Pharma Reform

It is hard to argue that pharmaceutical companies don’t need expertise throughout their organizations.  Expertise has value in virtually every functional position within a pharmaceutical company.  Technical, functional, and support staff expertise can significantly enhance the efficiency of daily operations.  For pharmaceutical companies this is critical for increasing productivity and keeping operating costs in check.  But, as much as companies might aspire to have it, they don’t need “world class”, “best in the industry” expertise in every position in the company.  It is not only impractical but also limited in leveraging for value.  Again, this is not to say you don’t want the best people you can recruit, hire, and train.

So in addition to research, where can a pharmaceutical company leverage teams of expertise for the most value in the evolving new healthcare market?  If they represent a primary source of revenue, the first place to look is at a company’s “core competencies”.    Otherwise,  in the evolving new healthcare market, the next two highest value teams of expertise (after R & D) for pharmaceutical companies will be the leadership team (executive and senior management) and the  “managed market” team.

The complexities of the science, the business, and the market make it essential that the leadership team have “world class”, “best in the industry” expertise.  The leadership team impacts the entire organization and it is difficult to attract (recruit and hire) and manage expertise when the leadership team lacks expertise itself.  From setting goals and objectives to performance management for productivity a leadership team of expertise will set high standards for itself and the organization.  They will know how to get the most out of organizational resources and will have the discipline to deliver results that are consistent with market expectations.  Their diligence in managing the organization will mitigate opportunities for making mistakes and poor decisions.  Their interpersonal skills and attention to the work environment will energize employees and maximize their performance.  Most importantly, a leadership team of expertise will understand the value of integrity, set uncompromising example, and build it into the fabric of the corporate culture.

In the next post we’ll discuss “managed market” teams of expertise.

mike@pharmareform.com