#FutureReadyHealthcare
Getting future-ready:
A CXO perspective
21 Sep 2023
Agile, resilient, competitive – Future-ready companies are those that make the most of the external environment by building scalable and sustainable capabilities to power innovation, maximize performance and drive growth. An innovation-powered industry like life sciences should be at the forefront of future-readiness. Yet an Indegene research found that 90% of life sciences leaders are not completely convinced their companies are future-ready.
To what extent do you agree with the following statements about your company?
Source: Future-Ready Trends in Life Sciences, Indegene
Sharon Barber-Lui, CFO and SVP, North America at Teva Pharmaceuticals shared her perspectives on building future-ready companies with Manish Gupta, Chairman and CEO at Indegene in this keynote at Indegene Digital Summit.
Sharon, a seasoned professional in the life sciences industry, discussed her rich and diverse background, highlighting her experiences in both small biotech companies and large global corporations. She emphasized the industry's focus on innovation, placing patients and customers at the forefront. Sharon emphasized that innovation should permeate every aspect of the industry, not just R&D. She stressed the importance of considering all functions in the innovation cycle, from research and development to commercialization, to provide meaningful outcomes for patients and customers.
Best-in-class companies innovate end-to-end; innovation does not start or end at the R&D side.
– Sharon Barber-Lui
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The life sciences industry is changing rapidly with breakthroughs in science, generative AI and quantum computing. Sharon highlighted the culture of innovation that should be embedded throughout the company, driving it to anticipate patients' needs and market trends for the future. And how personalized customer and patient experience is pushing the envelope of how we think about touching them and the experience we want for them from the entire journey.
She encouraged life sciences leaders to foster an environment of trust, shared purpose and continuous innovation to nurture talent. She illustrated this with an example from her experience in data analytics, emphasizing the importance of collaboration between data scientists and business translators.
Sharon also discussed the advantages of external talent and technology adoption, stressing that the best capabilities can come from anywhere. She underscored the need for companies to be open to external innovation and encouraged leaders to think broadly when seeking new capabilities. In fact, Indegene’s research found that 87% of life sciences leaders source their technology talent mostly from other life sciences companies.
Where do you source technology talent from?
Source: Future-Ready Trends in Life Sciences, Indegene
When leaders bring in talent from other industries, we have a responsibility to give them the resources and environment to help that talent thrive.
– Sharon Barber-Lui
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She discussed similarities between innovation cultures in large companies and biotech firms, highlighting the shared passion for science and medicine. While resource availability might differ, the core drive for transformation and disruption remains constant.
Sharon concluded by advising leaders to consider how capabilities create value and change the industry as a whole. She stressed the importance of urgency, adaptability and the ability to pivot quickly when pursuing innovation, as these qualities are crucial for success in a rapidly evolving industry. It is important that life sciences commercial operations work in an agile environment that is not perfect, but it advances, and each time we learn something new.
Think about how we are driving and creating value, how is that changing the industry ... beyond my functional area.
– Sharon Barber-Lui
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