SUMMARY: The argument that the first rule of business is to make money is becoming more irrelevant in a time of social chaos. Every company is entitled to make a profit, but when a CEO earns $28 million a year, and can’t afford medications, something is dreadfully wrong.
MINUTE READ: Big pharma should take a good, hard look at small biotech companies and try to better understand how they succeed and are able to make strategic decisions faster without multi-levels of bureaucracy.
KEY TAKEAWAY: Consumer behavior has changed due to the pandemic, and DTC marketers should be aware of how consumers will evaluate and choose prescription drugs.
It’s hard to believe that 2020 is almost over but goodbye and good riddance. I’m hoping a new leader can restore the CDC and FDA’s trust and that the nationwide vaccination problem can proceed, but there are bigger issues. Long after COVID is a bad memory, the pharma industry will still be making more and more mistakes in the name of profits.
People who stay with a company just because of their salary and benefits are not the kind of people that are needed to make the leap from good to great.
SUMMARY: Big pharma is still using outdated bureaucratic processes for everything from hiring to implementing marketing tactics to the point the industry is becoming more bloated. Unless employees challenge the status quo, DTC marketing will continue down a path to irrelevance.
SUMMARY: Leaders have a duty to make their companies stronger and help make the world a better place. Leadership is crucial in providing a unified vision. Pharma CEO’s shouldn’t believe that their products, alone, will help make the world a stronger place. People want and need more.
As people move up the pharma ladder, their work often revolves around internal management issues, training, and endless meetings to motivate their employees rather than focus on patients.