Novo Nordisk is under pressure: profit warnings, price falls and tough competition are weighing on the pharmaceutical giant. The new CEO Maziar Mike Doustdar is supposed to stabilize the group and bring it back to growth. Experts show how managers find their role in crises and use pressure constructively.
New CEO in stormy times
After turbulent months, Novo Nordisk is looking forward to a change in leadership. Austrian manager Maziar Mike Doustdar is taking over – at a time when the pharmaceutical giant is facing major challenges after a profit warning, a plunge in share prices and the loss of almost $100 billion in market value, reports Reuters. In addition, strong competition from Eli Lilly and cheap Wegovy copies are increasing the pressure on the company.
Pressure as a driver or danger
Pressure to perform is often seen as a burden, but it can also be a driver for better results – provided it is perceived as a challenge and not a threat, emphasizes WirtschaftsWoche. Studies show that motivation and willingness to perform can even increase under these conditions. It becomes problematic when the requirements permanently exceed the available resources. People with pronounced neuroticism who react more quickly in fear, nervousness and insecurity are particularly at risk. On the other hand, those who work in a structured, conscientious and solution-oriented manner can usually deal with pressure better.
Find your own leadership role
Especially in times of crisis, managers are often automatically assigned the role of tough restructuring – determined to act quickly and, if necessary, painfully. However, anyone who accepts these expectations without checking them risks acting driven instead of creatively, warns WirtschaftsWoche. It is better to choose your own role consciously and communicate it clearly. This can be the uncompromising crisis manager, but also the coach who involves his team, or the partner who listens, moderates and relies on consensus – depending on your personal strengths and the company situation.
Long-term values as a compass
A clear compass of values can be crucial in uncertain times. At Novo Nordisk, this function is carried out by the “Novo Nordisk Way” – a set of principles that focuses on quality, ethics and long-term thinking, according to IMD. Flat hierarchies and a low power distance promote an open innovation culture in which ideas can be freely expressed and discussed. This environment is considered an important competitive advantage because it promotes research and creativity and at the same time helps to ensure cohesion even in phases of rapid growth.
Strategies against market and cost pressure
To counter growing market and cost pressure, Novo Nordisk is taking several measures, reports Reuters. These include lawsuits against compounding pharmacies that produce cheaper imitations of the weight loss drug Wegovy, as well as the expansion of the direct sales platform NovoCare. At the same time, the company is streamlining its cost structure, canceling several research projects and examining possible job cuts – decisions that will be the responsibility of the new CEO Maziar Mike Doustdar in the future.
Jonas Vogt, editorial team at finanzen.net
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