Global healthcare sector transformed by innovation and consumer marketing
“CEO turnover in the healthcare and life science industry remains high, as leadership will continue to face financial and regulatory challenges”, said Trina Gordon, president & CEO of Boyden World Corporation. “At the same time, the most progressive organisations are developing enhanced methods to improve operational effectiveness and deepen their connection to patients and customers, which has increased demand for executives who are effective in the new paradigm.”
The report covers top line changes in the global healthcare and life sciences sector affecting talent strategy, including the prevailing need for prevalence of change management, increased use of big data, ageing populations posing challenges for both consumers and employers, and an expected increase of headcounts in many companies.
“The healthcare industry has shifted and is putting great emphasis on talent acquisition from fast moving consumer goods companies such as Procter & Gamble, Unilever and Reckitt Benckiser”, explains Kerstin Roubin, leader of Boyden’s Global healthcare and life sciences practice and managing partner, Boyden Austria. “These executives bring strong experience in change management, brand development and other areas important for mass marketing on a larger scale.”
The new report from Boyden also identifies the following trends affecting executive hiring in the sector:
Rising scrutiny of CEO and senior executive compensation, resulting in new evaluation metrics
Focus on solution-oriented executives rather than product-oriented managers
Increased investment and patent applications
Expansion of generic drugs
Lack of adequate hospital infrastructure, especially in developing and emerging markets
Inversion or company relocation initiatives
“In the US, all of the life sciences sectors are experiencing a broad upswing after a tough first three years following the recession”, said Trevor Pritchard, partner, Boyden San Francisco. “This growth, coupled with the renewed strength of the M&A and IPO markets, is resulting in aggressive investing and executive hiring in both larger companies and venture-backed concerns. We expect 2015 to deliver an even stronger growth curve than what we experienced over the last couple of years.”
“With Indian pharma companies investing heavily in joint collaborative research for new drug discoveries, senior-level professionals with niche skills in the areas of drug discovery, regulatory affairs, quality systems/compliance, clinical research and development and R&D program management are being sought after and well compensated”, explained Sushil Gulati, head of life sciences practice and partner, Boyden India.
The full Boyden Executive Monitor report is available at www.boyden.com.