Organizations across the planet are grappling with how to fundamentally re-invent themselves, and at an ever-increasing pace of change. But few industries face the challenges of Pharma, which may traditionally have been seen as conservative and slow-moving, but is set to undergo a rapid revolution driven by a stark new competitive landscape.
McKinsey, not given to hyperbole, set out the scale of transformation last month in A Wake-Up Call For Big Pharma:
“This dramatic situation requires Big Pharma executives to envision responses that go well beyond simply tinkering with the cost base or falling back on mergers and acquisitions… A bolder, more radical approach to Big Pharma’s operating model must become a realistic planning scenario.”
It’s an exciting time to be working in process management and in Life Sciences. Because whichever you look at the challenges facing Pharma, the answers most often link directly to process excellence.
It’s not just that a process management platform can enable and orchestrate all the actors involved in transformational change. It’s fundamental to success in other ways too:
Collaboration. It’s the ideal governance framework for the collaboration with third parties that will become increasingly common.
Outsourcing. It’s the ideal service management framework for a world where blends of shared services, outsourcing and multisourcing will be far more common.
Performance Improvement. It’s the ideal framework for Lean and Six Sigma initiatives, for sustainable change, and for continuous improvement.