It’s been an eventful start to the year for life science companies, with numerous firms expanding their pipelines and joining forces with resource-limited organizations to create a brighter future. Despite a turbulent economy, these companies have been able to remain resilient and show their commitment to progress.
More than four in ten life sciences CFOs are planning to collaborate to inject cash into their businesses in 2023, according to a recent report from BDO. This strategic move could be a game-changer for the sector, offering new opportunities for growth and development.
This year, Takeda made headlines with its exclusive licensing agreement with Hutchmed Limited to develop its colorectal cancer (CRC) candidate, fruquintinib, beyond mainland China, Hong Kong and Macau. This ambitious partnership promises to revolutionize the way CRC is treated worldwide and is a testament to Takeda’s commitment to improving the lives of those affected by the disease.
Takeda has made a huge investment in a new partnership, shelling out $400 million in an initial payment and agreeing to up to an additional $730 million in milestone payments. The total potential of the deal could exceed $1 billion, a substantial sum that reflects the company’s dedication to furthering its research and development efforts.
Investing in Innovation
Pallavi Garg, the leader of Takeda’s Global Oncology Products and Pipeline Strategy, recently announced a groundbreaking partnership with Hutchmed – one of many collaborations that Takeda Oncology has in store. With Garg at the helm, this bold move is sure to revolutionize the oncology space and pave the way for even more groundbreaking partnerships.
Takeda’s strong in-house discovery and development capabilities have been bolstered by these deals, which are a key driver of the oncology organization’s focus on innovation. By complementing its existing portfolio, these deals are part of Takeda’s mission to stay at the forefront of novel treatments.
Garg emphasizes that innovation should not only happen at the therapeutic level, but should also be supported by investments in talent and strategically building out the team. He believes that this will ultimately enable the company to reap the rewards of a strong and creative team that is ready to take on the challenges of the future.
At Pfizer, we understand that creating innovative products requires not only the right team of experts but also a passionate and highly talented group of individuals and leaders to make them accessible to patients all over the world. Over the years, we have gained valuable insight into how to best use our resources to ensure our medicines reach their desired destination.
Garg is working hard to ensure the oncology organization reaches its goals in the coming year, and is currently striving to strengthen her team in order to make it happen. With the right support, she is determined to make a meaningful difference in the lives of those affected by cancer.
Attracting the most talented candidates is no small feat, and it’s only become more difficult in recent years. Companies have discovered that providing competitive compensation and benefits isn’t enough to draw in the best of the best—a positive organizational culture is just as important.
Having a strong company culture can be a major incentive for prospective employees. According to BioSpace’s How to Attract and Retain Talent Report, a whopping 61% of respondents said that a positive company culture would encourage them to apply for a job.
Garg has experienced firsthand the power of her recruitment efforts, noting the positive impact they have had on her organization. She is confident that her efforts will continue to yield positive results in the future.
Culture is no longer just something of the past, but a pivotal part of today’s job market. People are now looking for more than just a paycheck, but a sense of purpose and connection with the organization they join. Companies need to recognize this shift and prioritize creating a positive culture to attract and retain talent.
Takeda’s culture has been its greatest asset in recruiting top talent. This is exactly why Garg was drawn to the company – its longevity, patient-centric approach and unique culture. In turn, Takeda’s culture is both shaped and bolstered by the talented people they recruit.
The oncology organization’s success can be attributed to the diverse mix of backgrounds, experiences and expertise across the teams, as well as the unique qualities sought out in candidates – learning agility, a strong ability to collaborate and open-mindedness. According to [Name], this has been the key to the organization’s success.
Creating teams with diverse perspectives can push the boundaries of innovation, leading to extraordinary results. In order to make the most of this potential, it is essential to foster an inclusive culture in which all team members feel comfortable contributing their unique perspectives and talents. This is the key to unlocking the full potential of the team, and ensuring that everyone is empowered to make an impact.
Highlighting Data and Digital
Garg stresses that digital savviness is an essential tool for any job applicant, but it’s not the only skill set she looks for. With a keen eye for detail, she also prioritizes applicants with a broad range of competencies, ensuring her team is equipped to handle any challenge.
The potential of Artificial Intelligence (AI) and Machine Learning (ML) is revolutionizing the industry as we know it. With their power to innovate and drive progress, they are becoming increasingly indispensable tools to businesses across the world.
The pharma industry is investing heavily in AI, with GlobalData predicting spending to surpass $3 billion by 2025. In oncology, AI and ML are revolutionizing cancer detection and treatment, enabling earlier detection and more targeted treatment options. This has the potential to significantly improve patient outcomes and revolutionize healthcare.
Garg highlighted the importance of “data and digital” for all types of candidates, not just those applying to tech-based roles. He emphasized the need to be well-versed in those areas in order to remain competitive in the job market.
Data and digital are becoming increasingly intertwined with every role in the organization, according to [Name]. “I feel data and digital is becoming pervasive, and will only continue to be more pervasive,” she said.
“I believe that every role in the future will involve a data and digital element.” This shift towards digitalization will have a major impact on the way organizations are run, and it is important to adapt to these changes in order to stay competitive.
Garg and her team are committed to helping patients, and it’s this focus that drives their partnerships, hiring initiatives and culture. From collaborating with industry professionals to bringing on new talent and cultivating a positive workplace atmosphere, the team is determined to ensure that each patient is provided with the best possible care.
At the end of the day, it all boils down to the science. Developing innovative medicines and bringing them to patients is the ultimate goal. It’s a mission that drives us forward and makes us strive for excellence.