And another rep bites the dust. Novartis just completed it's 4th major layoff in the last two years, all under new CEO Joseph Jimenez. Novartis is going through the same challenges many other pharmaceutical companies are facing. Losing patent protection to a cash cow, a product that keeps the lights on at HQ, and pays for new product launches is a difficult transition, especially when there isn't anything promising in the pipeline.
If you take a look at the video embedded in the link below, Jimenez offers his outlook on sales strategy. These days it goes far beyond the pill itself, and focuses more on selling effectiveness, and finding the opportunities for growth and global expansion.
He is a big believer that the industry needs to spend less money on sales and marketing and more on research and development, which I think is something almost everyone in industry can agree on. Right now big pharma companies are battling bids on small start-ups with promise.
He also alludes to Novartis and many other companies moving away from physically selling products to companies being paid on positive patient outcomes. This is an interesting concept, that I think we will be hearing more about in the near future and I'm sure I will be blogging on the subject again!
Check out this article here at WSJ.com. There is a great video link that I reference.
At Novartis, The Pill is Just Part of the Pitch
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