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FPM Strategy Review

In October 2018 the FPM began a review of its strategy.  This page will host rolling updates on the process.

Introduction

Professor Tim Higenbottam, FPM President

The FPM seeks a new way forward to take advantage of technology, communications and the appetite for learning, not confined to UK but around the world. In so doing, we are reshaping our strategy, which aside from several revisions, has its origins 13 years ago. The acceleration in the changes in our profession and the world of therapeutics in the last 13 years will be massively outpaced by those in the next 13 years. So join us in this exercise, if you have not already contributed the ideas we are exploring.

In August we wrote to ask for ideas on how we might grow and extend our current activities and develop completely new ones. Our request was bounded only by the need to deliver to three objectives: Revenue; Reputation and Realising Patient Benefit, to which our new Vice President added a fourth; Relationships. These 4 Rs will provide the metrics to determine the value of each new idea as we transform them into activities.

The Board of Trustees held an “away day” for Strategy on the 9th of October which was attended by members of the board, senior managers at FPM and some members. Laurie McMahon from the Cass Business School facilitated the meeting:

1. It began with a Strategy 101 conversation talking through some practical ideas and how to know what sort of organisation we are.
2. We assessed the current and the future operating environment of the FPM in terms of the Health Scene, NHS, wider forces and drivers operating in the clinical pharmaceutical business to which we need to respond.
3. From these insights the participants were sufficiently informed to discuss the present FPM strengths and weaknesses, and future threats and opportunities.
4. Finally, the participants regrouped to consider an appropriate strategic response with areas for development.

There was a mass of ideas submitted by attendees from which some emergent strategic activities developed:

  • Develop new revenue streams by:
  • Becoming more innovative
  • In creating a wider diversity of offerings
  • To members and others – individuals, corporations, academics, and governments
  • By exploiting innovative delivery media
  • Whilst demonstrating value for individual professionals
  • And the FPMs contribution to the wider public

Work has begun to provide a timetable and cost and implementation plan for the next three years, throughout which the Board will receive progress risk management reports for the committees who we see as the “owners” of the strategy.