It’s about changing the mindset of the entire organization to focus on growth and innovation. How did you approach this cultural shift?
It was a multi-step process. We needed to stop thinking about slowing things down and cutting costs, and more about how we accelerate and strategically apply capital to move forward. It was about re-educating the organization on how to think about innovation, and that it’s okay to take risks and fail, as long as we learn from those failures. We wanted to create a culture of innovation and risk-taking, and that starts at the top with leadership setting the example.
Additionally, we needed to invest in our people and talent, bringing in new expertise while also developing the skills of our existing workforce. We needed to foster a culture of collaboration and cross-functional teamwork, breaking down silos and encouraging communication and idea-sharing across the organization.
What are some of the key challenges you faced during this transformation, and how did you overcome them?
One of the biggest challenges was changing the mindset of the organization from one focused on generics to one focused on innovative medicines. There was a lot of resistance and skepticism at first, as people were comfortable with the status quo and were unsure about the shift in strategy. We had to communicate the vision clearly and consistently, and show tangible results and successes to gain buy-in from the team.
Another challenge was building a strong pipeline of innovative candidates while also maintaining our generics business. It required a balancing act and strategic decision-making to allocate resources effectively and prioritize projects that would deliver the most value. We had to be agile and flexible in our approach, adapting to changes in the market and regulatory environment.
Looking ahead, what are your goals for Teva’s R&D organization and the company as a whole?
Our goal is to continue to grow and expand our portfolio of innovative medicines, bringing new treatments to patients in need. We want to be a leader in areas like neurology, psychiatry, and oncology, where there is significant unmet medical need. We also want to continue to build on our generics business, leveraging our expertise and capabilities to bring high-quality, affordable medications to patients worldwide.
Overall, we want to be known as a company that is committed to innovation, quality, and patient-centricity. We want to make a positive impact on the lives of patients and healthcare providers, and contribute to the advancement of healthcare worldwide.
With a renewed focus on innovation and a strong pipeline of promising candidates, Teva Pharmaceuticals is poised for continued growth and success in the years to come. Dr. Eric Hughes and his team are leading the charge, driving the company forward with a clear vision and strategic direction. As they continue to break new ground in drug development and bring new treatments to market, Teva is solidifying its position as a leader in the pharmaceutical industry.
In order to pivot towards new medicines, changing the company’s mindset is crucial. It’s not just about the organizational structure or boxes on a chart, but rather the people and culture behind it that drive drug development. Developing a culture of inclusiveness, listening, and inspiration is key to executing this shift. At Teva, this change in mindset was necessary after facing challenges such as the bad Actavis deal and being in survival mode for many years. Instead of focusing on slowing down and cutting costs, the company needed to accelerate and strategically apply capital to move forward.
This shift in mindset has led to 10 quarters of consecutive growth at Teva. The commercial team, especially with products like Austedo for Huntington’s disease and Ajovy for migraines, has played a significant role in this turnaround. The company’s strong commercial footprint and ability to execute have been instrumental in this success. Additionally, making the R&D complex more efficient and finding efficiencies in technical operations have also contributed to this positive trajectory.
Despite the progress made, there are still challenges to face after the pivot. One of the main challenges is bringing the strong pipeline forward as quickly as possible with the available resources. This includes focusing on three phase 3 programs and two promising phase 2 programs. Another challenge lies in forming partnerships in the innovative space, which is a new process for Teva. While the company has a history of successful partnerships in generics, navigating partnerships in the innovative space presents a different set of obstacles.
Teva’s willingness and desire to change have been key factors in its transformation. The company recognized the need for change three years ago when growth was stagnant, and that realization served as a catalyst for a shift in mindset. By actively seeking ways to improve the industry and bring new drugs to market more efficiently, Teva has set itself on a path towards success.
In the broader pharma industry, challenges such as rising costs and longer timelines have been prevalent. However, companies like Teva are staying focused on therapeutic areas like neuroscience and immunology to increase the probability of success and shorten timelines. By remaining compliant with regulations and streamlining processes, the industry as a whole can work towards delivering value more rapidly to patients in need.
