What is Innovation? : Promoting & Enabling Innovation in Customer Marketing
Recently, bio-pharmaceutical leaders have been faced with various challenges that have forced them to become savvier, especially in the area of marketing innovations.
In current news, Myriad Genetics, a molecular diagnostic company, is suing two competitors for offering similar genetic testing for a rare breast cancer gene. Despite their hopes of patenting the tests, the Supreme Court ruled in June that it is impossible to patent a gene.
A New York Times article, “2 Competitors Sued by Genetics Company for Patent Infringement,” offers an explanation on the recent court ruling, as well as the charges that were filed against the competitors. The news of the ruling ultimately probes the question “what is innovation?” As well as, “how can I improve my company’s innovation process?”
Through our benchmarking research, we found the area of process-innovation to be very fertile, and an often under-utilized area by many companies. One of our recent reports, “Best Practices in Advancing Customer Marketing: Innovations in Engaging & Communicating with Health Care Providers, Patients, Payers, and KOLs,” delves deeper into the area of innovation, especially in the area of marketing.
In order to overcome challenges in reaching all pharmaceutical customers today, bio-pharmaceutical company leaders must embrace innovation in their marketing programs. Key takeaways regarding innovation included:
- Harness new technology: Leaders must embrace the age of new technology and use media & innovative communication practices to encourage effective marketing of new innovations.
- Continuity & Collaboration: Focus and persistency will help your company go far. Dedicated innovation teams that focus on how to engage customers can be the difference between the success and failure of a new invention.
- Commitment to Customer Education: An impressive pipeline in targeted disease states is great, but without a commitment to customer education, companies will be entertaining an uninformed market. Remember to focus on customers and learn how your organization can truly benefit them.
The study drew 35 representatives from 25 leading Pharmaceutical and Medical Device companies. While innovation is broad reaching, it is ultimately thin, given the fact that no single company in the surveyed group had truly cornered the market. There are many factors organizations must focus on in the area of innovation, but remaining focused and learning from previous success stories & lessons learned can help to create a roadmap for leaders.