STRATEGY
PRACTICE MAKES PERFECT Adopting industry best practice requires three critical skills Many pharma industry executives think that success can be found in ‘best practice’ – imitating the behaviour of successful companies. Many consultancy companies make good business selling the idea of ‘best practice’ in business models, strategy or organisational structure. Yet the concept has no evidence base and runs counter to the idea that every firm is different and faces a different market situation. In this article, I’ll describe why the idea of ‘best practice’ is a myth and why the mantra ‘what works is what fits’ is the only one that acknowledges the realities of your firm’s uniqueness and your market’s characteristics. Using examples in from business model design, strategic planning processes and organisational structuring, it will explain how to address these challenges in a firm-specific way, avoiding the consultants’ cookie cutter. Brian Smith, Principal Advisor, PragMedic
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P H A RM A F O C U S A S I A
ISSUE 44 - 2021
