Executing Change in the Pharma Industry - Prescription for Pfizer
Decision Resources, Inc, March 2007, Pages: 28
Pharmaceutical history is littered with the abandoned husks of great ideas, many costing a king’s ransom and never able to live up to their promise. Indeed, there is little doubt that in recent years pharmaceutical companies have been getting their execution wrong. The key to future survival and success is a company’s willingness to embrace change and adopt new approaches to execution. Pfizer’s recent implosion speaks to the heart of the challenges facing the pharmaceutical industry today.
Dynamic changes are under way in this industry, and downsizing alone is unlikely to be enough to save many companies. This report suggests several changes to both strategy and execution that will help companies be viable in tomorrow’s marketplace. While there are both challenges to overcome and pitfalls to avoid along the way, getting execution right now matters more than ever.
Get the Answers You Need to Shape Your Strategy
There is little doubt that in recent years, pharmaceutical companies have been getting their execution wrong. What mistakes have been made and how can companies correct their execution of strategic goals?
The cost structure of today’s pharmaceutical industry has changed. What procedures will improve
effectiveness in this new business environment?
A number of valuable opportunities for change exist for pharmaceutical management. What are they, and how will they affect the success of the industry?
There are major impediments to change in the pharmaceutical industry. What are they, and how can they be overcome?
Scope
- Basic concepts affecting and impeding company change: corporate culture, strategy versus execution, behavior versus attitude, efficiency versus effectiveness.
- Pfizer: victim of its own success and prescription for change.
- Prescriptive plans for Pharma: simple strategies to improve execution of strategic goals.
- Cost-cutting: a vicious cycle of long-term, negative effects from short-term solutions.
- Marketing & selling: optimizing direct-to-consumer advertising and sales force size.
- Lipitor: useful as a litmus test for the impact of promotion on sales in the current market.
- Outsourcing and off shoring: cost-efficiencies that create tomorrow’s competition.
Executive Summary
Strategic Considerations
Stakeholder Implications
Companies Have Been Getting Execution Wrong
Basic Concepts
Strategy and Execution
Behavior
Attitude
Strategy-Execution Disconnect
A Vicious Cycle Arises from Shedding Employees to Cut Costs
Knowledge/Organizational Size Disconnect
Efficiency
Effectiveness
Marketing & Selling
Efficiency and Effectiveness in Pharmaceutical R&D
Wars of Attrition over Sales forces
Direct-to-Consumer (DTC)
Getting Execution Right Now Matters More Than Ever
Prescription for Pfizer
Pfizer in a Nutshell
Falling on Your Sword
Victim of Its Own Success
Look Beyond Simplistic Downsizing
Pfizer’s Current Predicament
Lipitor as a Litmus Test for the Impact of Promotion on Sales
Pfizer’s Pipeline Progress
Pressure to Find Sufficient New Products
Corporate Size Limits Available Targets for Development
Increased Product Opportunities for Smaller Companies
What Pharmaceutical Companies Can Learn from Pfizer’s Current Predicament
Five Quick Wins for Pharma
Downsizing the Sales force
Changing the Focus of DTC Promotion
Zero-Based Budgeting
Return-on-Investment (ROI)
Cultural Audit
The Bottom Line
The Curse of the Margin
The False Prophets of Outsourcing and Offshoring
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