The current operating model needs updating
The success of pharma sales and marketing in the past have elevated their functional importance to pharmaceutical businesses, and with 50% of top global CEOs coming from a commercial background, crucial functions like Medical and Digital were often side-lined. Yet, recent studies looking to characterise and quantify the benefits of these other functions show that they have incredible potential to generate value for stakeholders and businesses alike. The answer, it seems, lies in taking full advantage of what you already have.
The need for a flexible operating model has been highlighted by the pandemic, with field-based teams unable to conduct face-to-face meetings with customers due to the restrictions. As such, the pharma companies with more flexible operating models have been able to quickly evaluate how they interact with customers, mobilise the resources to react quickly, and put together hybrid engagement strategies maximising their use of digital functions and capabilities.
A flexible pharmaceutical operating model will unlock greater value
In healthcare, there are multi-disciplinary teams in place to diagnose, treat and manage patients’ conditions. It should be the same model for pharmaceutical companies, with the functions of Medical to Sales balanced against the needs of the business and its customers. Such multi-faceted organisations are better able to recognise the requirements of helping patients and meet those requirements by utilising the skillsets best positioned to deliver them. By deploying a business model that nurtures the value of patient engagement, and Medical and Digital functions, pharmaceutical companies overcome traditional structural restrictions and unlock cross-functional value without dramatically increasing costs.
To deliver increased value and successfully differentiate against competitors, the pharmaceutical operating model must better incorporate the untapped value of patient engagement, and Medical and Digital functions.