HS&M - October/November 2016

BIOPHARMA

doing business, and approached Kirshenbaum and Bond, which was renowned for its innovative and sometimes brash thinking that radically changed business for its clients. Jon Bond, agency leader, had a number of other clients, fashion designers like Isaac Mizrahi, who were looking for funding. Kirshenbaum and Bond put the two together, introducing high fashion names to a discount retailer, which gave Target a sustainable positioning and business that is still viable today.

Today, Bond, now founder and leader of TomorroLLC, a virtual holding company that operates as a consultancy, gave this perspective on what often happens when companies bring in outside “innovators like his company: “Nothing-- the underlying reward structure doesn’t support innovation in most companies. So you end up being just a shiny object.”

What does this have to do with biopharma, and why should a biopharma company care about restoring the spirit of innovation? There are different reasons for a company to support efforts to restart innovative thinking and support their development into new products or services. Many companies feel that building innovative thinking is a necessity, and will help keep the company competitive, while others feel it is a part of its core values and a means to attract and retain the best talent.

“While promotion may win quarters, innovation wins decades.”

former P&G CEO Bob McDonald, as quoted in Harvard Business Review, June, 2011.

SOME SCENARIOS WHERE
INNOVATIVE THINKING
WOULD BE NEEDED:

• The market landscape has changed: your company is faced with new and increased competition, regulatory constraints or technological advances that present challenges to the core business or to the commercialization of products in development • The company’s business changes, which would merit a reevaluation of priorities and how the organization will work. Through business development or acquisitions, a company may transition from a one-molecule or one-disease-state company to a multi-product or multi-disease category entity.

Or simply through the process of product development, a company may change from an early stage company to a company with product in phase III or ready to launch • A company’s leadership has changed (due to mergers, turnover, or retirement of founders or other key individuals), resulting in a change of the vision, direction, culture and operating principles.

This can leave uncertainty about
how the new organization will
function and can potentially in-
crease fear of being open with new
ideas, or challenging the status quo

TO WHAT EXTENT ARE
LEADING BIOPHARMA
COMPANIES COMMITTING
TO INNOVATIVE THINKING?

We conducted a small survey among 17 pharma managers, (with

13 respondents) from multiple biopharma companies in functions including marketing, regulatory, medical and clinical development. We found that despite the biopharma companies’ indication that they are interested in promoting innovative thinking, most have not made strong organizational commitments –such as resources, channels, and official rewards and recognition programs for innovative thinking.

HOW CAN BIOPHARMA
COMPANIES CONTINUE
TO SUPPORT INNOVATIVE
THINKING?

They can start by asking three questions:

1. How are we thinking differ-
ently?

Individuals across all functions, from the bench to product marketing, should take the time to look at their business from a different perspective or vantage point. This could encourage them to offer alternative solutions, and challenge the status quo, which can be essential to meet challenges such as a failed trial or a new competitor.