Accenture wrote many years ago that the biggest challenge to the pharma industry was their own organizational shortcomings. Unfortunately, most big pharma companies haven’t got the message and to this day most employees are treated as expendable assets. Continue reading
- 2018. For half a century, corporate America has been ruled by the gospel of shareholder capitalism, as proclaimed by Milton Friedman.
- While most senior pharma company executives focus on the profits, many of the rank and file really want to help patients but are overruled because of ROI.
- Pharma companies are not a good place to work. Open offices and small raises often lead to a stressful work environment.
- According to the Conference Board worldwide, only 13 percent of workers feel “engaged”—meaning enthusiastic at work and committed to their companies—according to Gallup, which has tracked this since 2000.
- Employees are merely the fuel that generates sales growth.
- If you’re living in fear of losing your job, then all of your decisions and actions are geared to preserving your job rather than taking risks.
- The health care industry has already banked more profits than any other quarter in the past year.
- As of Aug. 2, 85 publicly traded health care companies have amassed $47 billion of global profit on $545 billion of global revenue in the second quarter.
- That profit is higher than the $45.6 billion that 118 health care companies posted in the first quarter of this year, and it’s higher than anything recorded in the past year.
- Pharmaceutical companies continue to rake in the highest profit margins.
- Axios reported that top pharmaceutical companies have announced significant so called ‘buybacks,’ which benefit shareholders by driving up the value of their stock.
- Contributions to Republican Party have yielded a great ROI for pharma.
- This suggests that pharmaceutical companies have used these tax breaks to enrich investors, a decision that comes at the expense of lowering the price of prescription drugs, investing in research and development that could lead to new cures, or passing along savings to consumers.”
KEY TAKEAWAY: Wells Fargo on pharma: “We get the impression that many in the industry and many investors do not see the trouble brewing. We worry that some may be living in a bubble, a cozy patent-protected, high margin bubble.” Continue reading
KEY TAKEAWAY: According to numerous consulting reports I’ve read one of the biggest obstacles to big pharma is the organization itself. Over the years I have asked the employees of biopharma companies what they really think needs to change. Here are some of the top wishes.. Continue reading