Report: Speed up transformation to meet changing market dynamics

Leaders of the largest global pharmaceutical companies recognize the need for transformational change in their organizations, but will need to move swiftly to ensure sustained growth for the sector.

Current global financial conditions and the threat of a broad recession have accelerated the timetable for implementing change, as the industry confronts lower corporate stock prices and an increasingly cost-averse customer.

These and other findings were released in Progressions, Executing for success: powering new business models, Ernst & Young's bi-annual global pharmaceutical report.

The report reveals findings from a global survey of senior executives from 15 major pharmaceutical companies.

While the majority of companies have announced major strategic shifts and choices that have the potential of transforming the business and the business model, most have yet to adopt the organizational and functionality changes needed to power these new models, the report says.