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The Thousand-Year Business Model for a Modern Biopharmaceutical Company
CHAPEL HILL, N.C. – August 24, 2012 – Heightened regulatory scrutiny coupled with economic unrest has many biopharmaceutical executives focused on cutting costs and reorganizing key functions to serve physicians, payers, patients, and stakeholders more efficiently. However, two thought leaders recently stepped away from the micro point of view of operating in today’s business landscape to draft “the thousand-year business model” for a modern biopharmaceutical company.
Christopher Bogan, chief executive officer of Best Practices, LLC, and Daniel Pascheles, Ph.D., vice president at Merck & Co., Inc., jointly-authored the white paper titled “The Ultimate Business Model: Planning that Thousand Year Future.” The full text is published in the August 2012 issue of Pharmaceutical Executive, a leading trade journal for the pharmaceutical industry.
Aside from proven tactics for business survival, including partnerships (see M&A Integration Excellence), technology investments (see Deploying the iPad to Sales & Managed Markets Teams), and talent management, the white paper covered twelve potential paths or opportunity fronts to reinvention for the hypothetical BioPharmaCo., referenced throughout the piece.
These opportunity fronts spanned the organization, from the frontline to senior management, from finance to legal, from market research to supply chain. The twelve potential paths for reinvention highlighted directly improving patient care in areas such as health outcome services and treatment adherence services (see Zithromax: Case Study in Successful Re-Launch), in addition to several others mentioned in the white paper.
Drawing from themes in nature, such as procreation, pollination, gene mutations, and environmental pressures, Bogan and Pascheles emphasized adaptability as a critical factor for survival, both in the natural and business worlds.
“In an era where success is monitored and measured in microseconds, planning for the long-term is increasingly seen as an abstract absurdity,” the white paper reads. “Yet the principles of natural selection, when applied to business, suggest that a lasting business model is still possible – if you learn to adapt.”
For more information on the thousand-year business model, contact us at 919.403.0251 or at bestpractices@best-in-class.com.
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide.
Best Practices, LLC’s clients include the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our reports, database, and advisory services to support executives in commercial and R&D operations.
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