What makes a good pharmaceutical executive? The core responsibilities are clear: they must be able to analyse and develop their company’s ethical policies to ensure that they achieve compliance standards; they must have a vast knowledge of the industry, and they must work to cultivate a strategic and forward-thinking vision for their company.
But a pharmaceutical executive must also possess some crucial leadership skills to do all of this. They must be able to work through sometimes complicated and constantly evolving issues with ease and confidence, finding solutions that will lead their team to success. Their leadership style needs to adapt according to the team’s needs, and the current situation they’re navigating. It’s not just about giving orders and expecting employees to follow them blindly- it’s about having the skills to instil confidence in their team, and inspiring a culture of wanting to work towards the same end goal.
Leadership is all about setting the right tone for the business, communicating well to build relationships and supporting all employees in their work. So what are the leadership styles that pharmaceutical executives must adopt in order to do all of this, and lead their team to growth and progression towards targets?
The Strategic Leader
Strategic leaders are those who ensure company strategies are in line with the company vision. They’re able to think around a task, find the best solutions to issues, to think critically to overcome challenges. Strategic leaders are essential when it comes to dealing with the everyday threats that the industry faces, such as cyber threats, competition from other generic manufacturers, non-specific drugs and product liability.
Knowing what the correct strategies are and how to implement them is crucial in order to make the right decision when it really counts.
The Visionary Leader
Visionary leaders are exactly how they sound. They’re visionaries, able to view situations differently, to achieve a wider view of the future. They’re committed to bringing their visions to life, and helping others to see what they see. Visionary leaders inspire and empower their teams; they’re the leaders who spot the opportunities that others don’t see, who take the risks that need to be taken, and who help lead organisations towards goals they know they can achieve.
And in an industry which is constantly changing and adapting to new technologies and the continual effects of digitisation, visionary leaders are essential for pharmaceutical companies. We need these leaders to lead us into the future and to aspire others to lead too.
The Transformational Leader
The global marketplace is ever-changing, and the pharmaceutical industry as a whole is constantly evolving. Transformational leaders know this, and they’re not afraid to embrace it. Knowing how to transform the workplace, the staff and themselves when it’s really needed is a skill that cannot be dismissed.
Transformational leaders can lead others to achieve common goals, being inspirational and boosting productivity through their refusal to back down to a challenge. These leaders will guide their team through changes, empowering them with passion and drive. They’re mentors, allies and role models.
The Collaborate Leader
Collaboration is essential for smooth operations; collaborative leaders are crucial if all teams and departments are to communicate and work together effectively. Collaborative leaders know the value of teamwork and of creating a community of trust and cooperation within organisations. They’re ready and willing to coach and mentor others, and to inspire employees to adopt the same approach to work too.
Collaborative leaders also know the value in empowering all employees to lead whenever their specific skills are required. They manage and maintain the seamless flow of information and ensure that decisions are reached collaboratively and fairly so that everyone is on the same page and working towards the same goal.
The Bureaucratic Leader
Just as the visionaries and the transformational leaders are crucial for pharmaceutical companies, the bureaucratic leaders are vital too. These are the leaders who have been around for a long time, the leaders who supervise, oversee and enable a company to run efficiently. Being able to lead your team to adhere to regulatory compliance, for example, is crucial. So too is knowing the importance of requirements for manufacturing processes, drug delivery and drug approval.
These leaders know the legal requirements inside out, and pharmaceutical companies need them. They're driven by tasks, they’re accountable and they’re organised.
The Situational Leader
Situational leaders can evolve and adapt to the situation, maintain flexibility and agility when it’s required, and take on all the different types of leadership skills that a pharmaceutical executive really needs to have. The key to success is knowing which leadership style is needed and when.
True, each leadership style is different, but a good pharmaceutical executive will know that there are many common themes running throughout them all, and that each has it’s own advantages depending on the situation they’re facing. The fact is, leadership is a persistently changing concept and executives need to be able to master more than one style if they’re to lead their team to success.
