Thinking Pharma: “Mind like a Steel Trap.”

A,C,G,T.

Adenine, Cytosine, Guanine and Thymine.

The four nucleotides that make up DNA.

A,C,G,T.

Repeat several times, in different combinations

This is the stuff that determines what we do, how we think and who we are.
And we are all thinkers…..in our own way.

So how do you think ?

By all accounts the thinking process is fairly complicated.

But most people reckon we mostly do it with words.

Charles Darwin in The Descent of Man wrote:

“A long and complex train of thought can no more be carried on without the aid of words, whether spoken or silent, than a long calculation without the use of figures or algebra.”

But that was in a different age.

The last few decades have belonged to a certain kind of person with a certain kind of mind — computer programmers who could crank code, lawyers who could craft contracts, MBAs who could crunch numbers.

But the keys to the kingdom are changing hands.

(See: A Whole New Mind: Why Right-Brainers Will Rule the Future by Daniel Pink)

Will you be a Part of that New Mind-Set?

If you’re a part of the Pharma apparatus, you’ve probably got a mind like a steel trap.

So here are some of the traps that you’ll have to deal with in thinking about the future of the industry.

1. The Anchoring Trap: Over-Relying on First Thoughts

“Is the population of Turkey greater than 35 million?

Researchers asked this question to a group of people, and the estimates were seldom too far off 35 million.

The same question was posed to a second group, but this time using 100 million as the starting point.

Although both figures were arbitrary, the estimates from the ‘100 million’ group were, without fail, concomitantly higher than those in the ‘35 million’ group.

Lesson: Your starting point can heavily bias your thinking: initial impressions, ideas, estimates or data “anchor” subsequent thoughts.

2. The Status Quo Trap: Keeping on Keeping On

In one experiment a group of people were randomly given one of two gifts — half received a decorated mug, the other half a large Swiss chocolate bar.

They were then told that they could effortlessly exchange one gift for the other.

Logic tells us that about half of people would not get the gift they preferred and would hence exchange it, but in fact only 10% did.

The status quo automatically has an advantage over every other alternative.

3. The Sunk Cost Trap: Protecting Earlier Choices

You pre-ordered a non-refundable ticket to a basketball game.

On the night of the game, you’re tired and there’s a blizzard raging outside.

You regret the fact that you bought the ticket because, frankly, you would prefer to stay at home and watch the game on TV.

It may be hard to admit, but staying at home is the best choice here.

The money for the ticket is already gone regardless of the alternative you choose: it’s a sunk cost, and it shouldn’t influence your decision.

4. The Confirmation Trap: Seeing What You Want to See

You feel the stock market will be going down and that now may be a good time to sell your stock.

Just to be reassured of your hunch, you call a friend that has just sold all her stock to find out her reasons.

No matter how neutral we think we are when first tackling a decision, our brains always decide — intuitively — on an alternative right away, making us subject to this trap virtually at all times.