WASHINGTON CROSSING, Pa.--(BUSINESS WIRE)--There are a number of market factors that are impacting life-sciences companies today. CEOs and other C-Suite executives must manage pressures being driven by a changing customer landscape (patients, providers, payers); heightened focus on pricing and value; and increasing competition not only from traditional peers but from new entrants looking to disrupt the industry.
Because of these external pressures as well as internally driven factors, such as the need to be more cost-effective without losing efficiency, many life-sciences companies are engaging in or considering moderate to large-scale transformation in the next three years. The primary areas companies are considering transformative changes are in marketing, sales, R&D, and technology and IT.
In mid-September 2017, TayganPoint Consulting Group and PharmaVoice conducted a follow-on research study to gather data around business transformation — the challenges, pressures, motivations, resources — and the needs of companies as the progress through their transformation process.
Almost 30% of pharma companies stated they will undergo a large transformation. This represented a slight drop from 2016-but more interestingly-companies are split on their transformation strategies — half are holding steady, while the other half say the strategy has changed in the past year.
The most frequently quoted reasons for the shift in strategy are attributed to: more digital focus, adoption of new technology, and new organization structure due to acquisition or merger.
“The adoption of technology is simply a requirement not an option. Pharma organizations have no choice but to have a stronger digital focus; it’s how humans find data and communicate, said John Cassimatis, Co-Founder and President of TayganPoint Consulting Group. “Organizations have to meet the patient where they are-online. Today, digital HITS is the score keeper of success. We are seeing organizations implement more enterprise-wide technology platforms rather than in functional silos. These new operating models and technologies enable companies to be more agile and flexible to take advantage of new marketplace opportunities.”
The other major area that is impacting an organization’s transformational strategy is talent with 74% of companies saying they are concerned about having the right talent in place to transform successfully.
“While we believe many organizations have now made the investment to educate, train and prepare for transformation, the big question is do they have the leadership, teams and stamina it takes to see a vision through to the end,” said Joy Taylor, Co-Founder and CEO of TayganPoint Consulting Group. “It is a rigorous journey that requires staying the course versus being distracted by a new competitive differentiator before really building in the long-term sustainment of the original transformation.”
Other driving forces behind transformation include:
- Increased profitability (74.5 %)
- Increased efficiency (71.8%)
- Better collaboration (57.3%)
- Competition (56.5%)
- Expansion into new markets (geographic or vertical) (49.1%)
Implementation of large scale transformation is more complex than ever. Most transformation efforts are global and cross functional and impact just about every employee. The real change happens once the new process, systems, organization is put in place, not before. Once project teams have been disbanded there is often no structure in place to follow up on post implementation and benefits realization. Bottom line, organizations must prepare people before but continue to enable as the new processes and systems are being implemented and adopted. Focusing on having resources to support change management and training post implementation is key.
An award-winning management consulting firm, TayganPoint specializes in business transformation from strategy through execution. Deep industry knowledge blended with years of functional expertise enables TayganPoint consultants to successfully tackle their client’s most mission-critical issues. They understand that designing the strongest solution requires a fine combination of tools, methodologies and strategies that match the unique needs of the company – and its culture.
Through a collaborative and hands-on approach, TayganPoint helps clients realize business benefits sooner than with traditional consulting methods, creating advantage in today’s globally competitive, fast-moving world. Connect with us: @TayganPoint
To learn more about this survey please visit: http://tayganpoint.com/BTsurvey2018