SUMMARY: The goal of business is to maximize profits for shareholder returns but when a company that serves the public good pays CEOs millions of dollars in compensation while having among the highest profit margins within ANY industry I would argue that something is dreadfully wrong.
- Patient centricity is not as important as shareholders and Wall Street.
- CEO’s are often compensated on financial metrics and focus on the balance sheet.
- Patient centricity starts with an organizations people but Millennials are avoiding careers in pharma because of the culture.
KEY TAKEAWAY: According to IMS a majority of companies have attempted patient-centric initiatives but only a third have reported any success. We keep hearing about patient centricity but the pressure on sales has ensured that most patient centric strategies are too much about conversion than helping patients.