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Russell Reynolds predict 'disruption' in pharma exec search

Russell Reynolds predict 'disruption' in pharma exec search

Executive Grapevine | Executive Grapevine International Ltd

Russell Reynolds Associates are predicting big legislative changes in the pharmaceutical industry that will require a new type of executive to lead pharma companies through a difficult period.

Providing insights to PharmaExec, Reynolds predicts that the pharmaceutical industry will soon be regulated by rules that force firms to demonstrate product outcome and value to patients.

In this world, Reynolds writes that pharma will “require a new set of leaders that are patient-centric driven, have greater content and scientific expertise, and can understand insights from the vast amount of real-world data generated by products in the market.”

Believing that the industry is about to undergo wide-scale disruption, Reynolds advises that companies prepare to change to a “more aggressive leadership development.”

Rather than just employing Executive Search firms to find Chief Medical Officers, Chief Quality Officers and traditional Executive roles, new leaders will need to be found.

These will include Transformation leaders – Chief Transformation Officer, Chief Digital Officer and Chief Data Officer – who will use big data to drive company-scale changes.

Reynolds also predicts there will be a need for eco-system leaders, who will build relationships with other big players and communicate the value of what the industry does as a whole. Under this branch, firms will be looking to recruit Chief Patient Officers and Chief Public Affairs Officers.

Finally, Reynolds thinks there will also be a requirement for Enabling Leaders, who will oversee restructuring, post-acquisition organisation and cost-cutting. Within this category, companies will be searching for People and Culture Executives as well as Productivity and Efficiency Leaders.

Reynolds concludes that: “We expect pharmaceutical companies will consider new roles—transformation, ecosystem, or enabling—as a part of their leadership teams. In order to design these roles—and set the leaders in these roles up for success—companies need to think critically and honestly about their unique needs and leadership goals.”

About Russell Reynolds Associates

Russell Reynolds Associates is a global leader in assessment, recruitment and succession planning for Chief Executive Officers, boards of directors, and key roles within the C- suite. With more than 300 consultants in 45 offices around the world, they work closely with both public and private organizations across all industries and regions. They help clients build boards and executive teams that can meet the challenges and opportunities presented by the digital, economic, environmental and political trends that are reshaping the global business environment.

Find out more about Russell Reynolds Associates