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Surveys Find Key Changes in the Role of the Pharmaceutical CFO
Date:3/25/2008

CFOs, with 67% ranking employee attrition as a key concern versus only 25% of IPC respondents. Moreover, three-quarters of MNC respondents say they are unable to attract the best talent compared to one-third of IPC respondents.

"The differences in the concerns of CFOs in Indian-headquartered companies versus India-based subsidiaries of multinationals are significant. As the market matures, we expect these differences will start to disappear," said Murali Nair, Ernst & Young Healthsciences Practice, India.

Consistent with the global survey, respondents in both groups cited bottom-line pressure as a key concern (76% overall), however the focus of their cost-cutting efforts varied. CFOs of India-headquartered pharmaceutical companies are more concerned about cutting costs in the supply chain (67%) compared to 44% of MNC CFOs.
Other findings include:

-- Risk management: 58% of IPC respondents report being unsatisfied with

current risk mitigation measures compared to only 11% of MNCs.

-- Drivers of change: CFOs from Indian pharmaceutical companies agree on

the following top four drivers of change: improving shareholder value,

responsiveness to business needs, globalization, and cost pressures.

This is in contrast with the global survey results for MNCs where

compliance & risk are major change drivers.

-- Paucity of information that matters: Although 81% of respondents have

implemented Enterprise Resource Planning systems, 50% of MNCs and 67%

of IPCs either do not or only partially extract performance measures

from their ERP systems.

-- Key challenges: 42% of Indian pharmaceutical company CFOs feel that the

"ability to maintain and drive growth" is a key challenge over the next

three years.

- To address this challenge, 70% MNC CFOs and one-third of IPC CFOs

would like to increase time spent on partnering.

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SOURCE Ernst & Young
Copyright©2008 PR Newswire.
All rights reserved

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