Overcoming flaws in leadership development with pharma companies
Disruptive innovation may be a rapidly evolving business trend, however properly harnessing it, particularly in the pharmaceutical sector, is still proving challenging. Yet igniting innovation such that it leads to the creation of cost-effective, tangible improvements in healthcare is the obvious way forward. Morphing the current organisation structures into new forms that nurture collaboration, discovery, experimentation and development – and result in new business models - can and do lead to explosive new growth opportunities.
What we are currently witnessing are global pharmaceutical organisations grappling with technologically intensive and complex agendas. As a result flaws in traditional approaches to talent management and leadership development are increasingly visible. And that’s not all, according to Deloitte's recent survey of millennials (those in their twenties and early thirties), 78 percent of the sample 8000 people interviewed are influenced by how innovative a company is when deciding if they want to work there. Yet most claimed that their current employer does not actively encourage creativity. The pharmaceutical industry certainly is not perceived as cutting-edge and innovative and could therefore be missing out on attracting top game-changing talent.
Large traditional organisations, such as pharmaceutical companies, could learn a great deal from more agile counterparts in other sectors, particularly when it comes to unlocking potential intrapreneurial talent.
The transformational potential of taping into intrapreneurship is not new - the 1991 issue of Journal of Business Venturing defined intrapreneurship as the process of creating new business within established firms to improve organisational profitability and enhance a company’s competitive position or the strategic renewal of existing business.