New and necessary in life sciences
Six innovation strategies from industry leaders
The life sciences industry has been among the most successful and profitable industries for decades, with innovation central to this heritage. However, disruptive forces across life sciences, healthcare and technology are changing industry dynamics and creating emerging life sciences and healthcare ecosystems.
And yet, a substantial number of organizations are finding financial success even as they face turbulence. Set against these changing circumstances, few executives are confident about their organizations’ abilities to continue innovating successfully in the future; they realize that new innovation strategies are required.
How are organizations addressing the need for innovation, and how are leaders staying competitive? To learn more, the IBM Institute for Business Value (IBV) conducted the 2014 Life Sciences Innovation Survey of 750 industry leaders, including executives from pharmaceutical, biotech and diagnostics organizations, as well as academia.
Based on our analysis of study findings, we then discovered six innovation strategies that differentiate the most successful life sciences companies from others: viewing innovation as a portfolio, efficiently stopping unsuccessful innovation, embracing open innovation, participating in emerging markets, meeting patient expectations and diversifying growth initiatives.