The pharmaceutical industry is caught between a blockbuster-driven past and a future comprising precision medicine, curative therapies, and payment for outcomes. The years of consistent double-digit growth and unconstrained pricing power are fading into memory.
Despite the recent struggles, most pharmaceutical companies have not yet embarked on broad transformations, particularly in their commercial organizations.
“Commercial transformation” is one of those phrases that has different meanings to different people. It reflects more than a set of independent, strategic initiatives aimed at creating leaner, more customer-focused organizations. True commercial transformation requires that pharmaceutical companies take steps to become high-performance organizations that successfully navigate the evolving interrelationships between healthcare stakeholders. To achieve this, there are 10 imperatives companies should consider, which are designed to be implemented as part of an integrated and well-orchestrated change program.
This paper examines the 10 imperatives we believe pharmaceutical companies should consider to achieve true commercial transformation in the evolving healthcare environment.