11 Strategies to become a faster/smarter pharma- "the Valeant experience".
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Transcript of 11 Strategies to become a faster/smarter pharma- "the Valeant experience".
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2011 NPV CMarch 30th, 2011
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11 Strategies to Becoming a Smarter Faster Pharma – The Valeant Experience
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Valeant Canada
Early 90’s
Sales: 15 Million
Products: Generic, OTC
Focus: Organic growth, Limited Product Development
Philosophy: Complacent, Slow, Risk Adverse, ReactiveCorporate Focus: Centric
2010
Sales: 220 Million
Products: Diversified, Branded Products GP/Specialist, OTC, SPA
Focus: Strategic Acquisition, In-Licensing and JV’s
Philosophy: Aggressive, Fast, Risk-Taking, ProactiveRegional Focus: Decentralized
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Valeant Canada Achievements Over Past 3 years
Completed 15 dealsStreamlined all functions and processesInstalled a culture of quick and opportunistic decision makingInvestment in employee development and wellnessSupport for continued investment on Canadian market
Valeant Canada has become a “Faster” and “Hopefully”“Smarter” Pharma Company
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5New Management atValeant Pharmaceuticals InternationalDrove Change
Why was a change requiredLimited growth potential (no pipeline)Questionable business decisionsCumbersome processesPeople with questionable performanceLacking sense of urgencyRisk adverse mentalityInappropriate spend in most areas including R&D
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Valeant Wanted to become a Smarter Faster Pharma Company Through
StabilizationEstablish Platform Upon
Which to Build Future Product Focus, Processes People, etc.
GrowthLicensing and Acquisition in Areas of Focus
Invest in People
SimplificationReduce Staff – Flatter Organization
Simplify Processes – Decision makingReduce Spend
Prioritize Projects
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To become Faster and SmarterYou Need
Top leadership with clear vision andTeam that is extremely tight
and communicates well
Simple business modelwith quick and
Efficient decision makingWith “Right People”, “Right Focus” and “Right Philosophy”
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People
Hire very talented peopleChallenge them to go beyond the boundries of their jobs
More responsibilitiesPush for cross-fertilizationPromote team workPerformance based compensationTraining + developmentSpecial projects
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Focus
Establish a clearly defined growth strategyIdentify+ Acquire assets that are undermanaged and fix themIdentify assets where significant synergy values can be established
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Management Philosophy
Bias towards action rather than over-reflection and analysisOpen to taking acceptable risks for the sake of greater speedTrust judgment of local management – decentralized approachLimited layers of management to take decisions, resulting in speedy transfer of information and rapid decision makingSimplification of all processesLean financial + metric drivenConnected to facts
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Faster Smarter Pharma (11 Steps)
SelectRight People
Biais toSpeed ofDecisionMaking
Simplificationof Processes
Top Manage-ment Alignment
& Focus
LearningOrganization
Teamworkand Cross-Fertilization
LeanFinancial &
Metric Driven
ConnectedTo Facts (data
& KOLs)
Driven toSucceed
PerformanceBased Culture
Biais toRisk Taking
GrowthStrategy Well
Defined
FasterSmarterPharma
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All these Steps Result in Faster Smarter Pharma Company that is
Quick pacedLeanFlexibleForward lookingGrowingConfidentOutside zone of comfortAdapting to thrive