Top 3 managerial challenges in a global and biotechnological environment
The changing global and biotechnological environment requires organizational leaders who can respond to uncertainty with competency and courage. Managers in this space face a three-fold set of challenges: meeting the internal and external demands that are required of those in a leadership position, navigating the sometimes-sensitive relationships within the global marketplace, and dealing with the unique set of challenges inherent in the biotechnological market.
Managerial challenges
In any industry, managers must content with a wide range of issues that affect their business – ranging from political, to social, and from technological to legal. Leaders must manage partnerships, concession and royalty agreements, profit sharing and contracts. They must excel at team building and create mechanisms for knowledge sharing. They are responsible for defining the rules for conflict management – escalating problems or taking disciplinary action when necessary. They must also make good use of IT systems for managing tasks and processes, including ensuring that fair measurement and review mechanisms are in place. Excellent communication skills are required for regular updates of management decisions to employees, to strengthen the dialogue across different parts of the organization, and to provide feedback to staff and managers.
Global challenges
Expanding the organizational reach overseas can mean reaching new customers and potentially boosting revenue from a global marketplace. However, the decisions involved in choosing to target a particular overseas market are not to be taken lightly. Varying business and cultural environments translate into different managerial norms and work methods, which may be unfamiliar or feel unsettling. The physical distance and language gaps can often mean ambiguity in communications, or unintended slights to potential business partners. Different licensing and regulation requirements in key countries can cause missed opportunities, especially when leadership is not fully familiarity with the complementary and competing parties involved. In industries undergoing constant change, business intelligence and information source finding capabilities must be maximized to ensure success.
Biotechnological challenges
While overall management challenges, as well as those posed by a global market, may seem daunting, when a highly complex industry – such as biotechnology – is involved, the challenge is further increased. Management in this specialized market must be highly familiar with the health economy and local trends, and have the ability to evaluate a market for medical and biotechnological products despite the insufficient, or total absence of, clinical studies. In addition, successful leaders must be able to navigate the complexities involved in the development of products in the medical field, as well as the interface between the clinical and sales teams.
If your organization needs assistance as it expands into the global marketplace, contact Oded Dotan. Oded is a global expert and consultant in sales and business development for the medical instrumentation and aesthetics industries. He has built a wide network of long-term industry connections, including distributors, manufacturers and business partners around the globe. He brings 20 years of proven experience in managing sales and distribution networks, covering a wide range of products for both private and governmental corporations in more than 30 countries worldwide. For more information about working with Oded, please contact Oded directly at oded@oded-dotan.com.
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