How can you help a pharmaceutical company rapidly develop new products?

2 Assess the capabilities

The second step to help a pharmaceutical company rapidly develop new products is to assess its internal capabilities and resources that enable it to discover, develop, test, and launch new drugs and therapies. You need to evaluate the company's R&D pipeline, its scientific expertise, its technological infrastructure, its intellectual property, its partnerships and collaborations, its organizational culture, its talent management, and its financial performance. You also need to benchmark the company against its peers and best practices, and identify its strengths, weaknesses, opportunities, and threats. By doing so, you can help the company align its capabilities with its strategic goals, prioritize its investments, and address its gaps and risks.

3 Apply the frameworks

The third step to help a pharmaceutical company rapidly develop new products is to apply the relevant frameworks and methodologies that can guide and support its innovation process. You need to use tools such as the stage-gate model, the lean startup approach, the design thinking method, and the agile scrum technique to help the company plan, execute, monitor, and improve its R&D projects. You also need to use tools such as the business model canvas, the value proposition canvas, the lean canvas, and the innovation matrix to help the company validate, refine, and communicate its business ideas. By doing so, you can help the company reduce uncertainty, increase efficiency, enhance creativity, and foster collaboration.

4 Optimize the portfolio

The fourth step to help a pharmaceutical company rapidly develop new products is to optimize its portfolio of R&D projects and products. You need to use tools such as the portfolio matrix, the risk-return analysis, the real options valuation, and the portfolio optimization model to help the company allocate its resources, balance its risk and reward, and maximize its value creation. You also need to use tools such as the product life cycle analysis, the product portfolio analysis, the product roadmap, and the product launch strategy to help the company manage its products across different stages, markets, and channels. By doing so, you can help the company diversify its offerings, leverage its synergies, and sustain its competitive advantage.

5 Engage the stakeholders

The fifth step to help a pharmaceutical company rapidly develop new products is to engage its stakeholders throughout the innovation process. You need to use tools such as the stakeholder map, the stakeholder analysis, the stakeholder engagement plan, and the stakeholder feedback loop to help the company identify, understand, involve, and satisfy its key stakeholders, such as patients, physicians, regulators, payers, partners, suppliers, employees, and investors. You also need to use tools such as the value chain analysis, the ecosystem map, the network analysis, and the co-creation platform to help the company leverage its external relationships, access new resources, and generate new value. By doing so, you can help the company build trust, loyalty, reputation, and social impact.

6 Measure the outcomes

The sixth step to help a pharmaceutical company rapidly develop new products is to measure the outcomes and impact of its innovation efforts. You need to use tools such as the key performance indicators, the balanced scorecard, the innovation metrics, and the impact evaluation to help the company track, evaluate, and report its progress, results, and achievements. You also need to use tools such as the learning loop, the after-action review, the lessons learned, and the best practices to help the company capture, share, and apply its learning and insights. By doing so, you can help the company improve its decision making, accountability, transparency, and continuous improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?