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The sector has experienced seismic change over the last 10 years and continues to grow at an impressive pace. Regulation is becoming more focussed to protect consumers as was the case with Medical Device Regulation (MDR 2017/745) the most disruptive changes to that industry in recent history.
Developing new medicines that can cure (or prevent) today’s incurable diseases.
Customer expectations are rising continuously.
Scientific productivity is lackluster and stagnant.
Management culture issues are slowing much needed changes.
Pharmo-economic performances of drugs is increasingly being scrutinized by healthcare payers.
The self medication sector is expanding rapidly.
Governments have started turning their focus to prevention instead of treatment of diseases.
Collaborative clusters in Pharmaceutical, Biotechnology, Medical Devices and Diagnostics have been a key element behind the remarkable growth of a sector that directly employs 50,000 people.
As well as regulation, many companies are experiencing competitive pressures and an accelerating need for innovation to stay relevant with demands of healthcare professionals and clinicians. Companies in this sector may well experience multiple transformations and to be successful will need to be increasingly agile both operationally and organisationally. This is the only way they will gain a competitive advantage will be capable of meeting these new challenges.
Contact LBS today for a no-obligation conversation about how our programmes can help your organisation to be more efficient, effective, and collaborative.
Insights
The Shingo Model
Organisations who wish to be truly excellent for their customers must understand the five dimensions of excellent organisations.
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Impact
Optimising Productivity
Future state value-stream mapping to identify the most efficient and cost-effective workflow for a US multinational
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The Way We See Things
A business is made up of a collection of inter-dependent units. Acknowledging and addressing each unit is the key to implementing impactful, long lasting results.
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“Out of clutter, find simplicity.
From discord, find harmony. In the middle of difficulty lies opportunity”