World Innovation Forum: Q&A with Jeff Kindler, Pfizer CEO
Jeff Kindler, CEO of Pfizer, opened the afternoon at the World Innovation Forum with a Q&A session, during which he spent a considerable amount of time discussing how to keep up—and stay ahead of the curve—in a changing world. Among the points he made are that companies have a big role to play in creating a culture in which employees don’t fear failure. Because without that kind of culture, says Kindler, people won’t take appropriate risks.
Of course, empowering people to try new things and not fear failure is only part of the equation in attracting the right people: remuneration continues to play a big role as well. During the Q&A, Kindler dropped the following statistic about the pharma and biotech industry: it employs over 3 million people, most of whom earn over $90k.
Other nuggets from Kindler’s Q&A:
- Velocity of business today is faster and more ruthless, that puts a premium on an organization’s ability to get faster and faster. You can never be done and be satisfied.
- You must have agility and adaptability—the world is changing, somebody is trying to destroy my business, and how can I make sure I am as fast, innovate, and thoughtful as my competitors and the ones I don’t yet know about.
- Challenge for Pfizer (and other companies): Create a culture in our organization of people who think this way.