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Prepared to transform? See what questions you should be asking to prepare for your OWN transformation.
Over 50% of life sciences companies will restructure this year.
Transformation means thinking and behaving in a new way—and through a series of changes, not just through a singular event. For companies seeking transformation, strong execution is required – as well as a commitment to aligned strategy, vision, programs, and projects, all working in unison to create value.
External Pressures Create the Strongest Drive for Change
A NOTE FROM Joy Taylor, Co-founder and CEO & John Cassimatis, Co-founder and President
It is imperative companies convey their vision to employees with clarity. Getting people onboard is akin to running a political campaign—clearly deﬁning your platform, mounting your campaign to add character and emotion, and reinforcing why they should support you.
The survey results that follow truly reﬂect this idea, as well as our ﬁrst-hand experience with clients. Achieving integration continues to challenge organizations overtaxed by competing priorities, doing more with less and managing complex change.
We hope you ﬁnd the survey results enlightening, if not reﬂective of your own experiences, and welcome the opportunity to discuss these results with you further.
These pressures, combined with more general industry trends – transfer of costs to patients and high deductible health plans, industry consolidation both in the industry itself and with healthcare providers, and the integration of new technology into digital health tools – are prompting companies to consider transformation sooner.
At the end of 2016, TayganPoint partnered with PharmaVoice to initiate a survey intended to provide greater understanding of what types of transformation these life sciences industry pressures are prompting companies to undergo. What they found was that almost all survey respondents are considering a moderate to large transformation within the next three years. The primary areas where transformation is being considered are Sales & Marketing, IT, and R&D.
Those surveyed include C-Suite executives in the life sciences industry - including pharmaceutical, biotechnology and biopharmaceutical companies as well as device, drug delivery, diagnostic, equipment, and generic manufacturers. TayganPoint and PharmaVoice also polled companies that support the life sciences such as government agencies, clinical trial investigative sites, and universities.
More than 50% of respondents indicated that their organizations do not have the time, skills, and resources needed to successfully transform. It’s overwhelmingly clear – only those organizations that effectively prepare for and have the capabilities to execute on transformational change will succeed.
In a fluctuating marketplace filled with economic uncertainty, life sciences companies are feeling mounting pressure in three critical areas:
Growing revenue in the face of a shifting and indefinite landscape
CUSTOMER ENGAGEMENT Adapting to patient-centric models, fluctuating pricing, and increasing patient awareness
COST AND PRICING
Doing more with less while fulfilling the demand for greater innovation and value
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