Business Acumen Skills: What Big Pharma Should Do Now

    

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Business Acumen Skills: What Big Pharma Should Do Now to Prepare for Full Execution of Healthcare Affordability Act

I have spent the last two months working with three different "Big Pharma" clients in the area of Business Acumen and Managed Care.

Lost in the misery and discussion about "The good old days," "Things will never be the same," and "Oh-brother-all-of-our-top-brands-are-going-off-patent," is that stark reality that regardless of the results of the upcoming Presidential election, the game has changed. The other night as I was flying home from a training session, I jotted down a few thoughts to share with pharmaceutical learning and development leaders interested in getting a head start on the business acumen skills impact. I tried to capture my thoughts from a general perspective, and also explored the impact on specific roles and departments.

General

The States of the Union will be the driving force of the execution of strategy and change. Although there are plenty of Federal implications, my perspective is that Big Pharma better start gearing up and organizing around the specific needs, desires and issues at the State level instead of focusing all of their efforts on the Federal effects. Each state will fall into a particular "model" ranging from Aggressive (California always out front) to Slow-to-Act (rural mid-west states). Messaging, coverage, contracting, and business dialogues will all be different.

Business Acumen Skill Implication: Different functions are going to have to possess different skills on Business Acumen, Business Leadership and Strategic Business Selling.

Business Leaders

Business leaders need new skills and tools immediately. I have been absolutely shocked that many leaders don't realize there is a storm coming and a lot of them are sitting around feeling sorry for themselves. Take action! Assess the markets, compete, be innovative!

Business Acumen Skill Implication: Big Pharma leaders need to go back to the basics of Business Acumen and Business Leadership. Work on skills to see the picture, assess the markets, and understand the portfolio to develop strategies of effectiveness to reinvent themselves. Use Business Simulations to "war-game" so you are able to implement different strategies in a risk free enviroment and understand the implications from a financial perspective.

Sales

Sales teams have been saying it for years; the old model is over – it's time to evolve. Strategic Business Selling skills are not just nice to have, they are critical to have. How are pharmaceutical sales professionals in 2013 and beyond going to survive?

By developing skills in Business Acumen sales people are able to understand their customers, understand their business models, and engage in Strategic Business dialogues. Basically - treat the new Managed Care marketplace in a completely original and innovative way by using new and enhanced skills.

Marketing

Marketing teams seem lost, frustrated, and disconnected. New messages and value propositions are now needed - yet many Brand Teams are on islands and they feel like the world around them is still 1994.

New skills of Business Acumen; strategy, finance, strategic and tactical marketing oriented to the "new customer" are needed. How about a simulation experience to "Walk a mile in the Shoes" of a proactive customer like Walgreens who is changing the game by going global with the acquisition of Boots in Europe.

Operations

The Operations function was always critical from a safety, quality and regulatory perspective - but not always from a business perspective. Now, with shrinking margins, new global low-cost generic competitors, and a lack of blockbuster products, operations are now being looked at more closely. But what skills are needed to be an active participant at the table?

Basic Business Acumen training helps operations' contributors see the big picture, understand why decisions are made, and helps them contribute in a positive way.

Contact me if you would like more information or to dialogue

robert.brodo@advantexe.com

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Robert Brodo

About The Author

Robert Brodo is co-founder of Advantexe. He has more than 20 years of training and business simulation experience.