Old pharma thinking will doom the industry

thinking and results feedbackKEY TAKEAWAY: If pharma CEO’s are celebrating the election of Donald Trump they are making a huge mistake.  Now is the time to start looking forward to prepare the organization for changes that have to be implemented in order for pharma companies to thrive and survive.  Old thinking and strategies are only good for CEO’s who want to maximize their compensation before bailing out.

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Take a hard look at the chart above.  How many people within the industry can honestly say that new thinking is the direction of the industry?

My group was working with a bunch of very bright people at a biopharma startup in Cambridge, MA that was purchased by a top 10 pharma company.  Within six months the people who had started work on a unique approach to treating cancer were all gone.  They weren’t asked to leave and in fact were offered bonuses to stay, but they chose to leave because of bureaucracy they encountered including days of endless meetings.  In talking with several people who left they said they were “taken back” at the lack of empathy towards patients and the emphasis on bottom line profit.

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There is a chance the new incoming administration will “ease up” on pharma, but the voices of members of Congress and patients, around high drug prices, will continue until members of Congress are forced to take some kind of action.  It’s only a matter of time before the top 5 pharma CEO’s are called before Congress to explain high drug prices and annual price increases.

Graphs on the hands.

Pharma has to start aligning the organization NOW.  We need employees who care and feel that helping people is a great career.  We need to show the door to employees who believe in “sales and profit at every turn” and finally we need less conferences and more great marketing programs that enrich patients and caregivers’ lives.