The pharmaceutical industry is highly competitive and rapidly evolving, making effective leadership essential for success. Pharma leaders must possess a range of competencies, including strategic thinking, innovation, collaboration, and the ability to manage change.
To identify these competencies in potential leaders, pharma companies typically use a range of assessment tools and techniques, including the following.
A behavioral interview evaluates a candidate’s past behavior to predict their future performance. The interview questions are tailored to realistic work circumstances so that the interviewer may evaluate the candidate based on how they handled similar situations in the past.
During an interview, the interviewer will often ask broad, open-ended questions that require candidates to elaborate with concrete anecdotes.
To learn more about the candidate’s reasoning and judgment, the interviewer asks probing follow-up questions.
- Predictive validity involves evaluating the correlation between selection test scores and indicators of work performance to determine the precision with which a selection procedure predicts future job performance;
- Structured Selection involves administering a series of standardized questions or tasks to all candidates. This helps ensure that all candidates are evaluated fairly and consistently and reduces the impact of personal prejudices or opinions. Structured selection procedures are frequently employed to increase the dependability and validity of the selection procedure.
These tests evaluate the candidate’s cognitive ability, personality qualities, and behavioral tendencies. The findings of the examination provide insight into a candidate’s viability for a certain position.
Pharma businesses may utilize numerous sorts of psychometric exams, including the following:
- Aptitude tests: These examinations assess a person’s capacity to learn and apply new skills in a given area, such as reading, math, or space visualization;
- Personality tests: Comparing a candidate’s personality, values, ideas, and preferences to others helps understand their professional behavior, identify their strengths and weaknesses, and find the greatest match for a position or organization;
- Behavioral tests: Designed to evaluate a candidate’s potential actions and reactions in certain scenarios by examining their previous behavior patterns.
One or two days are usually allotted for an assessment center, during which time candidates will participate in a range of assessment methods such as simulations, role-plays, and group activities. Due to the flexibility they offer, assessment centers allow employers to evaluate candidates across a wide range of skills and abilities in one sitting. In order to provide a more objective appraisal of a candidate’s potential, multiple assessors are often used.
Some key benefits of using assessment centers in the leadership assessment process include:
- Comprehensive evaluation: The purpose of this evaluation approach is to provide a comprehensive and detailed analysis of a given scenario, problem, or person by taking into account a number of different features and circumstances. A thorough evaluation necessitates amassing and processing data from numerous sources so as to build a complete picture of the phenomenon under scrutiny;
- Objectivity: The ability to evaluate something or someone without bias or prejudice is meant here. Rather than letting their own feelings or opinions color their judgment, objective evaluator bases their verdict only on the available data;
- Realistic evaluation: Potential outcomes must be considered within the constraints of the current situation while making this kind of assessment. The goal is to give a realistic and useful evaluation of the anticipated outcomes by factoring in the actual implementation circumstances.
To succeed, pharmaceutical leaders require deep industry expertise and the ability to develop and implement effective revenue-enhancing strategies. This includes:
- Being adaptable and innovative can help you keep up with the latest industry trends and technological developments;
- Cooperating with healthcare providers, regulators, and patients by working together;
- Effectively managing transitions, such as learning new procedures, meeting customer needs, or using cutting-edge technology.
Leaders must develop their digital capabilities as digital health technologies, analytics, and artificial intelligence are transforming the industry. In order to expand their digital capacities, pharma leaders must do the following:
- Get a thorough familiarity with the current and future state of the digital world in order to spot opportunities and potential dangers;
- Develop a digital strategy to define the organization’s digital goals, the resources required, and the metrics for success;
- Invest in experts who specialize in data analytics, artificial intelligence, and digital marketing;
- Create an environment that welcomes taking chances and trying new things if you want to foster a culture of creativity;
- Partner with digital experts, such as technology companies, to access the latest technologies and expertise.
Pharmaceutical companies are investing in technology, utilizing various digital resources to enhance leadership assessments and expand their digital competence. Examples of such tools include:
- Artificial intelligence (AI)-powered tools that analyze data from various sources to provide insights into candidates’ competencies, potential, and fit for the organization;
- Virtual assessment centers, which imitate in-person evaluations via videoconferencing;
- Talent management software that tracks and manages candidates throughout the recruitment process and provides data insights to support leadership development and succession planning.
In addition to leveraging leadership assessment tools, pharma companies are also utilizing a range of technological tools to build digital capabilities. These tools include:
- Data analytics tools for analyzing large amounts of data in search of actionable insights through the use of algorithms;
- Digital marketing systems that interact with patients and healthcare providers to tailor material to each individual’s needs and measure the results;
- Digital health technology includes wearables, telemedicine, and remote monitoring to enhance patient outcomes and discover novel medicines.
For the pharmaceutical industry to thrive, its leaders must be flexible and adapt to the continuously changing digital landscape. Pharma companies can improve their chances of success by using a variety of assessment tools to find and cultivate leaders with the right skills.
Investment in people, encouragement of new ideas, and collaboration with digital specialists are all essential components of the digital capabilities they need to accommodate the changing nature of the business environment. Pharmaceutical businesses should ensure they are prepared for future success by embracing digital transformation and making use of available technologies.