It has been a bumpy ride for some of the (still modest) number of European biotechs listed on Nasdaq, for various reasons. Yet most expect the direct-to-Nasdaq trend to continue. Europe’s public markets simply cannot compete.

The US Nasdaq exchange has become the only option for ambitious UK and European biotechs.

Drug pricing and access issues expose the pharmaceutical sector especially acutely to calls for companies to meet ethical and social goals, alongside commercial ones. Digital is up-ending pharma’s processes, its workplaces and its consumers. R&D productivity is spluttering. Amid this turmoil, CEOs highlight company culture – the way an organization behaves – as a crucial ingredient for success. But what is a “right” culture? Organizational culture is neither static nor singular. It is continuously influenced by acquisitions, markets, new technologies and new generations. And pharma’s history suggests that culture change cannot happen without sufficient people change.