Life sciences industry CEOs and other senior executives need to address a few critical areas as they develop strategy for the post-pandemic era: building resiliency into their supply chain, addressing fast-evolving customer needs, supporting effective innovation to develop new treatments and staving off threats from unexpected competitors.
Some of these were already priorities before the pandemic, as was the need to increase digitization in patient interactions, data sharing and clinical trials.
Still, the pandemic has provided the impetus for life sciences C-suite executives to adjust strategy more quickly.
The new EY Parthenon “Realizing Strategy” report based on a survey conducted by the Economist Intelligence Unit in June 2020 of CEOs, CFOs and other C-suite executives on the future of strategy formulation shows how these changes are likely to affect life sciences organizations.
Going forward, life sciences executives must understand the needs of a wider range of stakeholders that have an impact on both demand for their products and the ability to supply those treatments when cross-border trade of APIs is affected, deepen their product development pipeline and look to partnerships, even with competitors or coopetition, to fill in market and capability gaps.