By Raman Singh, President, Mundipharma
We are working in a business environment where boundaries between industries are being constantly redrawn, where products and services are increasingly interconnected and interwoven with our daily lives, and where companies need to continuously reinvent themselves to remain competitive.
The rise of mobile healthcare is a good example of this phenomenon. It’s being talked about as the next big thing, because mobile devices and applications are increasing patient engagement and clinic collaboration, while the data captured on the go can then be used to provide patients with more personalised and higher standards of care. While this is a great leap forward, it is also an ultra-competitive market where traditional healthcare players are facing fierce competition from technology companies and start-ups.
To compete and to realize the opportunities before them, pharmaceutical companies need to do things differently and adopt a multi-faceted approach to product innovation. Previously, the value of innovation in the pharmaceutical industry revolved around the development of first-in-class drugs. Today, this is no longer enough. We need to think and act differently.
Mundipharma’s approach to this dynamic business environment is to focus on product innovation, people innovation and digital innovation as one integrated strategy. Companies should not approach these aspects of innovation as separate silos, but instead focus on their combined power and impact on a company’s people, processes, and technology. Innovation must be embedded into everything you do.
At Mundipharma, this approach is helping us to cast our ambitions further and consider how product and digital innovation can be harnessed to create meaningful experiences for patients. In this regard, we aspire to be a leader in the pharmaceutical sector, with our corporate culture that strongly encourages creativity and innovative thinking among its people.
Putting strategy into practice requires looking at talent in a new way. We are now seeking people from disparate areas who can bring fresh perspectives based on a wide range of experiences. Attracting people from diverse backgrounds and allowing them to add value across the breadth of our businesses essential if we want to habitually innovate and remain relevant in an increasingly interconnected business environment where the old rules are being re-written.
At the same time, we are continuing to assess how we can incorporate innovation and diversity to improve our performance and better understand the motivations and performance drivers of our most important asset – our people.
Successful high-growth businesses are those that become practiced at turning challenges into opportunities. For Mundipharma, the way we do this is by bringing together people, product and digital innovation to best equip us to control our own destiny and successfully compete in an environment where change is constant.
Armed with these capabilities, companies can take on the pharma world.