Merck's Margaret McGlynn stressed ethics and mentoring as key
issues challenging industry leaders in a panel discussion on leadership Wednesday at the Healthcare Businesswomen's Association annual meeting in Philadelphia.
"We need to make sure there's 100 percent transparency and honesty," said McGlynn, president, U.S. human health at Merck, who cited public distrust over the industry's disclosure of clinical trials information as a sore spot and praised the decisions of several companies to post trials data online. McGlynn also said that
industry leaders must nurture younger executives by presenting
them with challenging responsibilities early on in their careers.
Marsha Fanucci, senior vice president and chief financial officer for
Millenium, said leaders must create an atmosphere of openness to ensure ethical governance by encouraging subordinates to speak
up about potential problems.
Carol Ammon, chairman and chief executive of Endo Pharmaceuticals, told attendees that industry leaders need to do more to accommodate women's family lives. "I read a lot
about women opting out of the workforce," said Ammon."Is there a
better way to provide them with flexibility?"
Panelists agreed on the industry's need to better assert its value to society. "We have to do a better job of communicating what we stand for," said McGlynn.