Innovating for the Life Sciences Sector: A Marathon, Not a Sprint

Is it worth pushing the rock up the hill?

The journey of innovation, especially within the life sciences sector, demands not just brilliance but also a steadfast commitment to understanding the intricate processes of technology evaluation and adoption. At BioIT World 2023, I was lucky enough to have attended the "Assessing Innovation: How Pharma Makes Tech Investment Decisions" keynote plenary panel, which provided invaluable insights into this process. Esteemed industry figures* from Roche, Novartis, and Janssen generously elucidated the somewhat opaque processes that guide technology adoption in their companies.

The Evaluation Process Unveiled

The discussion highlighted the multifaceted high-level approach life sciences companies can have towards technological innovation, specifically:

1. Methods to assess, pilot, and scale new technologies.

2. Assessing the landscape of emerging technology vendors.

3. Transitioning to formal purchasing procedures.

4. Pinpointing the key stakeholders and decision-makers.

For innovative vendors aiming to enter the life science market, a thorough understanding of these steps and their numerous sub-steps is indispensable.

The Importance of Aligning Expectations

A key takeaway from the session for me was the frequent disconnect between what vendors expect and the reality of the evaluation process. Numerous well-funded, growth-stage companies falter in their quest to partner with life science organizations due to:

- Inadequate strategic planning lacking actionable internal direction to teams.

- Insufficient critical evaluation of their solutions in addressing actual life sciences challenges.

- A naive understanding of the complex evaluation and decision-making processes, culminating in unrealistic, unachievable, market penetration goals.

Insights from the Tufts Study

This slide encapsulates the findings of a 2022 study by Tufts CSDD, which underscores the extensive process from Phase 1: Initiation to Phase 4: Full Implementation. Nota bene: each phase becomes increasingly lengthy and challenging:

According to the study, the Initiation and Evaluation phases often operate within silos of the potential client organization. As the process transitions to the Adoption Decision phase, broader coordination with cross-functional teams becomes necessary, and perhaps involving compliance and regulatory groups before senior management makes the final call.

Overcoming Common Pitfalls

To succeed in the life sciences sector, vendors must:

1. Engage in Thorough Research: Incorporate comprehensive market and regulatory analysis to formulate strategic entry plans and tactical measures that might eschew more obvious methods.

2. Conduct a Critical Product Assessment: Ensure your product or service addresses the real needs of the life sciences industry and consider early partnerships or acquisitions to bridge any gaps.

3. Set Realistic Expectations: Acknowledge the unique dynamics of the life sciences market and adapt your strategy accordingly, backed by professionals experienced in the life sciences who are adept at building excellent products and business relationships.

The Path to Success

The panel stressed that innovation adoption can a protracted and demanding endeavor, with elasticity for the scope of the innovation. It's rare for a new offering to pass through all stages in less than a year, highlighting the need for perseverance, flexibility, and runway.

Keep Pushing Forward

In the face of these challenges, the drive to innovate must remain unwavering. The rigorous evaluation processes by life sciences professionals often enhance these offerings, and when the signed agreement arrives, it's a triumph for both the vendor, the life sciences client, and the innovation itself.

Question: As we face these formidable obstacles, how can we, as innovators, ensure that we continue to push our boulders uphill and not drop them? Share your experiences and the lessons you've learned while navigating this steep terrain.

*Assessing Innovation: How Pharma Makes Tech Investment Decisions, Moderator: Aaron Mann , CEO, Clinical Research Data Sharing Alliance. Panelists: April Bingham (Roche), Peter Mesenbrink (Novartis Pharmaceuticals), Maria Palombini, MBA (IEEE Standards Association), and Laszlo Vasko (Janssen Pharmaceuticals).

• Listing of the links to the insightful Moderator and Panelists is for reader convenience only and to acknowledge their inspiring original efforts upon which I independently wrote this article; it should not suggest they had any involvement in its preparation beyond the panel session. (I hope they will repeat it this year, or perhaps convert it to a pre-conference workshop).