HBSHAA Career Insights for 2020: Planning Ahead
The PharmExec article, “HBSHAA Career Insights for 2020: Planning Ahead,” quotes Russell Reynolds Associates Consultant
Gabrielle Lajoie as she shares insights and recommendations gathered from her experience in the healthcare industry. The article is excerpted below.
With 2020 right around the corner, have healthcare firms bounced back to reclaim their employer of choice eminence from 30 years ago? Consider Merck in 1990. During that period, Merck earned Fortune's “Most Admired Company” honor for seven consecutive years and secured an application to acceptance ratio for its sales rep positions of 70:1, compared to Harvard Business School’s (HBS) 13:1 for its class in 1990. With an apparent bounce back for some firms, this Q&A series (with Michael Wong, Harvard Business School Healthcare Alumni Association (HBSHAA) Co-President, as interviewer) provides executive insights for readers to shape their own career paths in 2020 and beyond.
Q. Why is healthcare still an attractive career industry choice?
A. I fundamentally believe that many people choose a career in healthcare today for the same reason they did in the past—they seek a meaningful career with purpose and the potential to help others. This is a common thread among pharma leaders. From a business
perspective I think healthcare is more poised for massive innovation today than in the past 25 years. Fundamental, long unchanged aspects of the business such as commercialization, clinical development, research, and service delivery are starting to be challenged by evolving technology, novel business models, and more savvy customers (patients). Leaders are, more than ever, seeking to invest in AI and other technical levers like the cloud and advanced analytics to help accelerate the rate of scientific innovation, operational efficiency, and patient engagement. Accompanying this transformation has been a meaningful uptake in demand for healthcare leaders who can drive business outcomes in the ever-complex ecosystem. As a result, our healthcare sector at Russell Reynolds has grown at approximately 20% per annum for the past six years. So, in healthcare, the demand for talent has been high and the competition to get the best people has been fierce. It is definitely an industry that is attracting the best and the brightest.
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