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Pharmaceutical Industry Needs to Speed Up Transformation to Meet Changing Market Dynamics, According to Ernst & Young Report
Date:11/13/2008

Survey of industry executives identifies risks and opportunities in global pharma

NEW YORK, Nov. 13 /PRNewswire/ -- Leaders of the largest global pharmaceutical companies recognize the need for transformational change in their organizations, but will need to move swiftly to ensure sustained growth for the sector. Current global financial conditions and the threat of a broad recession have accelerated the timetable for implementing change, as the industry confronts lower corporate stock prices and an increasingly cost-averse customer. These and other findings were released today in Progressions, Executing for success: powering new business models, Ernst & Young's bi-annual global pharmaceutical report.

The Progressions report reveals findings from a global survey of senior executives from 15 major pharmaceutical companies. It identifies the top concerns of these leaders and the progress they have made in transforming their businesses.

The industry faces unprecedented challenges related to patent expirations, pricing and regulatory pressures, thin late-stage pipelines, shifting demographics, efficacy issues and globalization. While the majority of companies have announced major strategic shifts and choices that have the potential of transforming the business and the business model, most have yet to adopt the organizational and functionality changes needed to power these new models, the report says.

"All of the top 15 pharmaceutical companies have undergone senior executive-level changes within the last two years, bringing in an influx of new C-suite talent that includes many individuals from industries that have successfully tackled the challenges now confronting Pharma," said Carolyn Buck Luce, Global Pharmaceutical Leader, Ernst & Young. "These leadership changes should help innovative companies to transform their finance function, organizational design, and business models in ways that enable them to continue to prosper in a chall
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SOURCE Ernst & Young
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