Big companies hire ‘professional managers. The problem is they knew how to manage… but too often don’t know how to do anything without weeks of meetings and PowerPoints. Steve Jobs said, “you know who the best managers are? They’re the great individual contributors who never want to be a manager… but decide they want to be a manager because no one else will be able to do as good a job as them.
As the cost of capital increases, Silicon Valley venture capitalists will be busy amidst a period of consolidation and transformation of healthcare startups. Venture capital firms will dictate investor-friendly terms to companies that find themselves in the unfortunate position of raising capital in this environment to launch new drugs.
According to a new report, About 63 percent of healthcare and pharmaceutical industry professionals in North America expected disruption to digitalization initiatives in their business units due to inflation. That’s a massive load of horse shit!
The pharma industry, at least in the HCP and DTC areas, is on a path to self-destruction. Why is the industry so slow to adapt and learn and do what’s necessary to help online health seekers make informed and educated decisions? Why aren’t organizational changes implemented in a culture of “decisions by meetings”?
By portraying itself as a company with a heart, not just a lust for profits, McKinsey appeals to younger, idealistic students concerned about global warming, inequality, and racial justice. McKinsey has consulted for at least nineteen pharmaceutical clients — all subject to FDA regulation, but those companies may have paid a HUGE price.
I’m sorry I’ve become too used to working in the pharma industry, where calendars fill up with unnecessary meetings when an email would do fine. As a consultant, I’m used to having a LOT of meetings to review research findings and actionable insights, but the industry’s culture is one of its most significant weaknesses. This is an edited email I received from someone I met in Cambridge. Amy has an MBA from MIT with a minor in pre-med. It shows an industry in deep trouble.
Wall Street wants growth, as do investors, but that may be impossible for pharmaceutical companies. In pharma, growth depends on new products with hefty price tags when over 80% of voters want lower costs for their prescription drugs.
The great resignation has not affected pharma because the jobs within the industry pay very well and most positions and employees like the benefit of having a steady job with good money. However, some pharma companies are having problems filling open positions, and when they do, they often find it wasn’t a good fit. Here are some things to consider to ensure you’re hiring good people.