Surviving Rapid Change When Your Pharma Organizations Goes Through Unexpected Changes
In my work as an international pharmaceutical change management speaker, I frequently get questions about surviving rapid organizational change.
“How do I survive all the changes going on around me? I’m worried. I’m overwhelmed.”
Pharma Change Management is a Daily Negotiation
There are few industries that go through as many rapid changes as the pharmaceutical industry. Pharma change occurs on several planes, and often simultaneously. I am reminded of that infamous 3-D chess board we used to see in Star Trek movies where moves could be made horizontally, vertically, and diagonally on three different planes. In fact, all of Pharma is about to enter a Star Trek movie.
On March 23, 2020, Deloitte Insights released a timely paper on “The Future of Biopharma,” detailing influences through 2040. It is a study of international pharmaceutical industry change management challenges. The study predicts the entire healthcare industry will be re-shaped by five forces: Prevention and Early Treatment, Customized Treatments, Curative Therapies, Digital Therapies, and Precision Intervention.
For the sake of discussion, we can focus just on the influence of “Prevention and Early Treatment,” which includes vaccine development (especially noteworthy during the current pandemic), new delivery systems, advanced genetic testing, early detection methodologies and nutrition and biome counseling. We soon realize we have a world of new international pharma possibilities along with multiple likelihoods for mergers, acquisitions, hiring, or layoffs.
But let’s face facts. No matter your role, your worry isn’t 2040, but now. And, while you might be fascinated with customized cancer treatments of the future, your immediate concern is surviving changes in the coming months.
Surviving Pharmaceutical Industry Change
Sad, but true, it has been estimated that across the board, about 88 percent of pharmaceutical change initiatives fail. For the most part 9 in 10 mergers, acquisitions and strategies created by those above you will fall flat or fall short.
How will you negotiate this upheaval? Whether you are a pharmaceutical sales rep, work in marketing, R&D or any other aspect of the industry, the idea is to make yourself invaluable to your team, your company, your “customers,” and ultimately to the international pharmaceutical community. Any negotiation requires a give and take to reach agreement.
To survive change, even rapid pharma change, you are not without tools and resources to make you invaluable. You must be single-minded in focus to use them.
These tools include, but are not limited to: real knowledge, indeed “going the extra mile” knowledge; education; exemplary customer service; being open and flexible; technologically advanced; understanding the landscape; and an acceptance of change. It adds up to professionalism and a skilled approach.
I am pleased to attach links to two testimonial letters and a client list of industry reps who have heard me speak on managing change:
Mike Hourigan, International Pharmaceutical Industry Change Management Speaker helps pharmaceutical companies and their employees overcome the challenges of rapid change. Mike offers virtual podcasts, live video conferencing and in-person events. For more information onMike Hourigan, Pharma Change Management speaker call: (704) 875-3030 or by filling out the form below.
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