How much EBITDA is trapped in work that doesn’t matter?

David Graeber called them Bullshit Jobs, roles that look busy but add little real value.

They exist to feed internal processes, not customers or patients.

When Elon Musk cut 80% of Twitter’s staff, the platform kept running. Operationally, nothing broke. Financially, margins soared.

Pharma transformation programmes aren’t immune:

-      Endless reporting cycles no one reads.

-      “Innovation” projects for the slide deck, not the patient.

-      Meetings about meetings.

-      Steering committees that never steer.

-      “Digital” pilots that never scale beyond the pilot.

-      Mandatory training modules created to tick compliance boxes, not change behaviour

Graeber’s point was moral; meaningless work robs people of purpose.

In pharma, it also robs investors of returns.