Leading the Global Healthcare Transformation
Learning from the most successful CEOs in pharma and medtech
Dr. Roman Hipp | Dr. Wolfgang Freibichler | Nicolas Christiansen | Joey Wilson | Mareike Fell
Apr 2024
| Study
| English
Leading the Global Healthcare Transformation
Learning from the most successful CEOs in pharma and medtech
2024 has already been characterized by a dynamic interplay of challenges and opportunities in the pharmaceutical industry and broader life sciences sector. This environment leaves board members of pharma, biotech, and medtech companies far from at ease. They are tasked with navigating rapidly evolving market demands while simultaneously mastering strategic transformations crucial for future success. Additionally, a staggering 75 percent of transformations in this sector fail to meet their objectives. This raises the question: What are the successful 25 percent doing differently?
By analyzing industry-specific data from the Porsche Consulting Change Management Compass 2023, evidence has been gathered from companies that have successfully navigated these challenges. This study aims to identify the key factors contributing to success, shedding light on the distinctions between success and failure in the healthcare industry's transformation journey.
Management Summary
- Top leaders need to invest sufficient time in inspiring their people and share the future vision of the company.
- When managers lead by example, they anchor new social norms among their teams and solidify expectations.
- Employees need to be given greater decision-making power, just slightly outside their comfort zone, to feel empowered.
- Empowered employees should have the freedom to act within the “commander’s intent” passed down from leadership, instead of having to follow strict rules.
- Siloed thinking must give way to bridge building, enabled mainly by flexibly deployed cross-functional teams.
- Learning new skills needs to become a natural and ongoing activity on the job at every level.
- In-house knowledge factories must become the bedrock for future capacity building.
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