Uncertainty around US economic policy is near record highs. As measured by the Federal Reserve, the index of uncertainty reached levels this week comparable to the 2008 financial crisis. And it seems likely that this situation will continue.
What is a business and brand leader to do?
There’s an industry we can all learn from – pharmaceuticals.
Pharma companies work in extremely uncertain environments, with biological mechanisms often not fully understood and long-term business models unclear. Yet, the decade+ R&D cycle of many drugs requires long-term planning. How do they handle it?
1. Portfolio Approach
Pharma companies spread their bets. They recognize that uncertainty is inherent to their business, so they sponsor a range of projects. Their investments are balanced by:
Type and level of risk
Timeframe required
Investment needs
Consider your own portfolio:
How much emphasis do you place on different risk/reward ratios?
Do you have a mix of short-term wins and long-term bets?
Compare your current initiatives—most companies find a mismatch.
2. Platforms Over Projects
Any particular drug might fail in a clinical trial—often due to unpredictable factors.
But pharma companies don’t abandon the science. Instead, they think in terms of platforms —their understanding of diseases and potential interventions.
Ask yourself:
Are your growth efforts just projects or platforms that create future options?
Can you pivot if your current plans don’t work out?
3. Partnerships & Collaboration
Pharma companies increasingly form partnerships to share risks and pool capabilities—sometimes even with former competitors!
How actively do you seek external collaborations to:
Combine strengths?
Lower risk?
Expand possibilities?
Turning Uncertainty Into Opportunity
The best response to uncertainty isn’t inaction or fatalism—it’s the adoption of systems that embrace uncertainty and turn it into a strategic advantage.
Let’s learn from industries that have mastered this science. How is your company preparing for uncertainty?
Contributed to Branding Strategy Insider by Steve Wunker, Author of JOBS TO BE DONE: A Roadmap for Customer-Centered Innovation
The Blake Project Can Help You Create A Brighter Competitive Future In The Jobs To Be Done Workshop
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