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Report

The IMD Annual Report 2021

Challenging what is and inspiring what could be

128 pages

April 2022

PRINTABLE PDF – 13MB

Each year, the IMD Annual Report charts and explores the institution’s approach and activities as a world leader in executive education and research. Fueled by pioneering thought leadership, a unique proximity to business and innovative pedagogy, IMD develops leaders who transform organizations and contribute to society through an award-winning range of open and custom programs, and MBA and EMBA degrees.

In 2021, the board was impressed by the commitment and united spirit of the IMD faculty and team, led by President Jean-François Manzoni. We continued to invest with bold ambition to build a diverse, technology-enabled offering for a new era, rather than just waiting for the storm to subside.

The IMD Annual Report 2021 can be read in full here:

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Research Information & Knowledge Hub for additional information on IMD publications

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Article

How to lead by stepping back - From C-suite to board seat

Marie France Tschudin outlines seven ways to excel as a board member. Learn how to lead by stepping back by focusing on your lane, experience and culture.

Board Corporate Governance Leadership

By Marie-France Tschudin

in I by IMD

Article

Four steps to building your leadership pipeline

Progressing internal talent helps hedge against new CEO failure, but it all hinges on integrating leadership development and succession planning. Ric Roi identifies the warning signs for organizations that fail to put the right processes in place ...

Global trade fragmentation - Supply Chains

New models of economic development are emerging from global trade fragmentation. Supply chain executives must now weigh far more complex trade-offs, says Christos Cabolis

Competitiveness Strategy Supply Chain

By Christos Cabolis

in I by IMD

Article

Redesign pay incentives - Climate promises into action

To turn climate promises into meaningful results, boards must shape pay incentives by embedding environmental targets into compensation packages.

Corporate Governance Leadership Regulation Strategy Sustainability

By Sara Ratti

in I by IMD

Podcast

Walmex CEO Guilherme Loureiro: What happens when leaders admit they’re dinosaurs?

Walmex CEO Gui Loureiro shares how he transformed a retail giant into a purpose-driven digital ecosystem — and himself in the process.

Innovation Leadership Organizational Transformation

By Alyson Meister and David Bach

in I by IMD

Article

Are you sick as a parrot? 4 ways to sharpen your language skills and become a more effective leader

Avoid soulless management speak. Learn how leaders can use authentic, engaging language to connect, motivate, and inspire their teams effectively.

Communication Culture Leadership Team Work-life Balance

By Peter J. Meyers

in I by IMD

Case Study

Chugai (C): Navigating the next century of global innovation

Strategy Mergers and Acquisitions Organizational Culture Global Business

By Kazuo Ichijo and Yunfei Feng

Case Study

Chugai (B): Alliance with Roche to be among the best

Strategy Mergers and Acquisitions Organizational Culture Global Business

By Kazuo Ichijo and Yunfei Feng

Article

Are you sick as a parrot? 4 ways to sharpen your language skills and become a more effective leader

Soulless management talk disengages teams. Use authentic, thoughtful language to inspire connection, motivation, and purpose in your leadership.

Leadership Strategy

By Peter Meyers

in I by IMD Brain Circuits

13 November 2025

Article

Think you don’t play favorites? Think again

Are you unknowingly playing favorites at work? Take this quick test to uncover bias and learn proven strategies for fairer leadership.

General Management Leadership Team

By Ginka Toegel and Jean-Louis Barsoux

in I by IMD

How to lead by stepping back - From C-suite to board seat

By Marie-France Tschudin
in I by IMD

Summary

Marie France Tschudin outlines seven ways to excel as a board member. Learn how to lead by stepping back by focusing on your lane, experience and culture.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Board

Corporate Governance

Leadership

Browse all topics

Global trade fragmentation - Supply Chains

By Christos Cabolis
in I by IMD

Summary

New models of economic development are emerging from global trade fragmentation. Supply chain executives must now weigh far more complex trade-offs, says Christos Cabolis

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Competitiveness

Strategy

Supply Chain

Browse all topics

Redesign pay incentives - Climate promises into action

By Sara Ratti
in I by IMD

Summary

To turn climate promises into meaningful results, boards must shape pay incentives by embedding environmental targets into compensation packages.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Corporate Governance

Leadership

Regulation

Strategy

Sustainability

Browse all topics

Walmex CEO Guilherme Loureiro: What happens when leaders admit they’re dinosaurs?

By Alyson Meister and David Bach
in I by IMD

Summary

Walmex CEO Gui Loureiro shares how he transformed a retail giant into a purpose-driven digital ecosystem — and himself in the process.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Innovation

Leadership

Organizational Transformation

Browse all topics

Are you sick as a parrot? 4 ways to sharpen your language skills and become a more effective leader

By Peter J. Meyers
in I by IMD

Summary

Avoid soulless management speak. Learn how leaders can use authentic, engaging language to connect, motivate, and inspire their teams effectively.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Communication

Culture

Leadership

Team

Work-life Balance

Browse all topics

Chugai (C): Navigating the next century of global innovation

By Kazuo Ichijo and Yunfei Feng
Case reference: IMD-2711 ©2025

Summary

Chugai C focuses on the company's future as it celebrates its 100th anniversary in 2025. In 2021, Chugai launched its ambitious 'TOP I 2030' growth strategy, aiming to transition from Japan's top innovator to a global leader. The strategy sets two primary targets: doubling RD output and launching one in-house global product annually by 2030. These goals are supported by three key drivers: a RED SHIFT toward early-stage research, comprehensive Digital Transformation DX, and Open Innovation. The case examines the progress made and the significant challenges that lie ahead. These include intense competition from firms in China and India, technological disruption from AI-driven drug discovery, geopolitical risks and cultural barriers to attracting global talent. The central question posed is whether Chugai's proven model for success can sustain its bid for global leadership in an era of unprecedented market shifts.

Reference IMD-2711

Organization Chugai Pharmaceutical

Industry Healthcare, Pharmaceuticals

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Mergers and Acquisitions

Organizational Culture

Global Business

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Chugai (B): Alliance with Roche to be among the best

By Kazuo Ichijo and Yunfei Feng
Case reference: IMD-2710 ©2025

Summary

Chugai B examines the pivotal strategic alliance formed in October 2002 between Chugai Pharmaceutical and Swiss giant Roche. Facing constraints in RD funding and global reach, Chugai's President Osamu Nagayama sought a partnership to achieve the firm's ambition of becoming Japan's number one pharmaceutical enterprise while preserving its autonomy. The case examines the unique business model by which Roche acquired a 50.1 equity stake while Chugai retained its management, public listing and corporate identity. This structure created a powerful synergy: Chugai gained exclusive rights to develop and market Roche's innovative products in Japan, while Roche leveraged Chugai's RD pipeline for its global distribution network. The case details how the alliance transformed Chugai from Japan's 10th largest pharma firm into its market leader in oncology and by market capitalization by 2024. It provides a rich context for analyzing how strategic partnerships can bridge resource gaps, foster a 'capability revolution,' and accelerate a company's path to becoming a global innovation powerhouse.

Reference IMD-2710

Organization Chugai Pharmaceutical

Industry Healthcare, Pharmaceuticals

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Mergers and Acquisitions

Organizational Culture

Global Business

Browse all topics