The Life Sciences industry faces a multitude of challenges and threats moving into 2012, but within each challenge lies great opportunity to make the next year a success. 2011 proved to be a year where companies questioned and challenged industry practices that in the past had been considered sacred.
Pfizer Stepped Up
Pfizer stepped up direct sales and marketing practices to patients in order to challenge the looming generic brands knocking at their door. Outsourcing continues to increase, even within core areas of the business, such as R&D. And the blockbuster drug strategy that once drove the industry is a thing of the past. Faced with these game-changing issues, consider these questions as you move into the New Year:
- How are you executing on an integrated strategy to all of the customers of your business? Do you know the needs of the physicians, payers, and patients?
- How successful has the execution of your M&A activity been? Do you have an M&A playbook that addresses people, processes, technology, and culture?
- Do you view all of your CMOs as partners? Do you have access to the data needed to best determine whether the relationship is working?
Read more about the issues and opportunities for Life Sciences companies in our 2012 Life Sciences Industry Outlook.