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Managing Brexit in the pharma boardroom

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Executive coach Alan Denton of The Results Centre looks at how executives in the pharmaceutical sector can tackle the impact of Brexit.

As an industry, the pharma sector was largely pro remain in June’s EU referendum. However, it has also been one of the industries least affected by the fallout – so far. Seen as a safe bet for investors during times of economic uncertainty, pharma was one of the few sectors with no real fall in share prices after the summer’s shock result.

As people will always need life-saving drugs, most areas of pharma are relatively immune to macroeconomic conditions. Furthermore, with around 40% of UK sales taking place in the US, the weaker pound has made our products more competitive.

However, it’s not all good news. The long term implications could be negative in terms of investment into the life sciences industry, drugs regulation and approval, investment in R&D and having access to skilled workers, although with the long lead time of most research projects, the effect is unlikely to be immediate. The truth is, we can’t be sure what the next few years will bring for the pharmaceutical sector, but industry leaders need to be prepared.

It’s time to keep your head

As an executive coach working across a range of industries including pharma, if I had to cite one quality that will be crucial in the times ahead it would be mindset.  As a leader, if you take the right attitude, you can navigate most changes – including the uncertainty of Brexit. Rudyard Kipling’s classic quote ‘If you can keep your head when all about you are losing theirs’ has never been more apt.

Whatever your personal opinion, now that the die has been cast, leaders need to accept what’s done, change perspective, heal rifts and resentment - and look at the possibilities. So, what can coaching bring to this debate and how might it help?

What do you see in the mirror?

The referendum provided a mirror which was held up to the whole country, and dependent upon your point of view, reflected division, protest and disconnection or an opportunity to return to the nostalgia tinted time when Britain was ‘great’.

Coaching is a similar process. It provides an opportunity to reflect; to look in on yourself as a leader, your business and your people. For example, how many senior leaders have really examined the views and wishes of their stakeholders? What possibilities lie dormant within your own team, company or the pharma sector as a whole? What would happen if you were able to expose these before they came to the vote? How could you create a culture that engages your people in delivering something amazing?

Above all, how can you, as an executive or a manager, take the current situation, where the UK has changed forever, and utilise it (and the thoughts and ideas of your people) to create something bigger, better and brighter? This means opening up new dialogues on a range of post-Brexit issues from R&D to drug regulation and investment.  

It’s a time for leaders

Now is the time to both show leadership and develop leaders in your organisation.

Reacting to Brexit will require a myriad of skills and talent. Senior teams will be tempted to wait until they have a plan before involving others. Instead, this is the perfect opportunity to give leaders-in-waiting a seat at the table. This could include:

Coaching can play a key role in accelerating the development of emerging leaders. It creates an opportunity to reflect and learn. It supports self-awareness of strengths to build on and areas to develop. It allows budding leaders to engage with the real issues; to deliver their best ideas and their best self to implement them. So seek out your wannabe leaders, nurture them and reap the rewards.

Whatever you may feel personally, the referendum result reflects a desire for change. Whether that change will be for the better remains to be seen. What does matter is that leaders step forward, take responsibility and create a positive future for their organisation and the pharma industry.

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