and can support these activities across the enterprise.
Leadership: More than other industries, pharma executives cite leadership misalignment and people-related challenges as the top barriers to advancing the company’s operating model. In fact, only 8 percent of pharma executives strongly believe that leadership has the right investments and growth initiatives in place to achieve the company’s business goals.
Digital: Surprisingly, pharma executives prioritize reinvestment in digital lower than other industries, despite overwhelmingly acknowledging that digital strategies are a top area to reinvest cost savings and achieve a more cost-competitive and efficient operating model. Many pharmaceutical companies incorporate digital in the front office (commercializing therapies and exploring wearable devices) but are slow to leverage digital to increase flexibility and reduce operating costs across the traditional middle and back office enabling functions.
To overcome these challenges we need awareness, dialogue and most of all action.
For more information, please read: Breathing new agility into the pharmaceutical industry