The pharmaceutical and life sciences industry is changing quickly, but change is difficult. Below are some of the common challenges that you might face that we help our clients solve.
Executing complex strategic initiatives successfully is risky and the percentage of companies failing to meet change objectives is high. Change implementation can be time-consuming, distracting, and exhausting. Communication efforts, often well-intended, can cause employees to resist or dwell on job security.
As a senior leader, you plan and announce a major change initiative. You communicate your plans and hope your mid-level and front-line managers effectively execute the change. Unfortunately, your leaders are overwhelmed and do not have the necessary change execution and agility capabilities.
Deep down you know your organizational culture does not reflect the organization’s values. You acknowledge the research that organizational culture represents a source of change and that “culture eats strategy every time”. On the flip slide, you appreciate that intentional efforts to shape organizational culture can be used to drive change efforts, achieve business results, provide a competitive advantage, and make your organization a better place to work.
Life science 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 healthcare 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.
The merger is announced, yet a successful M&A goes beyond the numbers and many fail to achieve their intended objectives due to a combination of conflicts in corporate culture, lack of leadership capabilities, inadequate reorganization and reporting structures, and people related risks. These risks include people being distracted, uncertain, and unable to effectively lead others through change. Many can not get beyond their own concerns regarding job security and their future. Effective post-merger integration requires proactive planning to deal with integration risks, cultural, operational, and human capital risks.