An industry that is known for innovation or the one that evolved rapidly and successfully through innovation, usually continues to rely on its old innovation engine. Within biopharmaceuticals, it means a continued focus on discovering and developing biopharmaceutical products & hence a narrow focus which tends to overlook new drivers of growth.
As a result, these incumbents miss out of some of the newer opportunities that are evolving along with the changing macro environment and market trends, while the newer players undeterred by any legacy knowhow and practices embrace new growth drivers in a much easier manner.
Eventually, it results in a paradoxical situation where the factors that made the existing large incumbents and unicorns successful, end up deterring their next wave of growth. Read more on this paradox effect facing the biopharmaceutical industry and our framework to help overcome the same in “Redefining Innovation: Embracing The 80:80 Rule to Ignite Growth in the Biopharmaceutical Industry”.