How do you define innovation in the biopharma industry? We are used to defining innovation in this industry as that focused exclusively on discovery and development of therapeutics (typically referred to as R&D) for administering them to patients either in home or clinical settings.
In the past, such innovation contributed to the creation of what we call a Unicorn Industry, but now with change in times and evolution of technology, it is time for the industry to look at new sources of innovation that go beyond traditional biopharmaceutical products.
Would you agree? What are some of these areas in your mind?
In my recent book “Redefining Innovation: Embracing The 80:80 Rule to Ignite Growth in the Biopharmaceutical Industry” Jeff Huth & I propose a new future industry subsector called “Smart integrated Medicine or S[i]M, an innovation that has the potential to broaden the business model of biopharma from a supplier of products to an orchestrator of healthcare.
Please watch this space as I share my thoughts around making a case for “redefining innovation” in the biopharma industry