While many pharmaceutical and medical device firms are faced with the challenge of filling their new product pipelines, internal obstacles within the company may prevent a consistent and organized culture for innovation.
In a recent study conducted by Harrison Hayes, we spoke to forty (40) "innovation thought leaders" from pharmaceutical and device companies. These individuals are generally recognized within their respective companies as the leaders of innovation and change. As a result of this survey, we uncovered several key hurdles.
• While most Innovation Executives are given a corporate mandate to create new disruptive products and technologies, senior management is reluctant to invest the resources to create truly disruptive and revolutionary offerings. The rhetoric of creating highly innovative new offerings permeates most organizations, however, the reality is that it is evolutionary new offerings which can easily be validated with a definable ROI (return on investment) that are likely to find a path to commercialization.
• The challenge of defining a reliable methodology for generating a ROI in a disruptive and unchartered market is subjective at best. Because of this, credibility of the market data and validating points are brought into question.
• In order to effectively champion a new concept internally, there must be a quantifiable validation of the new offering through primary and secondary research sources. The validity of identifying this process poses specific roadblocks to the creative process.
• Categorization of Evolutionary, Revolutionary and Disruptive new offerings and the approach and process to identify them is an arduous task which ends in internal struggle among staff.
Based on this and two previous surveys conducted on this subject matter, we at Harrison Hayes have developed a proprietary methodology which can streamline the process of creative innovation by utilizing a customized Key Opinion Leader methodology which we define as 'scientific ideation'. For more information and a PowerPoint presentation addressing our innovation methodologies contact us.
Image Copyright T. Boulvin