Where Should Pharma Innovate to Stay Ahead of the Competition?
With new technologies accelerating changes within the healthcare industry, resource-strapped leaders can find it increasingly difficult to stay ahead of the competition let alone innovate. On top of this, executives can suffer from short-sightedness, often only planning three to five years out for strategic initiatives. New technologies accelerate changes within the healthcare industry, making it difficult to even keep up, let alone innovate. Perhaps that’s why most corporations fail before their 50th birthdays.
Functional leaders in pharmaceutical and biotech companies are being challenged to innovate to stay ahead of the competition in today’s rapidly changing health care environment. As depicted below, the only companies in a list of the Top Patents Received in 2012 placed 67th and 70th. These companies only have 6.5% and 6.2% of the number of patents as compared to the most patent-rich or innovative company.
In order to increase innovation, leaders in the healthcare industry must understand that the path to commercial longevity is marked with change, adaptation, and evolution. Planning for success in 50, 100, and even 1,000 years down the road for an organization can be a challenge, requiring significant planning for the finding the best ways to overcome obstacles and realign for success.
The innovation gap, which continues to widen every year, begs attention in today’s constantly changing health care environment. While this is a concern for many organizations, a recent Best Practices’ executive webinar with speaker & CEO, Chris Bogan, offered leaders 12 new opportunity fronts for innovation in the biotech and pharmaceutical industries. The video provided below is a sound clip from the webinar, and offers an introduction to areas of innovation for the health care sector to consider.
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