There is little doubt that the upheavals of 2020 have impacted globally across all sectors. The effects have been more complex in the pharmaceutical sector, who have not only had to deal with the implications of multiple shutdowns across the globe, disrupted supply chains, and the challenges of moving those workers who can do so to WFH, but they have also had a critical role to play in developing therapies and vaccines for the virus. This is on top of the complex issues that previously faced pharmaceutical industry leaders. Healthcare reform and changes in technology, government policy, and consumer expectations are revolutionising relationships with key stakeholders and impacting operations in unforeseen ways.
Even prior to COVID, globalisation has long presented its own set of challenges for the pharmaceutical sector - from development to marketing to regulatory. Add to the mix the ‘patent cliff’, regulation, pressure on R&D budgets, and sluggish sales pipelines, and you have a combination of pressures that would challenge even the most seasoned leadership team. Looking ahead to 2021, it seems likely that the challenges inherent in rolling out a vaccine globally will continue to disrupt and challenge our pharmaceutical leaders.
Broadly speaking, organisations which thrive in the face of adversity show several characteristics. They are innovative, flexible, collaborative, and agile when facing challenges. Their leadership tends to show similar attributes. The question facing the pharmaceutical industry right now is a critical one:
what are the skills and attributes our leaders need to navigate this complex and rapidly changing landscape? And how do our leaders stack up?
Research from the Centre for Creative Leadership suggests that the ability to build collaborative relationships should be a top priority for leaders in the Pharmaceutical sector. We are far beyond the days of autocratic or figurehead leaders. Instead, given the rise of collaborations and partnerships in the sector, businesses require leadership that can leverage relationships across industry, government, healthcare professionals, and patients. Building collaborative relationships is a key competency to thriving in this new environment. Leaders should also be able to leverage these interpersonal skills internally, for example in building and empowering strong cross-functional teams, leading change and encouraging internal development and growth.
Norman Broadbent’s own research has suggested in the past that although many leaders understand the desirable skills in the leaders of tomorrow, they have little faith in the ability of their talent and succession planning processes to deliver. This is supported by the research from the Centre for Creative Leadership, which suggests that although the ability to build collaborative relationships is a vital one in tomorrow’s leaders, was ranked sixth lowest in terms of actual utilised skills. They also ranked poorly on their ability to confront problem employees, which is a critical test of interpersonal and relationship building skills.
The Centre for Creative Leadership’s research indicates a critical gap between the skills many leaders in pharma know are desirable, and the reality of existing and future leaders in the pipeline. So, what can be done to ensure businesses are well-positioned to face the rocky road ahead? The Norman Broadbent Group has been delivering talent assessment, development, and benchmarking programmes for over forty years offering data and insight to make evidence-based people decisions. Often the gap between what we know to be desirable and the reality of those who are hired or promoted, stems from decisions made on ‘gut feel’, which are not only wholly subjective but can often have disastrous outcomes for teams and organisations.
What we do know is that those pharmaceutical businesses that survive and thrive in the ‘new normal’ will be those that develop these important leadership competencies. They will have prepared their leadership team to handle the performance challenges ahead and, by being proactive around their business-critical human capital, will stand more chance of being ‘match-fit’ for the future.
If you would like to confidentially discuss how Norman Broadbent Group could help you overcome your business or people challenges, please contact Nick Behan on +44 (0) 0207 484 0106 or via
nick.behan@normanbroadbent.com