Thursday, November 20, 2008

5 tips from Wyeth’s then-CEO Robert Essner on managing for success

It’s always interesting to look back on statements made by CEOs and see if they’ve held up over a couple of years.

On January 22, 2007, Robert Essner of Wyeth offered these 5 tips on managing for success – in light of changing sales tactics, TV ads, new drug development, and consumer resentment of big pharma.

1. Breakthrough drugs remain a company’s best defense against pricing pressure.
2. Because failure is the norm in research, resist discouragement and keep plugging away.
3. Skills count more than size in determining success.
4. Surround yourself with people holding different views and encourage them to speak up.
5. Embrace change but reject novelty for its own sake.

How do these sound a few months after his retirement? How do they reflect on Bernard Poussot, Wyeth’s new chairman?

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