Three Key Actions Health + Life Science Execs Overlook During Annual Planning
Posted by | Fuld & Company
As Health and Life Science executives look at forward planning, they should ensure their strategic and business plans thoroughly consider external risk and opportunity. In our experience, we’ve observed that companies’ planning protocols include intense scrutiny of internal considerations, but often ignore important external forces. As such, we recommend companies build planning processes that require extensive analysis of external factors that could compromise their ability to reach important goals and objectives.
The health care industry is under pressure as technological advancements and shifting public policy influence each company’s ability to competitively meet customer demand. It is resource intensive to track trends, let alone address them. Our findings echo the same sentiment. A Fuld & Company survey revealed the top strategic roadblocks in healthcare:
- An inability to quickly respond to disruption;
- Challenges in addressing risk factors;
- Failing to employ competitive intelligence best practices
In our work with Health and Life Science Consulting, we have found that our clients excel at creating road-tested strategic plans when they execute three key actions:
1. Thoroughly Assessing Competitor Landscape
In order to differentiate, gain market share, and develop attractive products and services, it’s critical companies understand competitors’ actions and intentions to do the same when planning processes. By shedding light on competitor strategies and best practices, executives gain an understanding of emerging rivals and new business models. As a result, executives are properly armed, as their analysis provides insights about new and existing competitors and also points to what’s likely ahead in the future.
Our additional insights in this space can be found here:
- How a Global Pharma Company Beat the Competition to a Strategic Acquisition
- Preparing to Fend Off Threats to a Blockbuster Drug
- A Major U.S. Healthcare Company Seizes an Opportunity to Transform its Business
- How a Medical Device Company Increased Sales Force Effectiveness in China
2. Evaluating Public Policy Conditions
The Affordable Care Act (ACA)’s status looms over the entire industry, with eyes on politicians and government agencies. Companies of all sizes are reinforcing their business models or creating new ones. In working with executives to help them think about the long-term and track public policy discourse, we have seen how this activity can enable more effective strategies that account for plausible policy shifts and the development of counter strategies that can be deployed quickly. As strategic planning in health and life science companies commences its critical to anticipate regulatory and policy shifts.
Our additional insights in this space can be found here:
- Healthcare Scenarios in a Trump World
- Planning for the Unpredictable, The Future of Healthcare: The Shifting Burden of Risk
3. Analyzing Product Lifecycle and Portfolio Strategies
Traditional planning focuses directly on product, with companies measuring the lifecycle of their product portfolio and calculating revenue flow. Gaps in planning occur when leaders only consider competitive action. Current top-line competitors may be considered, but emerging threats are often dismissed. Patent expiration is factored into the calculations, but it falls short without broad analysis pertaining to new technology that may render the patents irrelevant. During strategic planning for health and life science companies leaders must ask this key question: how do we identify and build new sources of profitable revenue, while products and services are remodeled to meet demand?
Our additional insights in this space can be found here:
- Identifying Promising Pharma Licensing Candidates
- Competitive Pricing Intelligence
- One Category, Many Brands: A Strategic Play
- The Power of Patent Intelligence
It is only when planning is fully complemented by unbiased, externally-focused insights, that leaders can claim they are prepared to take on all that the year ahead will bring.
Contact us now to explore how Fuld & Company can augment your planning and bring your executives robust analysis and insights.
Tags: Competitive Intelligence, Competitive Strategy, Health & Life Science, Strategic Planning
