2011 Scrip 100: Fred Hassan - Challenge 2020
This article was originally published in Scrip
Ask many in the financial community about life sciences in the next decade, and one hears "it's going to be different, right?" The tone is often sceptical. The investing environment in life sciences has turned unfavourable in recent years. At financial gatherings in New York and elsewhere, one hears how investment funds from sectors such as energy are "in", and how funds representing life sciences are "out". They have a point. The stock indices' – whether it is big pharma or other pharma groupings – show 11 years of no progress, although not unlike the S&P 500.
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I have returned from the PhRMA Annual Meeting in San Diego. My recent book was handed out to all registrants of the meeting and I got to hear from many of them. I appreciate feedback. And the takeaways from my book are the same as my own personal playbook.
Successors, flankers and toppers are product lifecycle management (LCM) categories used by pharma executives, although they may be referred to differently by other companies.
Early in my career, I learned the essential principle of product lifecycle management (LCM): "Do LCM because you create value for the patient or the customer – not just because you want to get more profit out of each molecule."