By Raman Singh, President, Mundipharma
The ongoing war against cancer and the increased frequency of rapidly spreading infectious diseases continues to cast the spotlight on the pharmaceutical industry’s commitment to innovation. Recent developments in biotechnology and immunotherapies demonstrate the industry’s promise and what it can achieve when it focuses on what it does best – technological and scientific innovation.
At Mundipharma we are contributing to the evolution of tomorrow’s pharma sector in three ways:
- People innovation. At the heart of innovation is any company’s most important resource – its people. The various talent and career development programmes for every band of our workforce ensures that we are able to develop a strong people pipeline and enables everyone, not just executives, to constantly improve and step out of their comfort zones. Also important is creating a dynamic and creative environment that spurs innovative thinking.
- Product innovation. Much research goes into developing new treatments and improving existing ones, developing more effective medicines and establishing more efficient treatment methods. Whether it be in pharmaceuticals or consumer healthcare, we have been constantly applying innovative thinking to our portfolio of treatments. Two years ago, we took a local household brand in Korea, Medifoam®, global. We also transformed BETADINE®, Mundipharma’s 55-year old antiseptic range of consumer products, developing more uses for the product in treatment areas such as oral care and protective care. BETADINE® was also adapted to combat infectious diseases.
- Digital innovation. Increasingly, companies are building on technological advances to deliver superior treatment solutions and patient experiences. For example, Mundipharma has harnessed the power of virtual reality to demonstrate how asthma affects patients and effective treatment methods for doctors.
Critical to these forms of innovation are corporate investment, governmental relationships and ‘open innovation’. The concept of open innovation, which involves collaboration with other companies and external institutions, is also crucial in driving growth in a highly competitive industry.