Executive search in the healthcare industry
Most industries change over time, but usually those changes are occurring over a period of many years as the industry adapts to gradual changes in demographics or economics. However, in the pharmaceutical industry, the story has been a little different. In just the past few years, the pharmaceutical industry has seen a dramatic shift away from “business as usual” toward a new model focusing more on innovation and a rapid drive to market, spurred by an increased interest in niche markets and so-called orphan drugs. The FDA’s “fast track” to market approvals for orphan drugs and the bigger profits these drugs can command have redefined the industry, shifting the focus from “blockbuster” medicines to specialty products focused on smaller patient populations.
The result: Pharmaceutical companies of all sizes are scrambling to redefine themselves and their priorities, and this includes bringing in new management and R&D teams who understand the new market drivers and are poised to respond to emerging factors. Now companies are seeking leaders who understand how to drive innovation that nourishes development, growth and an enhanced bottom line.
In short, pharma needs to become more agile, and needs to recruit candidates who embrace innovation and are cognizant of the evolving marketplace.
Is your company ready?
At Stanton Chase, we’ve examined these new trends in depth and condensed them into a new white paper to help pharma executives and human capital leadership with insight into the new face of pharma and how to compete in the global marketplace. Click here to get your copy today.