Pharmacy’s strategic influence in the C-suite is growing as more executives recognize it not as a cost center, but as a systemwide revenue engine. However, pharmacy leaders say the profession still isn’t fully understood at the executive level, and more work is needed to ensure pharmacy has a stronger seat at the table.
Four pharmacy executives unpacked what it takes to strengthen that influence during a Nov. 5 keynote panel at Becker’s Fall Chief Pharmacy Officer Summit in Chicago:
1. Lead with financial literacy and enterprise value. Pharmacy’s systemwide reach and revenue-generating potential give it a powerful platform in health systems, but only if leaders can clearly communicate that value. As a result, financial acumen has become a core competency for chief pharmacy officers. Leaders must be skilled at translating their work into business terms, clearly articulating return on investment, timelines and margin impact to the C-suite.
“The main reason why we’ve made so much progress is because we’re such a financial driver within the health system,” said Karen McConnell, PharmD, chief pharmacy officer of Ann Arbor-based Michigan Medicine.
2. Tailor your messaging. Chief pharmacy officers must also be skilled at adjusting their messaging about pharmacy’s value based on the C-suite leader. Leaders must understand what matters most to each stakeholder and frame pharmacy’s value through that lens.
“We are the only department, maybe in the health system that can impact every single aspect of the strategic goals of the enterprise. Our biggest opportunity is knowing how to tell our story,” said Ghada Ashkar, PharmD, associate chief of ambulatory pharmacy at UCLA Health. “Know your audience, listen to them and cater your message towards what’s important for them.”
3. Build trust by consistently delivering results. Pharmacy leaders can earn trust and credibility within the C-suite by reliably meeting the goals they set and communicating openly about performance. That means being upfront about challenges, surfacing emerging headwinds early and coming prepared with solutions — not surprises.
“It’s really building that reputation that you’re consistently delivering on what you said you’re going to deliver,” said Denise Scarpelli, PharmD, vice president and chief pharmacy officer of UChicago Medicine. “If you think that there’s something coming that’s going to impact that business, you better raise your hand and have a plan ahead.”
4. Advocate for pharmacy’s visibility. Intentional advocacy may be required to increase pharmacy’s visibility in the C-suite, according to Dr. Ashkar. UCLA Health recently updated its reporting structure so its chief pharmacy officer now reports directly to the CEO. This new structure has accelerated pharmacy strategy and given pharmacy leaders more influence over systemwide priorities.
“We had to advocate for that,” Dr. Ashkar said. “We showed that being at the table in the C-suite would make a big impact on the roadmap for the whole enterprise.”
