Biotech Company Executives Must Exhibit a Vital Competence: Strategic Agility

One of the defining qualities of a successful biotech leader is their ability to be strategically agile. The emergence of new data from the lab or clinical studies can completely change a company’s outlook. Dramatic shifts in the funding environment, either in terms of access to capital or the preferential way investors seek to deploy funds, can prompt the need for a strategic pivot. Depleting cash reserves can trigger portfolio prioritizations, as the company seeks to shepherd the company’s most promising assets towards key milestones that generate value. Technology transformations continue apace, with data science and artificial intelligence increasingly a feature of drug discovery and development productivity. Then there are random events, as seen with the pandemic, that disrupt business and society and test even the mosat agile leaders.  

The speed of change seemingly only ever increases, which makes strategic agility a valuable competency that signals an individual’s ability to adapt to and thrive in a dynamic environment of quickening change. Assessing strategic agility in individuals helps organisations identify those who can effectively navigate complex situations, capitalise on emerging opportunities, and drive growth. Here are some key aspects of strategic agility that can be assessed:

Anticipating and Embracing Change: This aspect assesses an individual’s ability to anticipate market trends, technological advancements, and other external factors that may impact the organisation. It involves staying informed, being proactive, and embracing change rather than resisting it.

Visionary Thinking: Assessing an individual’s visionary thinking involves evaluating their ability to think long-term, understand the organisation’s mission and goals, and develop a clear vision for the future. It includes strategic planning, setting ambitious targets, and aligning the team towards a common purpose.

Analytical and Critical Thinking: This aspect focuses on an individual’s ability to analyse complex information, identify patterns, and make informed decisions. It involves evaluating their problem-solving skills, data analysis capabilities, and the ability to think critically to assess risks and opportunities.

Agility and Adaptability: Assessing agility and adaptability involves evaluating an individual’s capacity to respond quickly and effectively to changing circumstances. It includes being flexible, open to new ideas, and adjusting strategies as needed. This aspect also assesses the ability to learn from failure and adjust course accordingly.

Innovative Mindset: An individual’s capacity for innovation and creativity is crucial for strategic agility. This aspect evaluates their ability to generate and implement new ideas, challenge the status quo, and identify innovative solutions to problems. It includes assessing their willingness to experiment, take calculated risks, and promote a culture of innovation within the organisation.

Collaboration and Influence: Strategic agility often requires collaboration and the ability to influence others. This aspect assesses an individual’s skills in building networks, fostering relationships, and effectively influencing stakeholders to gain support for strategic initiatives. It also includes working collaboratively across departments or teams, as well as external partners, to achieve common goals.

Learning Orientation: Assessing an individual’s learning orientation involves evaluating their desire for continuous learning and improvement. It includes their ability to seek feedback, adapt their knowledge and skills, and stay updated with industry trends. Individuals with a strong learning orientation are more likely to embrace new strategies and adapt to changing environments.

Resilience and Risk Management: This aspect focuses on an individual’s ability to handle setbacks, manage risks, and recover from failures. It involves evaluating their resilience, problem-solving skills in high-pressure situations, and the ability to navigate ambiguity while focusing on strategic objectives.

Assessing strategic agility often involves a combination of methods, such as interviews, case studies, situational assessments, and evaluating past experiences and achievements. These assessments help organisations identify individuals who can effectively navigate complex challenges, drive innovation, and contribute to the organisation’s long-term success in a rapidly changing business landscape.