Can scenario planning radically redefine your Life Sciences business?Following the biggest ‘what if’ in recent history, how do you plan for more uncertainty? Life Sciences companies like yours must plan for continued volatility and disruption. Scenario planning is an essential tool for envisioning, anticipating, and responding to a range of events that can materially impact your business—both positively and negatively. Volatility and uncertainty affect all Life Sciences companies and is not a new phenomenon. What possible alternate futures lie in wait for you? To answer that, you must determine what scenarios are relevant to you and your customers’ needs and challenges. Which decisions will shape how your future story plays out. Good scenarios have twists and turns that go beyond budgeting and geopolitical forecasting and show how the entire company landscape might change over time.
Probing the future on the course to picture-perfect healthGood scenario planning will consist of two to five different narratives. There are big, long-view questions you must consider in scenario planning:
- What should the future of my supply chain look like?
- Should I build it or forge a partnership?
- What would happen if healthcare funding changes?
- Status quo – no change from current processes
- Public option for people shopping for healthcare
- Single payer system