Innovation is key to the success of any business. Whether it is coming up with the idea of new products or services to offer customers, or better or more efficient ways to do something, innovation is something that all businesses do.
Innovation can be breakthrough, think of Pfizer’s crizotinib for the treatment of ALK-positive advanced non-small cell lung cancer. It can also be incremental e.g. improvements in formulation and drug delivery that may mean fewer doctor visits and better patient adherence.
It is undisputed that the pharmaceutical industry has not received a good return on investment (ROI) from it’s R&D spending over the past ten years. One only has to look at the number of new products that have come to market during this period.
Several commentators believe the problem has been the strategy for innovation within the industry. Pieter Droppert on Biotech Strategy Blog has recently written a series about different views on how innovation in drug discovery could be improved:
- BIO 2011 panel on future for innovative medicines
- Science Translational Medicine Commentary by Elazer Edelman & Martin Leon
- Science Translational Medicine Commentary by Andrew Marks
- Science Translational Medicine Commentary by Bernard Munos & William Chin
There is an active debate around innovation and drug development strategy. Whether the paradigm will shift to a new model remains to be seen.
In the meantime, we at Icarus Consultants are constantly thinking about new ways to offer more value to our clients. That’s something we should all strive to do, whatever business we are in.