WHAT? Even without the debate on drug prices, some pharma companies are headed towards extinction. Bureaucratic processes, designed to protect jobs and establish territories, and a failure to change the work environment is going to take its toll. Bigger is not better.
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MY TWO CENTS: In my almost 20 years in the healthcare business I have seen a constant across 99% of companies: a culture ingrained in meetings and dead slow decision making. It’s hurting the industry and it’s driving talented people away.
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KEY THOUGHT: Pharma companies three on meetings. According to an article in MIT’s Sloan Management Review, the average manager spends 23 hours a week in meetings, up a whopping 10 full hours (!) since the Mad Men era. Some of those meetings are no doubt productive but conservatively at least a third of the time spent on meetings is wasted in irrelevant conversations, boring presentations, and meandering chit-chat.
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KEY THOUGHT: According to the Times “We’re in a world where we need leaders to improve the state of the world, not just the state of the bottom line,” Marc Benioff, the co-chief executive of Salesforce, said in an interview. “Every C.E.O. has this on their mind right now.” Does this apply to pharma CEOs?
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SUMMARY: Can pharma turn around the public perception of the industry and, more importantly, should pharma companies care? I believe they can, but changes are needed from the C suite to implement a culture change.
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SUMMARY: No company can succeed without employees who care about customers. If pharma doesn’t make an effort to recruit and retain passionate, caring employees than they are in huge trouble.
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FRIDAY THOUGHT: With changes on the horizon for healthcare and drug pricing under attack pharma companies are going to have to cut expenses. In the past, cutting, costs meant layoffs, a lot of layoffs, and I could see this happening again.
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