To thrive and innovate, Biopharmaceutical companies are seeking to achieve organisational purpose and long-term success. Focusing on long-term objectives, staying connected with stakeholders and leveraging internal talents is the right strategy.
Introduction to Organisational Purpose and long-term success.
This blog post explores the fundamentals to guide biopharmaceutical companies towards a meaningful and effective organisational purpose and long-term success. By focusing on long-term objectives, staying connected with stakeholders, and leveraging the talents of your employees, your biopharmaceutical companies will thrive and innovate.
In my blog post, “The 3 Critical Key Areas for success for Biopharmaceutical companies are Research and Development (R&D), Value Creation and People.“, I approached the first step on how to implement a successful strategy.
Principle #1: Focus on Long-term Objectives
“There are only a limited number of things that we, as individuals and organisations can consistently focus on over time. Therefore, it is important to ensure that the things we do concentrate on are the most important.”
To achieve long-term success, it’s crucial to prioritise long-term objectives over short-term gains. This principle involves setting clear, strategic goals that align with your organisation’s mission and values. Regularly review and adjust these objectives to ensure they remain relevant and actionable.
Initiatives to focus on Long-term Objectives:
- Start every meeting by a review of the Objectives and their alignment with the mission.
- Assess individuals contribution towards achieving the objectives.
- Regularly review and update goals based on performance and market changes.
- Advertise Objectives internally with posters, marketing documents and internal social networks.
Principle #2: Stay Connected with Stakeholders
“Know the reality of your business, do not get enclosed in an ivory tower.”
Staying connected with your stakeholders, patients and health care professionals, is vital for organisational purpose.
Engage with them regularly to understand their needs, expectations, and feedback. This connection helps build trust and improve scientific quality which is highly appreciated by PAYERS.
Staying connected with Stakehoders is vital to keeping a fresh view of what’s important to Patients.
Initiatives to Stay Connected with Stakeholders:
- Establish regular communication channels and feedback loops such as rolling reviews.
- Attend field visits, symposiums, and trade shows to stay up-to-date with the latest developments in the industry.
- Engage with patients by gathering feedback.
Principle #3: Leverage Employee Talents for Collaboration and Innovation
“Take full advantage of all the talents and energies of our people – the people reporting to us, staff groups, peers, agencies, whoever is involved in making our business succeed.”
Your employees are your greatest asset. By leveraging their talents and encouraging collaboration, you can foster a culture of innovation within your organization. Create an environment where employees feel valued and empowered to contribute their ideas and skills.
Biopharmaceutical companies that can attract, engage and retain top talent gain a competitive advantage.
Initiatives to engage People
- Identify and utilize the unique talents and skills of your employees.
- Foster a collaborative work environment through team-building activities and open communication.
- More delegation and more network collaboration build a more effective and efficient organisation
- Encourage and reward innovative ideas and solutions.
Conclusion
By implementing these three principles—focusing on long-term objectives, staying connected with stakeholders, and leveraging employee talents—biopharmaceutical organisations go towards a clear and meaningful purpose. These strategies will not only help achieve long-term success but also foster a positive and innovative organisational culture. Start applying these principles and watch your organization thrive.
The three principles concept were first described by Mr. John E. Pepper’s in 1981. Mr Pepper is a former CEO of Procter & Gamble and under his leadership, the company had one of the most prolific times in its history, not only in terms of revenue but also with people engagement.
If you want to know more about Organisational Purpose and Long-term Success, please click here and download our whitepaper.
