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.
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.
KEY TAKEAWAY: As big pharma gets bigger, the one challenge they have mastered is the reduction in administrative burdens they place on managers and employees.
IN SUMMARY: When I worked on the Cialis launch I was lucky to have the budget to make our eMarketing campaign a huge success. I realize now that having the budget to really succeed in pharma eMarketing is a rare event.
KEY TAKEAWAY: Many of the highest-paying employers in the health-care sector—and the entire S&P 500—were biotech companies, according to an analysis by The Wall Street Journal of annual disclosures for hundreds of big U.S. companies. While pharma may argue that these salaries are needed to attract talented people who take a job for salary alone usually are bound by “golden handcuffs”
- The rate at which companies have been creating positions for a chief digital officer, or CDO, has slowed to a trickle
- Just 54 companies, or 2.2%, had created a new CDO position in 2018.
- It’s because, these days, that job is the responsibility of the entire organization.
- Pharma companies continue to view digital as a “tactic” rather than integrate digital into the whole organization.
IN SUMMARY: Millennials are the biggest demographic in the workforce but a career working in pharma is not high on their list. Pharma’s own culture continues to drive people away and allowing employees to wear jeans is not going to lead to a flood of resumes for open positions or keep them engaged.
IN SUMMARY: Pharma has the help wanted sign out but very few people are biting because working in pharma often means back-to-back meetings, matrix decision making, and regulatory people who are inflexible.