The Life Science Effect

Steven A. Vinson, PMP
The Life Science Effect

Have you ever thought about who the people are behind life-saving breakthroughs? How did they get started in their careers? Why did they choose the Life Sciences? What effect do they hope to cause? These are the questions we explore on The Life Science Effect. Gain insights straight from thought leaders, entrepreneurial game-changers, and business executives leading the Life Sciences. Host Steve Vinson explores what it really takes to be effective in this industry as a leader and innovator with a special focus on what’s happening here, in the Heartland. We aim to inspire, equip, and empower the next generation of Life Science experts through purpose-driven conversations. Join us weekly as we talk about what happens behind the science and get to know the people who make it happen

  1. 18 FEB

    S2E7: Prophetic Musings. Navigating Uncertainty in Life Sciences

    Production Note: Since this episode was recorded, Robert F. Kennedy, Jr. was confirmed as the head of HHS. Steve didn't know that at the time but it was a pretty good bet, so the analysis holds up. In this topical episode of The Life Science Effect, Steve explores the uncertainties facing the life sciences industry under the new U.S. administration. He discusses the potential impact of leadership changes at HHS and the FDA, industry perspectives from Eli Lilly CEO Dave Ricks, and the significance of multi-billion dollar pharmaceutical manufacturing investments in the U.S. Through analysis, anecdotes, and even a Breaking Bad analogy, Steve considers how these factors shape the future of life sciences and BPM Associates’ strategic positioning. Will his predictions hold up? Tune in to find out. Link to Dave Ricks interview: https://www.statnews.com/2025/01/15/readout-loud-podcast-eli-lilly-dave-ricks-obesity-trump-jpm/ MUSIC: Acid Jazz-Kevin MacLeod used under the Creative Commons Attribution 4.0 International License TRANSCRIPT: You are about to experience the life science effect season 2 brought to you by our presenting sponsor, BPM Associates. Extraordinary people. Relationships that matter. Important change for a better world. The joy of belonging. Life, science, leadership. Welcome to the next episode of Season 2 of the Life Science Effect. Hey everybody, it's Steve. And this is another topical episode. I'm going to be talking about some current events and how current events may impact our industry and may impact our company specifically. So I'm either going to sound really prophetic if you're listening to this in the future, or you're going to be sitting there going. What was he thinking? Either way, what we're seeing right now is quite a bit of uncertainty. We have a new administration in the US and there's always uncertainty when there's a new administration. They bring in their way of doing things and they appoint new heads of agencies and things like that. So we're used to seeing some some uncertainty when there's a new. This one, probably more than most, because the strategy seems to be somewhat fast-paced, faster paced than we're used to. Weigh in on the idea of being outsiders and coming in and shaking things up. And so that creates even more sort of uncertainty than we're used to, but we can handle it. Can handle. We'll talk about. I do talk about it with multiple people in the industry. Try to consume as much. Information as I can from. That may even know more than me have more access to the administration, etc. So that I can formulate some ideas and talk with my fellow leaders and make sure that our strategies are aligned with. What we think might happen, and so that we can have strategies to mitigate risk moving forward since we don't know what's going to happen. So I mentioned the new US administration. Fact I'm sitting here. The confirmation hearings for the nominee for the director of HHS for the Secretary of Health and Human Services is Robert F Kennedy. We don't know yet if he's going to be confirmed. But this is a chance for us to sort of see what the administrations priorities might be going forward. And if Robert F Kennedy junior gets confirmed, we're getting a chance to see how he might govern. In that post. HHS, as you may know, and as a reminder, overseas, the Food and Drug Administration, they oversee the Centers for Medicare and Medicaid Services, National Institutes of Health Centers for Disease Control and some other agencies. Those are the ones I pulled off just to those those have the biggest impact on the pharmaceutical medical device industry, probably the biggest one well in our line of work. The FDA has the biggest direct impact. The other ones, Medicare, Medicaid have impacts on pricing and the economics of the industry. The NANIH and CDC, of course, do research and direct programs. That impact the industry, but the FDA is by and large the the biggest impact on us. I'll explain that in a minute. Regardless of who ends up being the secretary of HHS, if it's RFK, junior or someone else. This current US administrations focus seems to be on smaller government fewer. They're already trying to cut staffing and things of various agencies and certainly reduced funding with some of the executive orders and memos that are coming out. We can see they're looking for ways to cut funding rather quickly. And they're looking for ways to cut staff. So we'll keep an eye on those things. We also know if RFK junior happens to be happens to be confirmed as the nominee for HHS, which again overseas FDA. We know that his attitude toward the pharma industry has been. Let's say somewhat negative. He has not been a fan of the industries, not been a fan of the FDA, how Medicare Medicaid is. Handled CDC, NIH, all those in all those agencies, he has made remarks in the past that indicate he may not be the biggest fan of those agencies. So we don't know what he'll do. If he if he is confirmed as the as the secretary, there could be big shake ups in those agencies, so we'll see. So why does any of this matter to? Well, obviously as CEO, it's my job. Part of my job is to track these industry trends and work with leadership to make sure our strategies are aligned accordingly. Obviously that gets harder when it's uncertain, and we know that there might be changes coming, so we tend to position ourselves somewhat conservatively so that we can, you know, stay viable. As things change, our responsibility is to stay as profitable as we can, make sure our revenue stays up and by profitable I really mean. Make sure revenue can pay our folks 1st and then have money leftover to invest and to grow, and we're in a pretty strong position to do that. We've managed our finances relatively conservatively, so we're in a pretty good position to handle sudden changes and risks with small company like any small business, there's risk. We have done our best and we continue to do our best to manage things so that we can handle wide swings in the industry. That's why it matters to. So what about what's happening in the industry? I listened recently to an interview. With Dave Ricks, who's the CEO of Eli Lilly and Company large pharma medical device company in in central India. And he was at the JP Morgan Health. I'll put a link to the one I listened to in the show notes. It's called the readout or the readout loud, and they had a great interview with him. Dave Rex talked about how he and other CE OS from the pharma medical device industry met with the transition team. Interview was done before January. So it was before the new administration took. But you could already start to tell what some of their priorities were going to be. And Rick Scott, to meet with the transition. He was there, along with representatives from the industry group called Pharma PHRMA, and they were able to get some of their points across as well as listen to the administration now. I'm OK with. I mean a lot of. Well, every time there's a new administration CE OS try to get access with the transition team. Try to get. Their priorities clarified and how things might affect their business and then try to understand what the new administration might do. Only unusual thing from this, and he pointed out, is like the setting was unusual. It's like in Washington, DC, somewhere. In a an office building, it's usually not at a Country Club in Florida. But that's what it was. Where they went. And he had some insights. So Rick's perspective was. He's hopeful about the new administrations. He believes this new administration is probusiness and is receptive to industry needs, and he emphasized that the Pharmaceutical industry. Medical device industry is sort of unusual in that they want a really good, well functioning regulator. Most industries you kind of hear a lot of industries. Here they see the regulators as kind of in their way, and if it worked for these regulations, we could do a lot of other stuff. The pharmaceutical medical device industry is one that wants to get the point across to the administration that no, we need and want. A good well functioning regulator because that's how we get safe and effective medicines to the market. That's our mechanism. And he made that point several times. The other point and why FDA is so. The United States FDA is a lot of countries in the world don't do what he called primary data review was. The FDA does primary data review. And if there's not a well functioning FDA? If it is defunded or de staffed or or disrupted in some way, then global regulation would suffer and getting safe effective medicines and medical devices to patients would suffer. And that doesn't do anybody any good, no matter whether you you mean politically or economically. This would disrupt the business operations, so the Pharmaceutical industry through their CE OS through their trade organizations are going to be pushing hard for a while, functioning well funded. I encourage you to listen to the interview with the CEO, Dave Ricks of Eli Lilly, because he is one of its the biggest and one of the biggest, not the biggest I'd have. Pharmaceutical companies in the world right now, and they're growing like crazy. Have a pretty strong pipeline they have. Really. Well, selling drugs out on the market now. And met and devices and they. Have a strong interest, let's say, in a functioning industry so. It was an interesting interview and I learned a lot. Go check out the show notes for a link. To give you another perspective and some more considerations. I was having a conversation with a potential collaborator recently. Exploring joint efforts on some large upcoming projects. And we were sharing. We keep hearing about several multi billion dollar drug manufacturing facilities being announced in the US including bulk drug substance or API facilities. Still finished facilities, biologics, small molecule and. We're really encouraged by these really large

    19 min
  2. 7 FEB

    S2E6: BPM's Commitment to DEIB is Unwavering

    In this timely and thought-provoking episode, Steve Vinson discusses the current landscape of diversity, equity, and inclusion (DEI) in the corporate world amid increasing political and business pushback. He reflects on recent headlines about major corporations rolling back DEI initiatives and contrasts that with companies like Costco and JP Morgan Chase, which are standing firm in their commitment to inclusiveness. Steve also shares BPM Associates’ perspective, reaffirming that DEI is more than just an initiative - it is a core value embedded in the company’s culture. He highlights how BPM’s intentional DEI efforts have coincided with record growth and emphasizes that diverse teams contribute to stronger business outcomes. Citing data and expert insights, he underscores why successful companies recognize the long-term benefits of embracing diversity, even in the face of external pressures. MUSIC: Acid Jazz-Kevin MacLeod used under the Creative Commons Attribution 4.0 International License TRANSCRIPT: Hello. It's Steve here. I wanted to jump in before this week's episode just to say a few words about it real quick. First of all, it's very topical and timely, so by the time you hear. It some more things may have happened in the. So if you're wondering why I don't address a certain thing like target, for example, has come out and said they're going to roll back some of their DEI efforts, and I don't mention. Target in this episode. By the time you're listening, smaller companies may have backpedaled on dei, and yet other companies may have backpedaled on their backpedal. So see it as just. The other thing I wanted to point out is. While I am reflecting the values of BPM as much as I can, these are my opinions and if something may not be the opinion of every single person at BPM, I just wanted to point. That out, I'm not trying to represent everybody's opinions, indeed. L but I am trying to reflect the values that we're committed to. So hope you. The show, let's get into it. Let me know what you think. You are about to experience the life science effect season 2 brought to you by our presenting sponsor, BPM Associates. Extraordinary people. Relationships that matter. Important change for a better world. The joy of belonging. Life, science, leadership. I'm Steve Vincent and we are continuing season 2 of the life science effect. I was sitting and reading the paper this morning. It's been kind of cold here in Indiana, but the sun shining today it's supposed to warm up this weekend. While I was sitting in my living room reading the paper this morning, yes, I still read a newspaper. The sun shining over my shoulder through the. I'm sipping coffee, my cats sitting right behind me on the back of the couch. It's very Norman Rockwell around my house. No photos because I was sitting in my robe. Anyway, I was checking out the IBJ Indianapolis Business Journal and reading Allison Bell's column on the need for diversity in the tech workforce, and also Kate Charen's article. On diversity and Indiana universities and I was thinking, wow, this is great. You know, I. Continues focusing on diversity even as recent executive orders are crushing dei efforts within the government. But then I noticed I was reading an issue from January 10th, 10 days before the Trump administration took office. Now I know that it started in corporations before January 20th, with companies like Walmart announcing scaling back their dei efforts. And other companies, but it seems like it's accelerating a little bit here in the US since the elections. And since the new administration took office and the bandwagon effect seems to really be taking hold. Reset headlines have been awash with the anti dei news, with the US president and the Indiana governor issuing executive orders forbidding di work. That government agencies, many companies, are ending their dei. Companies like Meta, which owns a lot of platforms like Facebook, Instagram and others. Amazon, Walmart, McDonald's, Lowe's and there are others in the headlines every day of companies walking back their dei effort. Well, at my company BPM Associates, we are seeing these headlines too. And so we sent a communication to our employees reaffirming our commitment to dei. You see, a BPM dei is just an initiative or even a strategy. Of course it. Those things, too, it's a strategy. An initiative with. It's a journey, but it really is more than that. At the core of who we are. It's in fact a core value that we publish on our website and we train everybody on it's part of who we are as a people first organization. I really wanted to reaffirm that with our folks and our partners and other stakeholders and not everybody's jumping on the anti dei bandwagon. You know Costco? Board successfully pushed back here recently. Push back a right wing activist push to do away with their dei practices, and Costco is one of the big business successes of the past decade or so. Like, why would you want to mess that up? And in fact, a lot of people are quoted as saying, hey, things are going great at Costco right now. Whatever they're doing is. Why would you want to mess with that and Costco saying, hey, it's part of who we are too. Inclusiveness is part of who we are. JP Morgan Chase is another one that's being that is pushing back against this reactionary push. To eliminate their inclusiveness initiatives. And they're kind of saying the same thing, which is, hey, we want everybody to feel welcome at work. Want everybody to feel like they. We want to make sure we're building a diverse workforce to serve our diverse customer base. Why wouldn't we want to do these things? So what are these like, really successful companies? See, that would have them take like this really risky, stand in an increasingly conservative sort of anti BEI environment. Like I've already said, we do it because it's part of who we are. No headline, there's no. Social, societal change that's going to cause us to stop being people first. And push you for diversity, equity, inclusion and belonging and at the same time. You know, so in other words, it's the right thing to do, at least in our opinion. At the same time, though, you can objectively look at the data. Now our dei efforts have coincided with the biggest and fastest growth in our company's history since we started in earnest on our journey. Like I say, it's always been a part of who we are, but we we really double down and got super intentional a few years back. And since we did that, our revenue has almost doubled. If we continue on the current trajectory, it will have tripled our quadrupled in. Next year or two? And you know, we have a team of superstars out there managing projects and doing technical work on projects, making a difference in our clients to get medicine and medical devices to the market to make patients lives better. And they're doing it while making everybody on the team, whether it's a BPM person, a client person, another contract person. Every person feels like they fully and openly can belong within that team environment. So back to Allison Bells column and IBJ that I was reading with the sun shining in my nice cup of coffee. It sort of bears it out too. Not just us. She cites statistics that tech companies who embrace diversity. Are much more likely to outperform their competitors financially. I knew this data. Before we. But it's not why we did it. But we also knew it would not be a bad business decision, right? Mean it makes sense and you can see it in costcos leaderships statements. JP Morgan chases leadership statement. The products and services that we and other tech companies support are sold to a diverse range of customers, patients, the customer base is diverse, right? Doesn't it seem logical that a diverse workforce would contribute to products and services? That are better suited to and would appeal to this diverse customer base seems. The data seems to bear it out. Some of the smartest businesses in the world are recognizing. Even in the face of the relentless pressure from politicians and right wing activists. I'm not saying I'm among the smartest, but I do have the courage of my convictions and I'm delighted to work for a company that has my back and I hope everyone at BPM knows that I have their back too. And guess what? I have your back, so send me an e-mail. Me know how I can help. Thank you for listening to season. Of the life science. Don't forget, do all the Internet things you know, like the subscribe. Comment go to the life science effect com to figure out how to listen to this thing on your favorite platforms and subscribe so you don't miss a single episode. You want to learn more about BPM and our diversity efforts. Go to bpm-associates.com. And continue listening to the life science effect. I.

    9 min
  3. 24 JAN

    S2E5: Denise Bachman, COO of BPM Associates

    In this episode of the Life Science Effect, host Steve Vinson interviews Denise Bachman, Chief Operating Officer of BPM Associates. Denise shares insights into BPM Associates, a life sciences consultancy known for its unique approach and core values. She discusses her journey as a project manager and the importance of building a supportive company culture. Denise emphasizes the significance of high-trust relationships and effective teamwork in achieving project success. She also recounts a challenging project experience, highlighting the impact of leadership and resistance to change on project outcomes MUSIC: Acid Jazz-Kevin MacLeod used under the Creative Commons Attribution 4.0 International License TRANSCRIPT: 00:00:01 Steve Vinson You are about to experience the life science effect season 2 brought to you by our presenting sponsor, BPM associate. 00:00:15 Steve Vinson Extraordinary people. Relationships that matter. 00:00:18 Steve Vinson Important change for a better world. 00:00:21 Steve Vinson The joy of belonging. Life, science, leadership. 00:00:32 Steve Vinson This is season 2, episode 5 of the Life Science Effect, and another special episode. 00:00:35 I. 00:00:40 Steve Vinson Promised we have Denise Bachman on the show today. 00:00:45 Steve Vinson Is a great project manager. 00:00:48 Steve Vinson And also, is the Chief operating officer of a wonderful company. 00:00:54 Steve Vinson Bpm Associates welcome to the show, Denise. 00:00:57 Steve Vinson Anything else you want to say about yourself by way of introduction? 00:01:01 Denise Bachman No, that's that's. 00:01:03 Denise Bachman Let's just have a conversation and. 00:01:05 Steve Vinson Fantastic. Yeah. 00:01:07 Denise Bachman OK. 00:01:07 Steve Vinson Well, let's just start with your story. You know, talk about BPM associates, what the company stands for, what they do. 00:01:15 Steve Vinson What does BPM do? 00:01:18 Denise Bachman So BPM Associates is a life sciences consultancy. 00:01:24 Denise Bachman That's not anything particularly unique, but what makes us unique is that we are different by design. And when I say that I talk about we took the time to really think about building a company that was going to be different. We defined our core purpose, our core values. 00:01:39 Denise Bachman We defined a shared success program which is really a heavy reinvestment into our employees. 00:01:46 Denise Bachman All of this comes together to make us. 00:01:48 Denise Bachman Exceptional project managers and deliver great service to our clients. 00:01:54 Steve Vinson Right. I 100% agree with that. 00:01:58 Steve Vinson As as will be no surprise to you or anyone who listens to the show. 00:01:58 Denise Bachman Judge. 00:02:02 Steve Vinson So what about before? 00:02:04 Steve Vinson What led up to you deciding to join in on this journey, and maybe some tidbits from your past life that would that led up to joining the company? 00:02:16 Denise Bachman Sure. So I. 00:02:18 Denise Bachman You've already mentioned I've been a project manager practising many years, pretty much the bulk of my career and it's been in life sciences, but from very early on I just always had a desire to be in a position where I could. 00:02:31 Denise Bachman Help mold and shape the culture of a company and structure it so that people could always be learning, working to become the best version of themselves they'd ever like to be, supporting them and making sure that they were aligned with work that they would. 00:02:48 Denise Bachman Really sell. 00:02:49 Denise Bachman As you know, Steve, I'm always saying a happy. 00:02:51 Denise Bachman I want to see people be in their happy place and they get to find they get to define what that. 00:02:56 Denise Bachman That's not something I defined for them, but I'm certainly happy to help coach them and guide them and mentor them to get there. 00:03:02 Denise Bachman So for years and years and years, I've wanted to do this all the years that I've been invested in being a project manager and delivering to clients, that certainly helped me refine my vision and my skills and my experiences all come together to land me where I am. 00:03:18 Steve Vinson Any particular stories that come to mind are that you like to tell that illustrate. Illustrate all that. 00:03:27 Denise Bachman Well, that's a great question. I can think of 1 project in particular that was not a good experience. Unfortunately in my long career, I really only have that one that always stands out. There were a lot of things that didn't go well. 00:03:38 Mm. 00:03:41 Denise Bachman Was working for a small consulting company that. 00:03:45 Denise Bachman Leadership would. 00:03:47 Denise Bachman Was not supportive when things weren't going well, they weren't supportive. 00:03:50 Denise Bachman You were left on your own and I always thought that that was just unprofessional and an inappropriate way to treat your employees. 00:03:57 Denise Bachman That always stuck with me. 00:03:59 Denise Bachman The other thing that stuck with me consistently across my projects is how often I've been told. 00:04:07 Denise Bachman I've developed high trust relationships and it's really about working with people, so you can have the best tools, the best schedule, the best, everything, all the funding in the world. But if you don't have people and you don't treat them well, you don't have a good outcome. 00:04:23 Denise Bachman So I always invested heavily in relationships and getting teams to come together. 00:04:28 Denise Bachman To get stuff done, that's always been my elevator speech. 00:04:32 Denise Bachman So I think the combination of those two things is really representative of what I do. 00:04:33 What's it? 00:04:36 Steve Vinson For sure. 00:04:38 Steve Vinson Yeah, and it shows in your in your work. When you say get stuff done, anything you can share like what is that stuff? 00:04:44 Steve Vinson Know it's interesting about this. 00:04:47 Steve Vinson A lot of people that listen are project managers and some of them aren't even in life sciences, which kind of surprised me. 00:04:54 Steve Vinson But they're like people that want to learn, you know. 00:04:57 Steve Vinson So when you say get stuff done, what kind of stuff? 00:05:01 Steve Vinson Either from a project that went well or didn't go well in your in your prior career. 00:05:05 Denise Bachman Yeah. 00:05:06 Steve Vinson Career. 00:05:07 Denise Bachman So that's a really good question and thanks for allowing me to. 00:05:08 Run. 00:05:11 Denise Bachman When I say get stuff done, it can vary from project to project. But again my key focus was always on bringing a team of people together. 00:05:19 Denise Bachman Usually, to alleviate work that they were doing, that they weren't trained to. 00:05:24 Denise Bachman So my scientists were often working with scientists, healthcare professionals of all kinds, and then they're tasked with being responsible for managing a project. 00:05:34 Denise Bachman Well, Project management is a an industry and a a methodology of its own. 00:05:38 Denise Bachman You can't expect somebody who's not. 00:05:40 Denise Bachman To do it to do. 00:05:41 Denise Bachman Well, when I step into that role, I take over. 00:05:45 Denise Bachman That is my area of expertise when I'm working on a project, they become the space to do what they really are trained to do and things start working well. 00:05:54 Denise Bachman So when I say get stuff done, the project could vary greatly from whatever the deliverable is, whether it's a new software system. 00:06:03 Denise Bachman A remediation project or transformation project. 00:06:07 Denise Bachman The list goes on and on, so that's the output, but for me it was getting everybody working together to get that output where it needed to go. You have to do it. 00:06:18 Denise Bachman Without causing a lot of harm or any harm really to anybody. 00:06:22 Steve Vinson On that project you were talking about where management wasn't supportive. 00:06:26 Steve Vinson Are you able to share what that what the product of that project was? 00:06:31 Denise Bachman So that was a. 00:06:34 Denise Bachman That was I was working in drug safety for a company and they were going through a transformation change, bringing together a couple of different organizations that needed to go from manual paper processing to something electronic. 00:06:49 Denise Bachman There was a lot of resistance in different groups in the organization. 00:06:54 Denise Bachman Actually, the most resistance came from the sponsoring organization itself. So. 00:06:59 Denise Bachman Just. 00:07:00 Denise Bachman Just challenged with people that didn't want to make the change that weren't interested. 00:07:04 Denise Bachman And affecting any change delaying things because that company culture. 00:07:10 Denise Bachman Believed that. 00:07:13 Denise Bachman Consensus meant 100% agreement and really you want to define that ahead of time because 100% gives one person the power to stall a project. 00:07:16 Hmm. 00:07:22 Denise Bachman That's exactly what happened. 00:07:24 Denise Bachman We were delayed by several weeks because one person just simply didn't want to do what needed to be done. 00:07:30 Denise Bachman Well, that created a lot of problems that caused. 00:07:35 Denise Bachman Delays to the project. 00:07:37 Denise Bachman Things got escalated and there was a lot of. 00:07:42 Denise Bachman Harm caused to people who were getting ready to. 00:07:46 Denise Bachman Who really weren't sponsoring the project the way they should have, and it just wasn't handled well. 00:07:54 Steve Vinson Yeah, you and I have the pleasure of being at the, you know, having the amount of experience that we were there when people were transitioning from paper to el

    25 min
  4. 31/10/2024

    S2E3: What Do We Do?

    In Season 2, Episode 3 of *The Life Science Effect*, Steve Vinson discusses BPM Associates' work. He explains BPM’s core purpose and values—supporting people, fostering teamwork, and reducing turnover in the life sciences industry. Through personal stories, Steve illustrates the challenge of defining “what we do” in simple terms and describes BPM’s approach to managing projects in pharmaceuticals, including combination product scaling, regulatory compliance, and facility expansions. Emphasizing people-centered project management, BPM seeks to avoid burnout while meeting timelines and budgets. Future episodes will feature BPM employees sharing insights on their project experiences. MUSIC: Acid Jazz-Kevin MacLeod used under the Creative Commons Attribution 4.0 International License   FULL TRANSCRIPT: You are about to experience the life science effect season 2 brought to you by our presenting sponsor, BPM associate. Extraordinary people's relationships that matter, important change for a better world. The joy of belonging. Life, science, leadership. I'm Steve Vincent and this is season 2 episode 3. Finally, after many weeks of waiting, we're going to talk about what we do, so you'll remember Episode 1 was start with. Why? And we talked about our core purpose about extraordinary people working together in a great environment to accomplish important lasting change. And then in episode 2 of season 2, we talked about how we go about doing that, starting with our core values of people first. Relationships matter. Service to a greater cause than DEIB, and we put structures and systems in place so that our folks can be extraordinary. As exemplified by my hospital visit and the demonstration that if you take care of your folks, your folks will take care of your customers. So that's starting with Y and we got the concentric circles start with. Why then how finally we get to the outermost concentric circle? What the heck do we do? So first I'm gonna tell you a little story from a few years back. Went to a networking event and you know when you go to these networking events, somebody's always asking what do you do? And this one was no different. Had gone to this event. It was at the Columbia club in downtown Indianapolis, which is this kind of ritzy, beautiful building. They have nice art hanging on the walls. And so it was a nice place. And I practiced my, what we call the elevator pitch. The whole way there, because I had to drive there from from my house and the elevator pitch for those of you that may not know what I'm talking about there, it's that 10 seconds or so of an answer. When somebody says, what do you do? So you go to a networking event, you get on the elevator to go somewhere. You've got between 3 and 10 floors. To tell this person in that elevator what you do. That's your elevator pitch, so I'm practicing it the whole way over. It doesn't come natural for me, and answering that question, what do you do? It used to be really hard for me. You know what? What do I say? Project management. I'm a project manager. Yeah, well, me too. Everybody's a project manager these days. What does that mean? What do you? What kind of projects do you manage? And then I'm I'm talking about pharmaceutical projects. And medical device projects. Next thing I know, their eyes are glazed over and they're like, why couldn't you just say lawyer or doctor or something? My knows what that is. And I'm like. I just always had trouble with it, so I would practice these elevator pitches and this day was no different the entire way there. I'm practicing behind the wheel and then I get to the parking garage, which, by the way, paying for parking is is not easy like there's usually like an app where you got to text somebody or. And it's really expensive. So anyway, that sort of interrupted my train of thought. Then I couldn't figure out how to get out of the parking garage. I go down like three flights of stairs and then I find myself. Of trapped on the 2nd floor, I had to ask like this this one dude that was like directing people where to go was like how do I get out of here? He's like out that door and turn left. So I did. I find my way out. I finally get to the networking event and take the elevator. Ironically, nobody was in the elevator. Just me. So I'm still giving my elevator pitch to myself. I breeze out of the elevator straight into the networking event, head straight for the coffee bar, because that's what the networking books tell you to do. They say go to the refreshment area. If it's in the evening, it's where they serve the drinks anyway. I go over to the coffee thing and where people are and I'm making my coffee, there's another person making her coffee. She probably read the same books. She looks at me and I look at her. We're like, here we go, right? We're about to network. Networking is about to begin and she's about to ask me what I do. I'm ready for this, she goes. So tell me about yourself. I I I was. What? That's exactly what I said. She's like. Well, well, tell me about yourself, man. I was ready for what do you do? I wasn't ready for. Tell me about yourself in my head. I'm like, let's see. I was born in Northwest Indiana. No, wait. That's too far back. Chemical engineering degree. No, she doesn't want my resume and I was like, OK, I just. I stopped. They said. I practiced this elevator pitch. I was ready. And now I'm just frozen. I'm thrown off. She was apologizing to me, and I'm like, no, I'm the one that should be apologizing to you. And I said, can I just start over? She's like, please do. I said cool. Hi, I'm Steve Vinson. I'm a project manager and pharmaceutical and medical devices. I help clients get their projects done. Faster, better under budget. And she looks at me and she goes. Real estate. What? No. What did I say anything about real estate? She's like, yeah, in the beginning, I said Steve Vinson. No, it was after that, projects. No. Before that, I don't think I. So now we got this awkwardness hanging in the air. Right. And I finally was just like. There's somebody over there I want to talk to you. So this. What do you do? Question. The bottom line is didn't always come naturally to me. Right. And you have to recognize in some ways that the purpose of the question, it's not what she asked. It's just she could have said give me your elevator pitch. Or she could have said the truth. Which is, hey, we're both at this. Event let's tell each other what we got going on so we can figure out if you can help me or if I can help you or if I know somebody that can help you or if you know somebody that you can introduce me to. That's all we're doing here. We're not trying to get each other's life stories. This isn't Life magazine. Just give me the 10 seconds so that I know whether do I need to move on to the next. So now Fast forward to today. And as I've said, I'm the CEO of a company and I represent the company at events. I'm no longer just representing me, so I need to stay on message no matter what the question is, you know, tell me about your company. Tell me about you. Tell me about yourself. What do you do? I need to be ready with those few messages. That I want to communicate. On behalf of the company. So that's what these podcasts have sort of been about. It gives me an opportunity to practice, but it also steps you through the process too, maybe for your company or you know, maybe by getting reintroduced to our company, we can find ways to help each other. So here's some messaging for you. Speaking of what we do, I saw a statistic recently. About a million people in the US work in pharmaceuticals and medical devices. And most of those are working on. Projects. 90%, I would say are more of the people of the professionals working in pharmaceuticals are working on. Projects turnover rate for those folks year over year is about 25 to 30%. That's like one out of every three or four people you're working with on a project is going to leave that job this year. And think about the impact that has on your project team. You got to really go through the storming, norming, performing, norming, storming and performing stuff. You got to reteach people. What the projects about get them back up to speed, hugely disruptive, not to mention the reason they're leaving is they're frustrated there. They don't see the connection of their project to the world or to. Making a difference for patients and so if we can figure out a way to run projects better, then we can reduce that turnover rate first of all. But more importantly, we can have people instead of feeling like they're going to a job and they're stressed out about getting their projects done, they can thrive in their career. Be happier at home and just leads to a better world. And again, not to mention patients get their medicines faster, they get their devices faster. So at BPM that's what we believe we believe in managing projects differently. Yeah, we get projects done on time and under budget by the way, if you meet somebody that works at a company and they claim they. Leverage project management or specialized in project management, but they're not telling you. They'll get their projects done on time and under budget. They probably shouldn't be in the business of project management. It's kind of like table stakes. You getting projects done on time and under budget. But I digress. Yes, BPM gets projects done on time and under budget. That's always our goal. But we also focus on not leaving behind a trail of burnout and frustration. We prioritize people. We want the people working on our projects to feel like they've grown. They've learned something new and they look forward to coming. Work because when people feel valued, they stay and the project thrives. That's all well and good, but you know, that wasn't 10 seconds. That wasn't an elevator ride. That was like, I had to capture you for a good 5 minutes to tell you all that. So how would I answer th

    18 min
  5. 11/10/2024

    S2E2: How Do We Do It?

    Host Steve Vinson continues exploring BPM Associates' core philosophy, following up on Simon Sinek’s idea of starting with "why." In Episode 1, Steve shared why BPM does what it does—now, he turns to "how" they do it. Before diving into the business side, Steve shares a humorous and mostly true story about his recovery from outpatient surgery, which highlights the value of a great work environment and how it can translate into better outcomes for patients, employees, and even clients. Steve emphasizes that BPM’s approach centers on strong leadership, effective project management, and living out their core values. These principles, coupled with rigorous internal processes, help BPM drive successful, lasting change for pharma and medical device companies. Tune in for insights on how BPM nurtures its people, ensures client satisfaction, and continually strives for improvement—ultimately creating a workplace where change is embraced and employees are empowered to excel. MUSIC: Acid Jazz-Kevin MacLeod used under the Creative Commons Attribution 4.0 International License FULL TRANSCRIPT: I'm Steve Vinson, and this is Season 2, Episode 2. If you watched the Simon Sinek TED Talk, or if you listened to Episode 1 of Season 2, you know that Sinek asks us to begin our communications with why, then how, then what. In Episode 1, I talked about why BPM does what it does. Today, I'll talk about how we actually do it. Then in future episodes, we'll get into what we actually do, but first, a story about that time I was recovering from outpatient surgery. Now it involves anesthesia, and I didn't get permission from the nurse to tell this story, so I'm changing some of the details to protect their privacy and maybe my fragile ego, but the gist of the story aligns with many of the conversations I've had with several folks at that same hospital. I'd say this story is mostly true, true enough, we'll say. You'll get the idea. I was walking down the hall of the hospital in my very fashionable hospital gown, in my grippy socks, and the nurse was there, of course, to make sure I didn't fall over. If I did fall over, it wouldn't hit my head. It was all part of the anesthesia recovery process, of course. I asked them how they liked working there. I have a habit of doing that at this hospital system, and you'll see why later. But they answered me, and they said they love it. They love working there. They said the administration listens to the employees, and they implement things that'll make nurse lives better and also make for better patient outcomes. They said they wish they'd started there sooner. See, they used to work at another hospital that's farther away that I've been to. I don't particularly care for it, the times I've had to use it. They lived near the hospital where I was, and they would drive past this hospital every day on their way to work for many years. They would think, you know, my commute could be a lot shorter if I'd just work at this hospital since I live closer, but we all know how that kind of goes. You get an inertia, and it takes hold, and it's hard to leave a job. As long as you feel like you're making a fair wage and things aren't too bad, folks tend to stay, even if something else might be better. It might be better. It might be worse or even the same, and if it's no better or no worse, then you went to all that trouble and the stress of changing jobs, maybe leaving work friends, not knowing where the coffee pot is. You might be right back to a job that's no better than the job you left, so we tend to stay with the devil we know because changing jobs is hard. A number of years ago, this particular nurse finally reached the tipping point at the other hospital. The specific reason or the reasons they left aren't that important. We've all been there. There's a proverbial straw, a bad day. The dam finally bursts, whatever that metaphor is, and they finally decided to leave the old job and take a job at this hospital, and now their only regret is they should have done it sooner. It's not about whether the pay or the benefits are better. I didn't ask about that. The pay and benefits might be better, but it's really the working environment is better, and the staff gets what they need to do their jobs well, and the administration truly listens at this hospital. If something will make the patient experience better, they listen and they take action. If a procedure can be changed to improve patient outcomes, they listen and they take action. If something can be changed to help the nurses have a better working environment, they listen and they make that change. I told this particular nurse that their story sounded the same as the other stories I've heard when I've talked with folks at this hospital system. I have a habit of asking them how they like working there, even when I'm not under anesthesia wearing a very flattering hospital gown. Now, I happen to love this hospital system. I really don't want to have to use it much, but when I do need it, this is where I try to go. If I need a doctor, if I need a procedure done, if I need anything, this is where I start. Thankfully, they're covered by my insurance. I feel safer there. I feel more comfortable there. Their systems are patient-friendly. It's easy to schedule there. The staff seems to like their job. The billing always seems to work out okay. I've had disputes, but they haven't been contentious. It's just like we've got to figure this out, and we fix it, and we move on. I just feel like I'm going to have better outcomes, like the procedure is going to go better, the treatment is going to go better. If the administration listens and acts on their staff's suggestions and thoughts and feelings, well, their staff is going to listen to me, and the doctors and their nurses are going to listen to me, which confirms my belief that if you focus on people first and work to create a great environment, the customer will notice, and the customer will have a better experience. What does any of that have to do with how BPM does business? That's what you came here for, right? Let's get back to Cynic's advice first and try it out with BPM's why, how, and what. As you know, our why is we believe in the power of extraordinary people working together in a great environment to accomplish important, lasting change. How do we do that? We leverage strong leadership, effective project management, and a commitment to our core values. What we do is we lead teams to deliver complex technical projects at pharma and medical device companies. Typically, we lead teams that have client experts, contract resources, other BPM experts. The projects range from R&D to manufacturing, asset delivery, to quality improvement and business process excellence. Let's try that out in Cynic's style. When he was talking about Apple, if you watch the videos, it's really compelling when he talks about Apple. Everything we do, we believe in the power of extraordinary people working together in a great environment to accomplish important, lasting change. We do this by leveraging strong leadership, effective project management, and a commitment to our core values. We happen to lead complex technical projects at pharma and medical device companies. Want to buy some? Maybe I have a future as a TED talker. We'll see. Important, lasting change. Change, as we know, is essential for business. The right people working together is essential for change to be successful and lasting. If it's important, you want it to be successful and lasting, right? We're talking about a world where change isn't scary. It's a world where change is welcome and we look forward to change, where people cannot wait to wake up and get to work on solving the most important challenges of our time. And people do change the right way, a way that leads to job satisfaction and lasting impact. At BPM, we believe a strong, skilled leader makes all the difference to completing projects on time at the right cost. A strong, skilled project manager leading a good team is going to leverage the principles of project management and organizational change management to ensure the project's done on time and at the right cost. And team members will feel like they gained something in the process. In short, they will accomplish important, lasting change. And even if BPM is not serving as the project manager, maybe our resource is an expert on the team or some other kind of individual contributor, that's all right. We still believe in leveraging project management practices and we'll support whoever the project manager is, whether it's a client or even another contract company. Because to be a great leader, the project manager needs great team members. And we know how to do that. A good leader knows how to be a good follower as well. All of that having been said, how do we do our work? We start with our core values of people first, relationships matter, service to a greater cause, diversity, equity, inclusion, and belonging. We leverage those values and also our core traits of desire and curiosity. We express, model, reinforce all these values and traits in everything we do. We add in a set of key skills that we can round out what it means, what the definition of extraordinary people is, and what the definition of great environment is. And applying all these, whether we're recruiting for the next extraordinary person or developing our systems in the training curriculum or working with our folks to develop and grow, these values, traits, and skills are what guide us as we're doing those activities. So we're always building and strengthening our processes and tools to ensure people have what they need to be in their happy place and to do their best work. We started the journey a few years ago by focusing first on our people, the people of BPM. Because, again, by taking great care of our employees, we believe they will take great care of our customers. So we lis

    17 min

About

Have you ever thought about who the people are behind life-saving breakthroughs? How did they get started in their careers? Why did they choose the Life Sciences? What effect do they hope to cause? These are the questions we explore on The Life Science Effect. Gain insights straight from thought leaders, entrepreneurial game-changers, and business executives leading the Life Sciences. Host Steve Vinson explores what it really takes to be effective in this industry as a leader and innovator with a special focus on what’s happening here, in the Heartland. We aim to inspire, equip, and empower the next generation of Life Science experts through purpose-driven conversations. Join us weekly as we talk about what happens behind the science and get to know the people who make it happen

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