{"id":23611,"date":"2024-07-08T09:46:00","date_gmt":"2024-07-08T14:46:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=23611"},"modified":"2024-07-08T11:12:58","modified_gmt":"2024-07-08T16:12:58","slug":"emergent-challenges-in-biopharma-portfolio-management","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/","title":{"rendered":"Emergent Challenges in Biopharma Portfolio Management"},"content":{"rendered":"\n<p>In 2023, Planview was pleased to sponsor several WHY Summit Events: Basil, Switzerland, and Philadelphia. A year later, we returned to Philadelphia and then headed cross-country to San Francisco for the WHY Summit\u2019s 21st and 22nd American Pharma and Biotech Project, Program, and Portfolio Management Conference.<\/p>\n\n\n\n<p>In this blog, we will illuminate a few common themes based on presentations and discussions around the conference.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>R<em>evisit WHY Summit 2023 in this <\/em><a href=\"https:\/\/blog.planview.com\/biopharma-portfolio-management-trends-to-look-out-for\/\"><em>blog<\/em><\/a><\/p>\n<\/blockquote>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/#What_is_WHY_Summit\" >What is WHY Summit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/#Life_Sciences_Portfolio_Management_Perspectives_Coast-to-Coast\" >Life Sciences Portfolio Management Perspectives Coast-to-Coast<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/#How_to_Upskill_and_Evolve_Your_Approach_to_Biopharma_Portfolio_Management\" >How to Upskill and Evolve Your Approach to Biopharma Portfolio Management<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-what-is-why-summit\"><span class=\"ez-toc-section\" id=\"What_is_WHY_Summit\"><\/span><strong>What is WHY Summit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/whysummits.com\/\" target=\"_blank\" aria-label=\"WHY Summit (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">WHY Summit<\/a> brings together project, program, and portfolio management professionals from the pharmaceutical and healthcare industries. This collaborative event aims to tackle emerging and recurring challenges in project management.<\/p>\n\n\n\n<p>Events are held across Europe and the United States and feature insightful presentations and roundtable discussions that delve into critical topics, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Case studies and best practices around portfolio management functions within organizations<\/li>\n\n\n\n<li>The role of project management across different organizations<\/li>\n\n\n\n<li>Solutions for project prioritization, selection methodologies, risk analysis, and data-driven decision-making<\/li>\n\n\n\n<li>Cross-functional collaboration and engagement with external stakeholders<\/li>\n\n\n\n<li>Managing innovation, product lifecycles, R&amp;D initiatives, and manufacturing projects<\/li>\n<\/ul>\n\n\n\n<p>This series of events acts as a platform for pharmaceutical and healthcare sector professionals to share insights and provides unique opportunities to collectively drive <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/project-portfolio-management\/\" target=\"_blank\" aria-label=\"project and portfolio management excellence (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">project and portfolio management excellence<\/a> in an often shifting and dynamic industry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-life-sciences-portfolio-management-perspectives-coast-to-coast\"><span class=\"ez-toc-section\" id=\"Life_Sciences_Portfolio_Management_Perspectives_Coast-to-Coast\"><\/span><strong>Life Sciences Portfolio Management Perspectives Coast-to-Coast<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The two U.S. conferences we attended on the East and West Coasts featured distinct audiences from the pharmaceutical and biotech communities. While the Philadelphia summit hosted a mix of large to mid-size <a href=\"https:\/\/www.planview.com\/roles\/research-and-development-leader\/\" target=\"_blank\" aria-label=\"pharmaceutical and biotech organizations (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">pharmaceutical and biotech organizations<\/a>, smaller biotech companies mostly dominated the San Francisco summit.<\/p>\n\n\n\n<p>Both conferences covered various topics, but two key themes stood out regardless of organizational size:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How <strong>AI <\/strong>fits into the future of pharma and biotech portfolio management<\/li>\n\n\n\n<li><strong>Change management<\/strong> in response to significant shifts in work environments and landscapes<\/li>\n<\/ul>\n\n\n\n<p><em>AI<\/em><\/p>\n\n\n\n<p>Attendees and speakers at both conferences were captivated by the topic of AI and how it fits into their work. Most agree that even though AI is gaining quick acceptance in PMOs across a wide range of industries, it has yet to be determined how best it can be applied in life sciences portfolio management.<\/p>\n\n\n\n<p>The majority of the questions around AI fell into two distinct categories:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AI as a function<\/strong>\u2014<a href=\"https:\/\/info.planview.com\/building-an-AI-strategy-for-digital-transformation-success-_whitepaper_plt_en_reg.html\" target=\"_blank\" aria-label=\"How to utilize AI most effectively (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">How to utilize AI most effectively<\/a>. Is it best applied solely as an efficient way to collect and collate data points, or should it play a more impactful role in surfacing valuable insights from existing data? Is there a way to create a balance of both?<\/li>\n\n\n\n<li><strong>AI as a cost<\/strong>\u2014<a href=\"https:\/\/blog.planview.com\/choosing-your-ai-use-case-a-prioritization-framework\/\" target=\"_blank\" aria-label=\"How to choose the proper application of AI (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">How to choose the proper application of AI<\/a>, considering an organization\u2019s size, needs, and objectives, without making the technology cost-prohibitive.<\/li>\n<\/ul>\n\n\n\n<p>In addition to seeking answers to these two main questions, we heard about some of the novel ways attendees were applying AI in their portfolio management, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Scenario analysis to augment portfolio management processes and strategy<\/li>\n\n\n\n<li>Creating guidelines to measure and track technical and regulatory success rates<\/li>\n\n\n\n<li>Automating reports to support people not working in the portfolio landscape day in and day out<\/li>\n\n\n\n<li>Building portfolio management solution knowledge bases as a way to encourage familiarity with the software as people transition to different roles<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-1024x576.jpg\" alt=\"\" class=\"wp-image-23961\" style=\"width:936px;height:auto\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-1024x576.jpg 1024w, https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-300x169.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-150x84.jpg 150w, https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-768x432.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-1536x864.jpg 1536w, https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/screenshot_product-5-bigger-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Integrating AI with scenario analysis can help life sciences organizations make smart decisions with greater speed and accuracy.<\/figcaption><\/figure>\n\n\n\n<p><em>Change Management<\/em><\/p>\n\n\n\n<p>The growth of AI represents a big part of the change management discussion. Still, since change management can be such an all-encompassing topic, we wanted to cover the two subjects separately for this overview.<\/p>\n\n\n\n<p>Change management, in this sense and as it came up in presentations and discussions, was more about acknowledging the differences between hard changes (like AI) and soft changes (like an expanding remote workforce). The latter can take a variety of shapes and perspectives with wildly varying approaches dependent on an enormous number of variables.<\/p>\n\n\n\n<p>These softer changes have long been in development but quickly ramped up at the onset of the pandemic and are still evolving. Thought leaders representing life sciences organizations, small and large, embraced the belief that when an organization prioritizes this kind of change management, it creates a net positive return in efficiency, value delivery, and employee retention. Ignoring change management often creates minor cracks in organizational infrastructures that, over time, can lead to major weaknesses and deficiencies.<\/p>\n\n\n\n<p>Sentiment around <a href=\"https:\/\/blog.planview.com\/why-proactive-change-management-is-the-right-approach-to-transformation-part-1\/\" target=\"_blank\" aria-label=\"change management in the life sciences industry (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">change management in the life sciences industry<\/a> focused largely on leadership. Discussions touched on themes related to governance and accountability, challenging preconceptions, and creating trust. Multiple presentations at the San Francisco and Philadelphia conferences spoke about using change as an opportunity to improve team alignment, with one speaker more aptly stylizing change management as <em>change understanding<\/em>\u2014a key priority to remaining flexible, adaptable, and competitive.<\/p>\n\n\n\n<p>One presenter summed it up nicely, emphasizing the need for life sciences project managers to find ways to help all parts of their organizations, from leadership down, effectively drive multi-company, multi-region collaborations to maintain strategic alignment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-upskill-and-evolve-your-approach-to-biopharma-portfolio-management\"><span class=\"ez-toc-section\" id=\"How_to_Upskill_and_Evolve_Your_Approach_to_Biopharma_Portfolio_Management\"><\/span><strong>How to Upskill and Evolve Your Approach to Biopharma Portfolio Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Based on our experiences in Philadelphia and San Francisco, we are seeing rapid shifts in what it means to be a leader in life sciences portfolio management \u2014 and the means to get there. There is some apprehension about how to adapt without creating too much risk.<\/p>\n\n\n\n<p>Outside of the shared challenges of AI and change management, other insights prevailed based on the differences between the two audiences.<\/p>\n\n\n\n<p>For small\u2014to mid-sized pharma companies with limited assets, the focus is on streamlining operations to enhance their attractiveness for potential acquisitions. For larger organizations, many struggle with <a href=\"https:\/\/info.planview.com\/the-leaders-guide-to-managing-complex-portfolios-_guide_pi_en_reg.html\" target=\"_blank\" aria-label=\"managing complex dependencies (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">managing complex dependencies<\/a> across various internal and external areas of their portfolios.<\/p>\n\n\n\n<p>Both groups&#8217; key needs were finding innovative ways to integrate work management tools and providing a comprehensive view of the portfolio. Here is one of the most significant ways <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/advisor\/\" target=\"_blank\" aria-label=\"Planview Advisor (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">Planview Advisor<\/a> can help biopharma and other life sciences organizations thrive.<\/p>\n\n\n\n<p>By helping portfolio managers move away from siloed approaches that focus on only a minority of projects, Planview Advisor makes it simple to routinize portfolio management processes and analysis so life sciences organizations can maximize resource allocation, ensure consistency, and drive efficiency. This consolidated approach also helps align teams with new ways of working. Read more about how Planview Advisor creates a robust framework for managing complex portfolios and reducing risk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2023, Planview was pleased to sponsor several WHY Summit Events: Basil, Switzerland, and Philadelphia. A year later, we returned to Philadelphia and then headed cross-country to San Francisco for the WHY Summit\u2019s 21st and 22nd American Pharma and Biotech Project, Program, and Portfolio Management Conference. In this blog, we will illuminate a few common&#8230;<\/p>\n","protected":false},"author":254,"featured_media":23954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[9582,36,9546,477,38],"tags":[9579,233,9570,9571],"class_list":["post-23611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","category-product-development","category-transformation","category-vision-trends","category-work-collaboration","tag-ai-ml","tag-pd-events","tag-product-analysis","tag-product-portfolio-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Emergent Challenges in Biopharma Portfolio Management - Planview Blog<\/title>\n<meta name=\"description\" content=\"Read about crucial pharma and biotech portfolio management trends from our time at the WHY Summit 2024 San Francisco and Philadelphia events.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emergent Challenges in Biopharma Portfolio Management\" \/>\n<meta property=\"og:description\" content=\"Read about crucial pharma and biotech portfolio management trends from our time at the WHY Summit 2024 San Francisco and Philadelphia events.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-08T14:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-08T16:12:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/Emergent-Trends-Biopharma-Converted_1200x680.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dan Smith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Planview\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dan Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/\"},\"author\":{\"name\":\"Dan Smith\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/72b99da345e94314f58ec9d127c28aaf\"},\"headline\":\"Emergent Challenges in Biopharma Portfolio Management\",\"datePublished\":\"2024-07-08T14:46:00+00:00\",\"dateModified\":\"2024-07-08T16:12:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/\"},\"wordCount\":1053,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2024\/07\/Emergent-Trends-Biopharma-Converted_1200x680.jpg\",\"keywords\":[\"AI\/ML\",\"PD Events\",\"product analysis\",\"product portfolio management\"],\"articleSection\":[\"Artificial Intelligence\",\"Product Portfolio Management\",\"Transformation\",\"Vision and Trends\",\"Work Management for Teams\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/\",\"url\":\"https:\/\/blog.planview.com\/emergent-challenges-in-biopharma-portfolio-management\/\",\"name\":\"Emergent Challenges in Biopharma Portfolio Management - 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Prior to that; he oversaw information security and application infrastructure at Enrich. Dan holds a graduate certificate in engineering management from the University of Cambridge, an MBA from Santa Clara University, and a BSE in mechanical engineering from the University of Pennsylvania. 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