Someone once said, “No company ever downsized its way to greatness.’ The traits that are vital to long-term success – innovation, customer loyalty, etc. – aren’t achieved by reducing staff. Yet all Pharma appear to be in downsizing mode. A report by the Institute for Policy Studies in 2012 reported that 119,000 Pharmaceutical jobs have been lost since 2008….and yet the downsizing continues.
In times of economic stress, companies tend to think conservatively and focus on the short term. The goal becomes protecting current revenues and profits, leaving expansion and long-term planning for the future.
This can’t continue. Pharmaceutical companies need to demonstrate true value through increased sales and market share.
Conclusion
Marketing departments need to be front and center in this effort. That, in turn, requires long-term focus and planning rather than a focus just on the next quarterly report to investors.
Using next generation analytics to provide a deep dive into the millions of data points you have on your customers and products can provide a roadmap for you to drive profits through growth, not contraction.