crowdsourcing

Top 10 Innovation Trends in Pharmaceutical Industry

Pharmaceutical (Pharma) industry is a set of public and private organizations that discover, develop, and manufacture drugs and medications (pharmaceuticals).  The 19th century is the beginning of the modern era of the pharmaceutical industry, because then it started focusing on chemical synthesis. Prior to that, for thousands of years people relied on medicinal properties of plants, animals, and minerals. The 20th century marks the unification of chemistry and physiology, which increased the understanding of basic drug-discovery processes. Today the pharmaceutical industry discovers myriad of drugs to prevent and treat even most complicated illnesses, while facing challenges of attaining regulatory approvals, confidentiality and pressure from patients.

The pharmaceutical industry invests more of its top line earnings into R&D than any other industry – roughly 15%. However pharma industry is still known as slow adopter of innovation. The reason is, that pharmaceutical industry is overly regulated, in order to ensure that medications are safe to consume. Furthermore, most of pharma companies have extremely strict internal policies, which restrict them from sharing the data with the others. It slows down the processes dramatically.

Innovation Thought Leaders Ronald Jonash and Hitendra Patel in one of their Innovation management and strategy books Healthovate! highlight:

Innovations in helping people feel better and live longer have recently exploded because of a simultaneous increase in our understanding of the health needs of consumers as well as the expansion of tools available to address those needs. This dizzying growth in demand and supply in this spectrum creates previously unimagined room for novel ideas and practices. For instance, the increased availability of information about therapeutic options have changed many people from passive consumers of health services to pro-active partners with healthcare providers in determining the best response to a health problem.

In these times of rapid changes, for Pharma companies it is not enough to focus solely on selling drugs and medications. Today the industry aims for more holistic approach with integrated services, customization and changes in life-styles. It leads to the trends, to which Pharma companies either have to respond to, or then to vanish. Top 10 Innovation Trends in Pharmaceutical Industry is an exquisite opportunity to learn how Pharma Industry is shifting to more digitized, customized and personalized era.

 

Scroll down to find out what are the Top 10 Innovation Trends that are shaping Pharmaceutical Industry.

 

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TOP 10 Open Innovation Platforms

Open Innovation Platforms help broad range of organizations effectively innovate with the crowd. If in the past companies mostly relied on market research and focus groups in getting needed answers, then today companies are able to open a direct channel of communication with anyone who has interest in the company, invite to brainstorm and co-create. This is called Open Innovation.

Crowd based platforms, such as Open Innovation, seeded their roots already in early Renaissance. Centuries ago, Filippo Brunelleschi, an Italian designer and key figure in architecture organized a tournament on structural planning to successfully overcome technical hurdles in building the dome of the Florence Cathedral. Today crowd based platforms are living their Renaissance themselves and every successful company uses Open Innovation Platforms to some extent.

Click on the slide arrows below to find out what are Top 10 Open Innovation Platforms.

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Top 10 Trends of Business Innovation

Where companies are expanding their businesses, innovating and locating depend on trends. Whilst some trends are obvious and continuous (e.g. social responsibility), the other trends start out as small and eventually wind up transforming the way we live (e.g. shared economy). Business Innovation trends allow us take a peek at the future. Today organizations of wide range find it critical to know Business Innovation trends; based on these trends organizations are likely to choose the right direction and grow.

Click on the slide arrows below to find out what are Top 10 Trends of Business Innovation

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Crowdsourcing: Doing More For Less

Wouldn’t it be incredible if you could buy a Lego version of Optimus Prime or the Batmobile? With Lego Cuusoo, you just might be able to. On April 23, 2011, Lego launched a crowdsourcing platform worldwide called Cuusoo where people post their Lego creations for everyone else to see. If it gets more than 10,000 supporters, Lego will commercialize it and the winner, in turn, will receive royalties. What Lego realized is that there is an untapped resource of very smart and creative people outside the organization who they can “crowdsource” to develop new offerings for the company faster and at less cost.

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