More than 50% of life sciences companies will undergo a large-scale transformation this year, yet are unprepared to do so, according to new survey

WASHINGTON CROSSING, Pa.--()--TayganPoint Consulting Group, a management consulting firm specializing in business transformation within pharma and the life sciences, has partnered with PharmaVOICE to survey industry executives on how they are responding to current marketplace challenges and pressures – and, if business transformation is on their radar.

“Achieving integration across the value chain continues to challenge organizations as they are overtaxed by competing priorities, doing more with less, and successfully managing this level of complex change”

Findings showed that 59% of organizations are in fact considering a major transformation in the near future. Here are the top issues keeping life sciences executives up at night:

Customer Engagement
Adapting to patient-centric models, fluctuating pricing, and increasing patient awareness

Cost and Pricing
Doing more with less while fulfilling the demand for greater innovation and value

Regulatory and Risk Management
Growing revenue in the face of a shifting and indefinite landscape

These pressures, combined with more general industry trends - transfer of costs to patients and high deductible health plans, industry consolidation both in the industry itself and with healthcare providers, and the integration of new technology into digital health tools - are prompting companies to consider transformation sooner.

However, these same companies say they do not have the time, skills, and resources needed to successfully transform their organization in key areas that require transformation including: Sales & Marketing (57%), IT (49%), and R&D (43%).

TayganPoint CEO & Co-Founder, Joy Taylor says, “Transformation means thinking and behaving in a new way -- and through a series of changes, not just through a singular event. For companies seeking transformation, strong execution is required – as well as a commitment to aligned strategy, vision, programs, and projects, all working in unison to create new value.”

“Achieving integration across the value chain continues to challenge organizations as they are overtaxed by competing priorities, doing more with less, and successfully managing this level of complex change,” said John Cassimatis, President & Co-Founder, TayganPoint. “There is a real concern for organizations that they won’t succeed if they have not effectively prepared or do not have the internal capabilities to execute on transformational change.”

Those surveyed include C-Suite executives in the life sciences industry - including pharmaceutical, biotechnology and biopharmaceutical companies as well as device, drug delivery, diagnostic, equipment, and generic manufacturers. TayganPoint and PharmaVOICE also polled companies that support the life sciences such as government agencies, clinical trial investigative sites, and universities.

About TayganPoint Consulting Group:

An award-winning management consulting firm, TayganPoint specializes in business transformation from strategy through execution. Deep industry knowledge blended with years of functional expertise enables TayganPoint consultants to successfully tackle their client’s most mission-critical issues. They understand that designing the strongest solution requires a fine combination of tools, methodologies and strategies that match the unique needs of the company – and its culture.

Through a collaborative and hands-on approach, TayganPoint helps clients realize business benefits sooner than with traditional consulting methods, creating advantage in today’s globally competitive, fast-moving world. Learn more about us: http://tayganpoint.com/about-us/.

Connect with us: @TayganPoint

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J&L Communications
Jennifer Compton, 615-969-4737
Jennifer@jandlcomms.com
@jandlcomms