How exactly does a company go about losing $15,000,000 daily? Today we’d like to examine this prospect as according to our research, it is much easier than the average executive would think.
If your team is getting ready for a potential product launch in the drug development industry, the ramifications of even a seemingly ‘slight’ market miscalculation may be a top concern of yours. For example, it is estimated that a pharmaceutical launch delay costs an average of $15 million per drug per day. Research shows that a blockbuster drug will lose $1 billion in revenue annually until capacity is developed to meet the demand for it.
Furthermore, a Bain and Company report says that the most consistently undervalued factor contributing to a successful launch is the way leadership teams organize and manage the launch process. A concept developed in the book ‘Good To Great’ by author Jim Collins says; ‘First who then what is to get the right people on the bus?’
Those who build great organizations make sure they have the right people on their ‘bus’ and the right people in their key seats before they figure out where to drive said bus. Simply, before considering ‘what’ (or where the bus is going) they consider ‘who’ must be on it.
When facing chaos and uncertainty like that which can be found during a new product introduction, it is nearly impossible to predict what may be coming around the corner. Your best strategy is to have a busload of people who can easily adapt to new or unexpected events and perform brilliantly no matter what comes next.
As Collins puts it; ‘Great vision without great people is irrelevant.’
Are you certain you have the right people on your team? If you aren’t, contact us here to see if we can help.