Few industries are facing greater regulatory, political, and public demand for change today than the pharmaceutical industry. Pharma leaders are under immense pressure to decrease prices, increase transparency and demonstrate clinical results. In the case where billions of dollars are at stake, change is extremely difficult to implement. Despite these challenges, pharma managers must be able to spot a need for change within an organization, understand the value of change and execute a transformation strategy.
To remain agile, it is essential for pharma to anticipate and respond to competitive forces, break free of the status quo and stay ahead of the always-evolving payer landscape. Following a change management process helps managers successfully transition both vendors and workflows to break through old patterns. Specifically, market access and data management are top priorities in the industry today.
Best Practices for Change Management
Payer brand marketers, managed market teams and field sales teams can leverage proven best practices to improve the likelihood of a successful transformation. Here are four change management steps, outlined by MMIT, to help brand teams identify and overcome market access challenges.
Change Lessons for Senior Leaders
In addition, research from McKinsey revealed several management practices that contribute to smooth company transformations.
To maintain momentum while implementing changes, senior executives can use the following strategies:
- Communicate openly with employees
- Maintain a clear sense of direction
- Demonstrate desired behaviors by example
- Recognize the importance of employee engagement
- Create an environment of continuous improvement
Optimizing Brand Performance
Many pharma changemakers lean on MMIT’s solutions and teams to optimize their brand performance. Pharma teams need real-time market access intelligence and payer policy and restriction information across all of their brands.
Download MMIT's case study on change management to learn more best practices for identifying and overcoming market access challenges.