Eradicate Cancer 2020

The development of pharmaceutical products is an exercise in extreme optimism – most development projects fail.  The challenges are even greater with products based on cutting-edge technology.  By definition, there is no established development pathway for breakthrough products, so the likelihood of running into unforeseen and impassable road blocks is high.

Flexibility and perseverance are two (sometimes competing) features of companies that have been successful in developing breakthrough products.  I have been fortunate to have observed and, in some cases, worked in companies that have achieved this feat.  These experiences have provided crucial lessons, including:

• The importance of focusing on teams rather than projects – a great team has the ability to deliver multiple products and the flexibility to switch projects when required
• The power of the pivot – the ability to identify that a project (or business plan) is not going to succeed and the courage to make the timely decision to switch to a different project (or business plan).

This presentation will provide personal experiences and observations from companies such as CSL, Amgen, Millennium Pharmaceuticals and Cartherics, with a particular focus on “company-making” pivots.  These examples provide lessons as to how these companies confronted major project and business challenges, and made the tough decisions that ultimately transformed the companies and led to the creation of life-changing products for oncology (and other) patients.

The key lesson – the ability to pivot at the right time and then focus the efforts of the team / company on the new direction is a critical management capability.