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The Economic Climate

The Economic Climate. Implications for libraries, librarians, and SLA (DPHT). Current conditions. US unemployment 8.1%; may exceed 10% 4.4MM jobs lost in February PHT membership down 22% since Feb 2007 But… Our industries are traditionally “recession-proof” – now “recession-resistant”?

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The Economic Climate

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  1. The Economic Climate Implications for libraries, librarians, and SLA (DPHT)

  2. Current conditions • US unemployment 8.1%; may exceed 10% • 4.4MM jobs lost in February • PHT membership down 22% since Feb 2007 But… • Our industries are traditionally “recession-proof” – now “recession-resistant”? • Are current situations more influenced by recession or consolidation? • Other factors: FDA changes, new president

  3. Macroeconomic HC view • Healthcare / Pharma growth has slowed • New administration is looking to limit costs – pharma, devices, diagnostics; may be slowed by competing priorities • At the same time, FDA is scrutinizing applications more, increasing hurdles, including asking for better data –increasing cost to development

  4. Implications – What we’re seeing Information Professionals • Forced to do more with less • Budget cuts • Asked to broaden service • ROI, ROI, ROI • Consolidation effects • Job cuts • More users / combining different user groups Vendors • Consolidation on this side as well – uncertain effects • Trying to deliver more value (continuing to innovate)

  5. Opportunities – IPs & Vendors Information Professionals • Improve sharing of industry news (layoffs, cuts) • Use LinkedIn PHT group for flexible staffing needs • Self-education on technology tools • Be conscious of ways to be lean • Information Broker? Vendors • Enhance the Vendor – IP partnership • Help us prove ROI with better statistics • Help us prove value through purchase consolidation

  6. Opportunities - PHT • Facilitate Vendor-IP discussions • To help demonstrate IP value • To help understand needs for different areas (e.g. by company size, interests) • Advertise value of IP to smaller PHT companies (which likely lack IPs) • Facilitate consulting using PHT members • Reinforce IP value to larger PHT companies • Encourage SLA corporate C-level communications • Collect & share supporting evidence for common concerns • ROI • Offshoring • Continue surveys of our membership / clients (as in SLA Alignment)

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