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PharmaCo*, an industry leader with a long history of robust growth, foresaw challenges looming, including expiring patents and lower projected EPS growth vs. peers. So the company embarked with us on a Full Potential Transformation, an ambitious 10-year effort to reorganize itself, improve operations and build new capabilities.
In the first phase of the transformation, we supported PharmaCo in the design of 16 initiatives that addressed every aspect of the business, from R&D to finance, operations, legal and HR. In just a few years, PharmaCo achieved a $1.5 billion reduction (15%) in operating expenses and an operating margin increase of 15 percentage points. Its stock price more than doubled.
Effective change management – guided by our Results360 solution – was essential to such a bold undertaking. So was Co-Creation, which aligned PharmaCo on a shared vision and detailed plan for change. The executive team benefited from our Leadership workshops, which help senior leaders better operate as a team.
We helped PharmaCo set up a Results Delivery® Office to define opportunities, engage the organization and achieve the desired results. The RDO created a governance structure for each initiative, with clear decision points marking every stage from brainstorming and design through implementation.
In the second phase of transformation, PharmaCo turned its focus to growth, seeking to run more projects at a swifter pace. To accomplish this, we supported PharmaCo’s Capability Building efforts, helping them master Agile methodologies and design thinking. The company held immersion sessions to better understand customer needs and used business sprints to guide rapid prototyping.
With these new capabilities in place, the company has reported significant further improvement in the speed and quality of its customer-led innovation, as well as a big increase in employee satisfaction among those working with these new tools.
* We take our clients' confidentiality seriously. While we've changed their names, the results are real.
Results Delivery® and Results360® are registered trademarks of Bain & Company, Inc.