New technologies are forcing pharma brands to rethink the type of partners and skills they need for the future.
One of our clients, a reputed Swiss pharmaceutical company, came to us with the proposal to become their partners is defining an innovation strategy for 2019.
The challenge was to build an innovation strategy that would incorporate the latest trends in pharma like digital transformation, patient centricity, transparent R&D procedures and taking advantage of the current technological potential for data exploitation.
1. Business model benchmarking
The first thing we did was to conduct a Business Model benchmarking. We studied competitors’ innovation models to get an understanding of their business processes and see if we can apply any of these practices to improve performance and gain competitive advantage.
Our innovation team together with representatives of the company were involved in the process of co-creation of the innovation model.
The client will consolidate the strategic direction taken in 2018 when it acquired an electronic health record company (EHR) that captures structured and unstructured oncology data from laboratories and research repositories. The company also acquired an analytics engine that pulls out insights from unstructured data that combined with electronic medical records generates clinical evidence. This system addresses the clinical trial process optimisation and enables the pharmaceutical company to innovate based on groundbreaking research.
The company has to gain a leadership position in the highly competitive oncology therapeutics market. Oncology therapeutics contributes to 60 % of the company’s revenue, and it is critical to maintaining a leadership position to ensure continued business performance.
The decision to go into genomics analytics will be consolidated in 2019. Our client signed a partnership with a company to use the REFS (Reverse Engineering and Forward Simulation) technology to analyse proprietary EHR and next-generation sequencing data for insights on drivers of drug response and cancer progression. Our client has one of the most advanced databases and analytics platforms to create personalised treatments for cancer patients.
2. Analysis of innovation maturity
Our team of consultants used the Innovation Management Maturity Model to assess the innovation capabilities of the company including people, processes and tools needed to speed time to market. This model is critical in creating a repeatable strategic framework for innovation excellence.
3. Gap diagnosis between vision and current status
Our team used a gap analysis to determine if the business requirements are being met.
The first step was conducting a gap analysis to set objectives by looking at the mission statement of the company at its strategic goals and improvement objectives. The next phase was to analyse the business processes by gathering data on performance levels and how the resources are allocated to these processes. The last stage was when we compared the list of target objectives with the current state, and we drew a plan with steps to take to reach the desired stage of development.
During the consultancy sessions, we managed to create an innovation model based on the five fundamental pillars of the transformation of a company; as well as the design of a more agile process that allows early decision making and innovation. We have also created a two-year roadmap with short, medium and long-term objectives.