Strategy Consulting is one of the largest sectors of management consultancy. Top pure-play strategy consulting firms include McKinsey, BCG and Bain.
Providing an outside perspective is key to this role. Often company employees and board members have personal stakes in issues which can affect their judgment. Strategy consultants offer a fresh perspective free from biases.
Strategic Life Sciences
The life sciences industry encompasses pharmaceuticals, biotechnology, medical devices and supporting companies such as CROs and CMOs that create innovative treatments, diagnostic tools, equipment and software that improve and extend the lives of organisms. Against a backdrop of significant industry disruption (demonstrated in the chart below), reducing costs, recalibrating research priorities and maximising return on investment are key objectives for life science companies.
In order to achieve these objectives, companies are increasingly embracing strategic alliances. Based on the responses from a recent survey by Pharma IQ, respondents cited alliances as an effective way to mitigate risk, reduce commercialisation costs and access assets. However, the reasons behind creating new alliances were different for each individual company. Internal drivers were most prominent, including new product development and risk diversification, while external ones included market access, joint commercialisation and access to assets.
A clear strategy for managing these relationships is essential. With a rapidly changing healthcare landscape, and increasing patient engagement and demand, there is significant disruption in the industry. This includes a shift from treatment to prevention and cure; the entry of technology giants; and increasing customer focus (particularly in emerging markets).
One of the biggest challenges for life science companies is customer retention. This is particularly important for companies that sell a product plus follow on support in the form of consumables or software licenses. Developing a strategy for retaining customers should be a key element in any life sciences business plan.
For many life science companies entering a new market, securing regulatory product approval is a key milestone. It requires evidence that a new product fills an unmet need and is superior to existing products in the market. This is achieved through clinical trials that include adequate evidence that a product is safe and effective in comparison to a placebo or no intervention.
Understanding domestic regulatory protocols is crucial for new life sciences companies attempting to enter the US market. This can be a time-consuming and resource intensive process. In addition, it is critical to understand the potential financial implications of any compliance issues. To mitigate these risks, life sciences companies can rely on industry intelligence services to provide them with insights into the latest regulatory trends.
Strategic Health Care
Strategic healthcare planning is the process of identifying objectives and setting goals, along with creating a plan for how to achieve them. It helps institutions meet current healthcare trends and patient needs, while also ensuring that they are able to sustain their operations in the future. A successful strategic plan will consider a range of factors, including the impact of government policies and technological advancements. It will also address how to make sure that the institution’s financial projections are accurate.
Strategic management is a critical skill for any healthcare professional to have, especially in today’s fast-changing world. It is more than just a collection of tools; it’s a mindset for the dynamic, complex, and stochastic postmodern world with its increased speed, dependencies, and uncertainty.
This book teaches students the foundational concepts and theories of strategy, as well as the practical skills required to apply them in real-world settings. It features a mix of theoretical concepts and hands-on case studies, with ten new cases and updated end-of-chapter problems. It also covers the fundamentals of project management to help students learn how to implement strategic plans.
The textbook explores the concept of “strategic management” as a framework for understanding the complex challenges of the business environment. Students learn how to identify and respond to competitive threats, develop effective alliances, and evaluate the performance of their companies. In addition, it offers an in-depth examination of key topics in healthcare strategy, such as capitation and accountable care relationships, market segmentation, and vertical integration.
Strategic management in the healthcare field requires a unique set of skills, and it is different from other business fields. It has a greater emphasis on etatism and shorter time-horizons, and the use of strategic thinking and management in the healthcare sector has not yet been sufficiently developed. Nevertheless, the application of these techniques is becoming increasingly important in the healthcare industry. This textbook provides a comprehensive overview of the principles and competencies needed to implement strategic management in healthcare, based on two selected applications: German hospital financing systems and the development process for implants.
Geostrategic Business Group
With the geopolitical landscape in flux, C-suite leaders need more than ever to understand and act upon the business implications. EY has launched a new practice, the Geostrategic Business Group, in collaboration with Teneo Intelligence. This wing of the firm will actively work with organizations and institutions globally to support them in their strategic decision-making.
This will include helping them navigate the changing landscape, managing their existing global operations and identifying new business opportunities. The practice will leverage EY’s global network of professionals with deep country-level experience in supporting businesses and governments, as well as Teneo’s geopolitical advisory competencies.
Whether the threat comes from predatory state and non-state actors, disinformation campaigns or hyper-speed innovation, companies need guidance to identify risks and seize opportunities. These challenges, paired with the need to remain competitive and grow their businesses, require a multidimensional approach that is both comprehensive and integrated into daily business processes.
Courtney Rickert McCaffrey, who leads the Geostrategic Business Group, is a recognized thought leader in political risk and global macro trends, with a focus on assessing their strategic business impact. She has held various research leadership positions at A.T. Kearney and Eurasia Group, including designing and implementing qualitative and quantitative political risk analysis methodologies.
The book Geostrategy by Design, co-authored by Oliver Jones and Courtney Rickert McCaffrey, reflects on real-world experiences and respected academic research to explain why businesses need a proactive geostrategy to survive and thrive in the next era of globalization. It includes a framework for embedding geostrategy into a company’s DNA and outlines four distinct activities that will help executives lead their companies into successful futures.
EY-Parthenon Software
The strategy consulting industry is one of the most prestigious and high-end segments within the professional services sector. This is because companies rely on strategy consultants to develop and implement their business strategies, as well as provide them with economic policy advice. Some of the most prestigious pure-play strategy consulting firms include Mckinsey & Company, Boston Consulting Group, and Bain & Company. In addition, many of the Big Four professional services firms have a strong strategy consulting practice, including PwC, Deloitte, KPMG, and EY.
The most important skills for success in a career as a strategy consultant include analytical problem-solving, communication, and project management skills. In addition to these skills, it is also important for strategists to have a deep understanding of their clients’ industries and to be able to identify trends and issues.
For example, if a company is struggling with employee retention and has low morale, a strategy consultant may recommend implementing a new reward system or improving workplace culture. This is because a company with these problems will not survive in the long run unless they take immediate action.
Another important skill for a successful strategist is the ability to think outside of the box. In this way, strategists should be able to provide innovative ideas that will help their clients achieve their goals. This can be accomplished by keeping up with current trends and information in their industry.
A career as a strategy consultant is challenging, but it is highly rewarding. It is a great option for those who enjoy working with others and are passionate about making an impact on the world. If you’re interested in becoming a strategist, it’s important to start out at a firm that offers competitive pay and an excellent culture. A good place to start is with EY-Parthenon, which was founded in 1989 after the merger of Ernst & Young and Arthur Andersen. Since then, the firm has grown rapidly without losing its family-like culture. Today, the company has a worldwide presence and works with some of the world’s largest companies. In addition, it has a large network of experts in a variety of fields.