According to the World Health Organization (WHO), women account for 70% of the global healthcare workforce1, significantly higher than in other industries such as tech at 26%, and financial services at 46%2.
However, women’s roles seem predominantly limited to critical patient care and entry-level or middle-management roles at 70% to 75%3, with fairly low representation in top-level policy-making or C-suite positions at 32%3. Only 29% of the most influential leadership and governance roles are held by women4. In contrast, 69% of global health organisations are headed by men, and 80% of board chairs are male1, which is indicative of a broader issue: while women make up the majority of the healthcare workforce, they are less visible in the shaping of key policies and decisions.
Women leaders in biopharma
Studies consistently show that companies with greater gender diversity in leadership tend to perform better. A McKinsey report found that organisations with more women in executive roles are 21% more likely to outperform their male-dominated counterparts financially and 27% more likely to have superior value creation6.
However, as of 2023, only one woman held the chief executive officer (CEO) position among the top 10 pharmaceutical companies by revenue5. At the senior executive level across the industry, women account for only one quarter of leadership teams2.
Deborah Seifert, Malaysia, Indonesia, Singapore & Philippines (MISP) Cluster Lead at Pfizer, comments, “Patient-centred innovation is critical in the biopharma industry, which is why it stands to benefit from women in leadership roles. Having diverse teams — including more women in leadership — is critical, as it reflects the diverse nature of the communities we serve. Only a diverse range of perspectives and experiences enable the fostering of collaboration which could lead to the development of more innovative products that meet the needs of a wide variety of patients8.
She adds, “It has also been shown that diverse teams are better equipped to navigate complex challenges. For companies, this translates into enhanced decision-making, greater adaptability in dynamic markets, and stronger business performance, which would ultimately benefit the industry, patients and the wider community9.
Pfizer is an example of a biopharmaceutical company who has made consistent efforts to champion women leaders. Between 2019 and 2021, Pfizer increased female representation at the vice president (VP) levels and above from 33% to 42%.7 This shift is particularly noteworthy in markets such as Malaysia, where 66% of Pfizer’s employees are women, with half of its senior leadership positions held by women7. Likewise, nearly 66.7% of Pfizer’s Emerging Markets teams are led by women, showcasing the company’s commitment to promoting women to leadership roles.
Ravi Subramaniam, Pfizer’s People Experience Lead for the MISP Cluster, says, “As an equal opportunity employer, Pfizer’s development initiatives are gender agnostic and available for everyone. Women make up about 70% of our organisation15, and we are focusing on promoting more women to senior leadership roles at the country and regional levels. It has been proven time and again that diverse teams are more collaborative, more able to balance between being prudent and taking risks, and more effective in a global environment.”
A ripple effect
The impact of promoting women to senior roles extends beyond the boardroom. In Asia, cultural and societal barriers have a significant impact on the type of careers women and men pursue, as well as leadership opportunities between genders, and these disparities tend to emerge at a fairly young age.
Studies show that at the primary and secondary school levels, girls outperform boys in mathematics and science across ASEAN countries10. Yet, only 19.3% of women – compared to 39.8% of men – obtain Science, Technology, Engineering and Mathematics (STEM) degrees across all ASEAN countries11, and only less than 10% of biopharma chief executive officers (CEOs) are women12.
“When girls see women in senior leadership and top-level policy-making positions, it sends a powerful message to the younger generation13. This could potentially shift the needle in encouraging more young girls to pursue careers and take up leadership roles in biopharma. I was fortunate to have had good mentors and people who saw potential in me, even when I may not have put my hand up for those roles at the time. I tell young women today they must advocate for themselves and put their hands up when opportunities present themselves,” shares Seifert.
“In today’s world, gender diversity is a necessity for driving the biopharma industry forward. Companies that prioritize diversity and inclusion tend to have higher employee satisfaction, lower turnover, and stronger performance overall14. By creating a supportive environment for women to take on leadership positions, Pfizer ensures that we are attracting and retaining top talent,” says Ravi.
References:
1. Delivered by women, led by men: A gender and equity analysis of the global health and social workforce. 2019. Geneva: World Health Organization, (Human Resources for Health Observer Series No. 24). https://iris.who.int/bitstream/handle/10665/311322/9789241515467-eng.pdf Accessed 17 October 2024.
2. Milkovic, P. 2024. Women In Pharma – Are We There Yet? One Nucleus. https://onenucleus.com/women-pharma-are-we-there-yet Accessed 17 October 2024.
3. Berlin, G., Robinson, N., & Sharma, M. 2023. Women in the healthcare industry: An update. McKinsey & Company. https://www.mckinsey.com/industries/healthcare/our-insights/women-in-healthcare-and-life-sciences-the-ongoing-stress-of-covid-19 Accessed 17 October 2024.
4. Tremmel, M., Wahl. I. 2023. Gender stereotypes in leadership: Analyzing the content and evaluation of stereotypes about typical, male, and female leaders. Front Psychol, 14:1034258. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9912935/
5. Sick and Tired: How the Lack of Women CEOs in Big Pharm Impacts Women’s Health. StoryMd. https://storymd.com/story/8dnXrlauZA-sick-and-tired-how-the-lack-of-women-ceos-in-big-pharm-impacts-women-s-health Accessed 17 October 2024.
6. Hunt, V., Prince, S., Dixon-Fyle, S., Yee, L. 2018. Delivering through diversity. Mckinsey and Company. https://www.insurance.ca.gov/diversity/41-ISDGBD/GBDExternal/upload/McKinseyDeliverDiv201801-2.pdf
7. Pfizer Statement on Results of Third Annual Pay Equity Study Among Colleagues Worldwide. Pfizer News. https://www.pfizer.com/news/announcements/pfizer-statement-results-third-annual-pay-equity-study-among-colleagues Accessed 17 October 2024.
8. Scientific Workforce Diversity Seminar Series Proceedings: How Does Diversity Affect Innovation in Pharma; National Institutes of Health. https://diversity.nih.gov/sites/default/files/media-files/documents/September%202022%20SWDSS%20Proceedings.pdf Accessed 28 November 2024.
9. Delivering through Diversity. 2018. McKinsey & Company. https://www.insurance.ca.gov/diversity/41-ISDGBD/GBDExternal/upload/McKinseyDeliverDiv201801-2.pdf Accessed 28 November 2024.
10. December 2022. ASEAN-USAID Inclusive Growth in ASEAN. Policy Brief Strengthening ASEAN Women’s Participation in STEM
https://asean.org/wp-content/uploads/2023/10/Policy-Brief-Strengthening-ASEAN-Womens-Participation-in-STEM-Endorsed.FINAL_.pdf Accessed 17 October 2024.
11. Rastogi, V., Meyer, M., Tan, M., Tasiaux, J. 2020. Boosting women in technology in Southeast Asia: Shifting from awareness to action on gender diversity. Boston Consulting Group. https://www.bcg.com/publications/2020/boosting-women-in-southeast-asia-tech-sector Accessed 17 October 2024.
12. Garguilo, L. 2023. Women Rising in Biotech. Outsourced Pharma. https://www.outsourcedpharma.com/doc/viral-vectors-and-women-in-biotech-0001#:~:text=Less%20than%2010%25%20of%20CEOs,improved%20from%20previous%20years%5D.” Accessed 17 October 2024.
13. KPMG Women’s Leadership Study – Moving Women Forward into Leadership Roles. 2015. https://assets.kpmg.com/content/dam/kpmg/ph/pdf/ThoughtLeadershipPublications/KPMGWomensLeadershipStudy.pdf Accessed 17 October 2024.
14. Why are diversity and inclusion critical in the workplace? 2022. Penn LPS Online, University of Pennsylvania. https://lpsonline.sas.upenn.edu/features/why-are-diversity-and-inclusion-critical-workplace Accessed 17 October 2024.
15. Smith, S. G., Sinkford, J. C. 2022. Gender equality in the 21st century: Overcoming barriers to women’s leadership in global health. Journal of Dental Education, 86(9): 1144-1173. https://onlinelibrary.wiley.com/doi/full/10.1002/jdd.13059
Pfizer
