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IE application: Current challenges of the pharma industry
Transcript of IE application: Current challenges of the pharma industry
and my place therein So what are critical ones? The pharma industry faces more challenges than ever before! Certainly a lot! What needs to be done? Regulatory environment Developments in the recent past make it harder to stay profitable and suggest adjustments to the organizational set up of pharmaceutical companies Increased scrutiny regarding cost-effectiveness of treatments in everyday application of products with stricter regulations on pricing and reimbursement increase need for efficiency Changing health care policies in various countries require adaptations in how to interact with major stakeholders - especially as decision authorities shift among them Return on R&D investments As a percentage of sales, R&D investments have steadily been rising, ROI, however, has roughly halved in the last 10-20 years More than half of all prescription sales follow formal cost-effectiveness assessments, thus new products need to be substantially more effective or cheaper to succeed Become more flexible Cost for fixed infrastructure must come down, therefore outsourcing or moving to more contracting should be evaluated across all functions The need to develop products that have a clear USP, will require quick and big investments at the right time - various kinds of JVs are to be considered Optimize your R&D decisions Revise metrics in decision making processes to be fully in line with economic profit taking into account the particular regulatory and competitive environments Reassess incentive schemes for all employees in R&D with decision authority to be aligned with revised metrics; e.g. award ramp-down of projects with poor prospects Trial costs have increased, success rates in almost all therapeutic areas, on the other hand, have decreased These are some potential measures... And my place therein? And where am I? ...and all over the place where it comes to finding and implementing solutions watch this space! Nowhere yet... ...but with my strong capabilities in strategy development and project management... ...and further understanding of the industry, relevant processes and practical insights that I will obtain through an IMBA at IE... ...I will be right here! (getting R&D right) And here!
(reinventing value chains) here! here! here! here! here! here! Let's look at two!