The Biotech & Pharma industry has entered a new era, more complex, less stable. Market structure and players' identity have changed. Smaller biotech companies and financial players are fueling innovation, while Big Pharma have adopted an M&A approach. New competitors are presenting a constant threat of disruption. The supply chain is being transformed, consolidating on the late stage of the value chain while innovative technologies and contract services providers - CRO, CDMO, CMO - are emerging on the early stage. The whole, within a straining socioeconomic environment, fed with global geopolitical conflicts, supply shortage, breathless health systems and pandemic issues.
This means that companies can no longer rely on simply extending and exploiting historical strategies. Corporate strategy is increasingly becoming a crucial source of differentiation between firms.
Yet, many boards are poorly equipped to deal with strategy in the modern environment. Some board directors have built their careers in an “outdated” business environment and may not have the appropriate expertise and capabilities to deal with the wide range of strategic approaches that are required today.
In addition, most directors have several roles and competing commitments, and rather focus on compensation, governance and audit instead of identifying and discussing potential strategic orientation at their company.
Larka is supporting companies in recruiting or selecting the most relevant directors, according to their skills, which should include technological and scientific knowledge, their experience in the targeted field, and their ability to assess strategic orientations.
We also lead workshops and discussions with board members and chairpersons in order to improve knowledge and awareness of the board, and to help directors have productive board meetings, facilitating strategic discussions.