Top 5 skills for pharmaceutical leaders in 2024

As 2024 is well and truly underway, the pharmaceutical operating environment is characterised by numerous challenges. Increasing global economic pressures – including inflation and regulatory changes – are driving up costs; market dynamics worldwide are reshaping the pharmaceutical value-price relationship; and scientific advancement continues to intensify competition, with more drugs vying for market share and increased R&D investment. 

Despite the prevailing obstacles, pharma M&A activity remained resilient in 2023 and this year an acceleration is expected, with a focus on GLP-1 drugs and precision medicine. The need to leverage AI and analytics to expedite product lifecycle processes, and proactive, strategic cost management stand out as equally important trends in 2024. 

Which skills do industry leaders need to exercise to navigate this landscape, capitalise on emerging opportunities while mitigating risk, and, most importantly, deliver outcomes to patients? 

1. Vision

As a recent PwC article notes, the pharmaceutical industry anticipates its actions to come under continued scrutiny this year, in areas like M&A transactions, pricing decisions, and AI investments. Consequently, trust with stakeholders remains critical. A clear vision of the bigger picture, formulated and articulated with strategic thinking, is therefore fundamental to fostering confidence. A well-defined vision serves to align and unify employees, investors, regulators, and other key stakeholders in a collective effort. 

2. Resilient decision-making

At the end of last year, my series, Building resilience in the Life Science sector, examined how a resilient organisation leaps forward from upheaval; it does so with the right components built into its DNA. Against the industry backdrop of 2024, this remains true. Leaders must make decisions with future-proofing at the forefront, whether it be a CIO driving innovative technological agility, or a talent leader developing workforce strategies enabling flexibility with market dynamics.

3. Leading transformation

This year, leading companies will embrace change and prioritize transformation. Leveraging AI and analytics, shifting emphasis onto ‘white space’ in terms of R&D, and other transformative investments will require commensurate leadership, bringing to life with this catalytic skill the visionary blueprint.

4. Patient-centricity

In 2021, 79% of sector CEOs recognised that patient/customer experience at their organisations needed improvement, and patient-centricity was on the agenda of only 29% of pharma companies. Three years later, we are seeing a greater paradigm shift, with the evolution of personalised medicine and rise of digital health technologies, and with organisations incorporating patient-centred approaches into R&D, healthcare decision-making, post-market surveillance and feedback, and planning for the future. Commitment from the top down is paramount to success.

5. Cultural competence

Against the backdrop of challenges and of M&A activity, the right culture is fundamental both for attracting and retaining the best talent and for successful integration and synergy. When companies merge or one acquires another, cultural initiatives and culture-building efforts need to align strategically to company objectives, post-merger integration, and long-term growth plans. Effective leaders will oversee these efforts, minimising conflicts and maximising collaboration.

If you’re seeking specific senior talent in the industry, or a partner to design and implement a senior hiring model that aligns with your objectives (be these strategic cost management or building a diverse and inclusive talent community) do not hesitate to speak to me or my team at AMS Exec.