For companies seeking a competitive advantage, Wendy L. Heckelman PhD and WLH offer diagnostics expertise, scientific rigor, and partnership to drive sustainable change and measurable improvement.
We are not physicians or public health experts …we are Change Leadership Experts. As change experts, we know that living in a VUCA world characterized by Volatility, Uncertainty, Complexity, and Ambiguity is the backdrop for what motivates strategic change and the need for leadership agility. COVID-19 (Coronavirus) is testing leaders’ agility on multiple levels.
Life sciences companies require the capacity to change and adapt quickly to win in today’s marketplace. Unlike sports where the rules of the game are defined, the playing field in the healthcare marketplace is changing rapidly, creating much uncertainty. Using a metaphor from the sports world, “agility” is defined as the ability to move with balance, speed, strength, and coordination to achieve a competitive advantage.
In order to respond to the fast pace of social, political, economic, and technological forces, organizations must be nimble at effectively responding to challenges and taking advantage of opportunities. Most organizations and their leaders struggle with developing and implementing all types of large-scale change.
Leaders from all types of organizations recognize the importance of being change-agile. This eBook is based on research-validated through nearly thirty years of experience working with hundreds of clients, large and small, across various business sectors. Download the eBook and begin your transformation!
During the winter of 2005, Pfizer Animal Health’s Cattle business unit moved to take advantage of changes in the dairy industry’s business model. Over the last few years the dairy industry has shifted largely from the family run farm to one that is increasingly more consolidated and corporate in nature.
As a result of the April 2003 merger between Pfizer, Inc. and Pharmacia, leadership in the newly merged animal health division faced a daunting array of challenges. Even though the animal health organization was a relatively small part of the total transaction, there were still ambitious financial goals that had to be met to make the merger viable for Pfizer and Pharmacia shareholders.
Best-in-class pharmaceutical companies realize that the dedication of time and resources to developing business acumen is critical to overall success and creates a competitive advantage needed to excel in the changing healthcare marketplace. There is a greater need for effective business acumen and planning skills to analyze their environments, identify opportunities and maximize resource allocation decisions.
To win in the marketplace, life sciences companies must effectively achieve results and develop access with large organized customers – whether they are integrated healthcare systems or regional/national payers. Leading the charge for customer engagement efforts are account managers.
Specialty drugs are one of the fastest growing segments in the pharmaceutical industry. Innovative therapies can support patient care and yield far better outcomes. However, even with improved outcomes, there is added scrutiny by payers to contain costs and ensure proper utilization.
According to the Institute for Corporate Productivity, more than two-thirds of organizations include “collaboration” as one of their core values. Collaboration is not just a luxury within an organization. Research indicates that collaboration correlates with higher levels of market performance, leadership effectiveness, innovation, and creativity.
The idiom “connecting the dots” describes one's ability to understand the relationship between different ideas, experiences and trends. No one is disputing that the evolving healthcare marketplace is changing how prescribing decisions are being made, especially in larger organized customers.
Life sciences companies can no longer rely on the “one-to-one” or “sales representative to physician” model to drive growth. Treatment decisions are often made by various stakeholders across large and complex healthcare and government institutions.
Best-in-class pharmaceutical companies realize that the dedication of time and resources to developing business acumen is critical to overall success and creates a competitive advantage needed to excel in the changing healthcare marketplace. There is a greater need for effective business acumen and planning skills to analyze their environments, identify opportunities and maximize resource allocation decisions. The development of business acumen and planning skills is more than introducing a one-time learning program.
As companies demand more from their reps, business acumen becomes an essential skill. The healthcare industry is undergoing rapid transformations due to declining government and payer reimbursement, consolidation, and federal healthcare reform. As the healthcare delivery model changes, the pharmaceutical/medical device business model must also change how it delivers products, services, and value to its many different customer types.
Improving field force business planning requires managers to run each sales territory as if it is a self-contained business operation. With the healthcare environment continuing to change, sales managers and sales representatives must understand what drives both their customers' and their own company's profitability and strategic decisions. In response to this change, many pharmaceutical companies are asking field employees to run their sales territories as a business. This requires greater appreciation of costs and the effective management of resources. Thus, there is a need to create business plans that are aligned with corporate and therapeutic area goals.
Why expend so much time, energy, and resources hiring and developing talent, only for an organization’s stars to voluntarily leave the organization? The costs (financial and otherwise) associated with voluntary turnover are not insignificant. Direct costs associated with recruitment, hiring, and training are more obvious. Indirect costs associated with reduced productivity, lost opportunities, lower morale, and time to proficiency, are less obvious.
Although leadership development has been cited as the most urgent human capital need, many organizations face decreasing budgets for their formal learning and development programs. One solution is to shift the accountability for leadership development from HR and L&D to one that is spread more broadly across the organization and utilizes leader-led development.
Field-based monitoring is generally used by compliance departments to verify and ensure field behavior and activities are compliant with company standards. It is important to note that field-based monitoring can also provide tremendous value when integrated into everyday coaching of the sales field force.
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Change and Thrive
Change is the new constant
Leaders from all types of organizations recognize the importance of being change-agile. This eBook is based on research-validated through nearly thirty years of experience working with hundreds of clients, large and small, across various business sectors.
The principal focus addresses two of the primary needs associated with large-scale change. First, there is the need for effective implementation planning and execution excellence. Second, there is the need to ready and prepare leaders to guide others through transition. Download the eBook to learn about our framework.