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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

the survey reports that some initiatives may not be transformational enough - pharmaceutical companies are not pursuing aggressive overhaul of the discovery, development and life-cycle management of their human capital pipeline in response to the dramatic demographic changes in the global talent pool.

Transforming the finance function is a critical first step in preparing to implement the kinds of broad organizational and business model changes now needed, according to the report. Finance's mandate has broadened in the current environment beyond its traditional role as scorekeeper, custodian and analyst. The finance function has become a central player in identifying the specific strategies needed to meet the changing demands of industry stakeholders and creating a sound decision-making framework for value creation to address them.

"In this period, it is more critical than ever that companies tackle a host of issues that, to date, have not been fully embraced - from the fragmented ways in which risk is managed, to the need to adopt a 'grow lean' culture or best allocate scarce capital," said Mark Hassenplug, Global Pharmaceutical Markets Leader, Ernst & Young. "As the industry's focus shifts from driving top-line revenue growth to managing for return, the need to transform finance has grown especially urgent."

About the survey

Ernst & Young commissioned Broderick & Company, an independent market strategy firm to conduct a global market survey of 40 senior executives from 15 major companies from around the world. The interviewees included a diverse mix of senior executives in each organization, including CFOs and other financial titles -- divisional CFOs, vice presidents of finance, controllers, regional finance directors and treasurers; chief information officers (CIOs) and information technology (IT) directors; leaders of major business areas; and members of boards of directors.

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SOURCE Ernst & Young
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