I have focused on business model and product innovation for much of much of my 20 year long career, especially over the past 6 years. I am sharing some of my insights and observations below.
What's behind the Frenzy of Innovation in Life Sciences?
The healthcare industry is changing worldwide. The key trends contributing to this change stem from evolving behaviors and needs of the key stakeholders: Patient, Providers, Payors as well as emerging technologies:
All of these are trends contribute to the push for innovation ampng life sciences companies. They realize that they simply cannot go on as before.
When in the development process should companies start thinking about innovation?
In my observation, innovation efforts are often started far too late in the product development process. Ideally, “out of the box” ideas need to be articulated, thought through, and synthesized with the development of actual products early enough to included in Phase 3 clinical trials. Claims, labeling and formulary positions could be far stronger if proof-of-concept can be generated during the trials. In other cases, innovative ideas can be launched prior to actual product launches to help seed markets and identify potential users.
Innovation process (an oxymoron?):
Organizations need to identify ways of embedding and integrating innovation processes and governance into or alongside existing processes. Sometimes, innovation efforts may require a separate path. Many organizations have created separate innovation arms, allowing standard processes to be “fast tracked” or bypassed. We are seeing some of that at Amgen, where it is clear that processes set up for the launch of a molecule do not apply to development of a software tool.