The Impact of Innovative Board Portal Software on Global Pharmaceutical Companies
Pharmaceutical board governance is rapidly changing in today’s turbulent atmosphere. The current market environment for pharmaceutical corporations is changing rapidly due to many global, local, and socioeconomic trends. The board of directors of these large corporations will be forced to make dramatic changes to their board governance practices in the coming years in order to keep up with increasing complexities, laws, and regulations. One way to combat the intricate changes and modern board needs is to implement an innovative board portal software. Board portals for pharmaceutical companies, such as BoardBookit, help to streamline best practices for board directors, members, and administrators.
The Global Trajectory for Pharmaceutical Companies
The changing landscape of pharmaceutical companies is directly related to current socioeconomic trends. According to PWC Global, seven socio-economic factors will change the pharmaceutical landscape in the next two years. Specifically, policymakers are increasing mandating on what doctors can prescribe, the boundaries between healthcare are blurring, and regulators are becoming more risk-averse. The products and services pharmaceutical companies offer are projected to change dramatically in the future, as well. However, more importantly, the way these services are regulated are forecasted to see more change. PWC Global states, “…by 2020, there may well be a common regulatory regime for all healthcare products and services, rather than separate regimes for pharmaceuticals, medical devices, diagnostics and the like.” Leading corporations are exploring new ways to assess, monitor, and approve medications, especially on a global level.
Approvals for new medications and therapies are also projected to transition based on large-scale data testing across multiple differentiated populations. These new expected regulatory launches will make it easier for pharmaceutical companies to initiate new services and medications simultaneously in multiple countries. This option will pave the way for these companies to grow and expand new brands. “Clearly, managing multi-country launches with staged price increases would be a very complex business – and one that might well necessitate the acquisition of greater expertise in cross-jurisdictional regulation,” states PWC Global. Pharmaceutical boards of directors will not only need to be well informed of these complex regulations, they will need easy to use board portals for pharmaceutical companies with a common platform to enhance communication and collaboration. PWC adds, “…with modern communications technologies, it would not be impossible.”
Board Portal Software that Influences Globally
The expansive landscape of board portals for pharmaceutical companies is changing as rapidly as the pharmaceutical world. When choosing board portals for pharmaceutical companies, leaders need the reassurance and confidence that the software company they choose has a global reach and impact. BoardBookit, who currently works with several leading pharmaceutical corporations worldwide, is up to date with current trends, laws, and regulations. We understand the importance of keeping boards and committees informed through our secure cloud-based board portal platform. When designing our modernized board governance software, we built in travel-friendly features. Users can view, edit, and annotate data and documentation offline. When internet access is restored, all notes are automatically synced to all devices including laptops, tablets, and mobile phones. BoardBookit truly is transforming board portals for pharmaceutical companies.
With the global growth of pharmaceutical companies on the rise comprised of countless brands, the emergence of multiple boards will also become an inevitability. BoardBookit developers, who have served on multiple boards themselves, understand the intricacies of board and committee methodology. Our Enterprise Plus package was created for large companies and corporations that manage multiple boards of directors. With BoardBookit’s Enterprise Plus Package, add unlimited users without an extra cost and have access to a worldwide customer care team 24 hours a day, 365 days a year.
Driving Board Governance Transformation
Pharmaceutical boards of directors are tasked with adapting and driving change from the top of the corporate ladder. It’s important to recruit and diversify fresh new board talent to help guide that transformation. Russell Reynolds Associates explains, “pharma companies will need a new generation of confident, innovative, adaptable leaders. Functional and business executives will have to have the learning and decision-making skills to evolve business models, move away from the process culture that governs many organizations today.” Using board portals for pharmaceutical companies, such as BoardBookit, will aid those bold, inventive, versatile leaders for success in an evolving world.
In 2014, the U.S. Food and Drug Administration approved a record 50 novel new drugs. Even though applications for new approvals remain steady, EvaluatePharma reports that the top 15 pharma companies are expected to see their combined market share decline from 56% in 2014 to 48% by 2020. Russell Reynolds Associates conducted a study on the background, profiles, and experience of board directors of the ten largest pharmaceutical companies in the US and Europe. They found that the directors they interviewed “indicated that issues relating to governance and financial risk still seem to take up excessive amounts of the agenda and time in board meetings, leaving insufficient opportunity to discuss and debate strategy and innovation, which are the lifeblood of any successful organization.” Integrating intuitive board portals for pharmaceutical companies, such as BoardBookit, can mitigate the excessive amount of time preparing, searching, and fumbling with paper documentation. BoardBookit’s paperless board portal for pharmaceutical companies allows users to easily view data and documents at any time, any location, and on any device.
The need for secure cloud-based board portals for pharmaceuticals helps bring boards of directors into the digital space which is necessary in the rapidly changing technological world. Russell Reynolds Associates adds, “there is a clear appreciation among the board directors we interviewed that digital initiatives can and will radically change the way pharma companies conduct their business.”
Unfortunately, the pharmaceutical industry’s boards of directors have been relatively slow to recognize the importance of digital opportunities to its future. Innovative board portals for pharmaceutical companies like BoardBookit easily integrate organizational tactics for these large and multi-board corporations. Russell Reynolds Associates adds, “there is an acute need to address the key operational issues of organizational complexity, inefficient decision making and incentive systems that seem to be more aligned with activity and process milestones rather than real results.”
BoardBookit includes an intuitive and rich suite of practical board portal tools with communication capabilities for effortless collaboration. Searchable directories include all members and committees, profiles, and contact information. Users can easily communicate with individual board members, the entire board, or unique committees and groups. BoardBookit designed its board portal for pharmaceutical companies with an electronic signature feature because delayed decision making and cumbersome email threads are inadequate practices for large pharmaceutical companies. Access to data and files is also limited to users with three levels of administrative security. BoardBookit also allows for documents and all other forms of communication to be limited to specific groups. Limiting risk is a high priority for pharmaceutical companies and BoardBookit helps this endeavor by keeping sensitive information in the hands of only those that should have access. Board Portals for pharmaceutical companies should adapt and change as quickly as the industry they are serving. BoardBookit’s board portals for pharmaceutical companies has a world-class team of usability experts and developers who incorporate feedback from our customers, as well as market trend data. Every new release is immediately available to every BoardBookit customer.
The choice to integrate board portals for pharmaceutical companies that will adapt and change as quickly as the pharmaceutical market is necessary, critical, and fundamental to modern board procedures. Russell Reynolds Associates concludes, “to address these challenges, pharma company executives will have to have the courage and the competencies to make bold, strategic decisions, and drive fundamental change through their teams.” BoardBookit is the leading software company of board portals for pharmaceutical companies that help streamline and modernize board governance on a global scale.
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