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Pharmaceutical CFOs' Shift in Focus
March 27, 2008 9:40 AM
CFOs in the pharmaceutical industry need to shift their focus from defensive monitoring and reporting to partnering in an effort to drive growth and manage return, according to 74 percent of respondents in an Ernst & Young global survey. “In an era when pipelines are erratic, patents are expiring, and pricing is under pressure, the role of the CFO and finance function will become pivotal in driving improved returns, enhancing reputation and creating value,” explains Carolyn Buck Luce, Global Pharmaceutical Sector Leader at Ernst & Young. Of the senior pharmaceutical industry executives who participated in the survey, 32 percent believe that the CFO of their organization has a limited understanding of the "big picture" business issues. Results from an Ernst & Young survey of pharmaceutical CFOs in India indicate that India-based subsidiaries of major multinational pharmaceutical companies (MNC) and India-headquartered pharmaceutical companies (IPC) have different opinions on business challenges.
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