industry trends in innovation

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Industry Trends in Innovation December 2012 Dr Glenn Carter

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Asia Pacific Pharmaceutical & Medical Professionals LinkedIn Group poll results and discussion on "Where do you see the most commercial innovation happening over the next 12 months?"

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Page 1: Industry Trends in Innovation

Industry Trends in Innovation

December 2012

Dr Glenn Carter

Page 2: Industry Trends in Innovation

A recent poll asked members of the Asia Pacific Pharmaceutical & Medical Professionals LinkedIn

Group (n=1928):

“Where do you see the most industry innovation

happening over the next 12 months?”

Page 3: Industry Trends in Innovation

Where do you see the most industry innovation

happening over the next 12 months?

1. Digital and marketing communications

2. Multi-layered customer engagement

3. Analytics and knowledge management

4. Sales force effectiveness

5. Diversification of product portfolios

Page 4: Industry Trends in Innovation

Where do you see the most industry innovation

happening over the next 12 months?

28% of respondents - How companies connect with their customers:

• a focus on strategies centered around multi-layered engagement.

• building business relationships with multiple influencers and decision makers

• this will require sophisticated account management skills.

Page 5: Industry Trends in Innovation

Where do you see the most industry innovation

happening over the next 12 months?

27% - most industry innovation will involve how companies analyze data and convert this data to knowledge, and from this to commercial advantage.

27% - innovation in digital and marketing communications – development of multi-channel e-platforms for products, therapeutic areas and disease states, and the use of iPads for e-detailing.

Page 6: Industry Trends in Innovation

Where do you see the most industry innovation

happening over the next 12 months?

12% - innovation would come from the diversification of product portfolios (in-licensing; co-marketing; co-promotion).

4% - innovation would come from improvements in sales force effectiveness.

Page 7: Industry Trends in Innovation

Innovation Capability:

Someone skilled at managing innovation:

• Understands both their industry and the wider commercial arena.• Has good judgment about which creative ideas will work and how

potential ideas may play out in the marketplace.• Is open to working collaboratively with others.• Embraces creative suggestions.• Is good at facilitating effective brainstorming.• Can manage the creative process of others.• Understands and manages risk appropriately whilst not fearing failures

and mistakes.

• Embraces continuous learning and transformative thinking.

Page 8: Industry Trends in Innovation

Assessing Innovation during an Interview

• "What does innovation mean to you?“

• "Where do you see the most innovation happening in our

industry?“

• "What more do your customers and non-customers want from

you and how will you deliver this?“

• "Tell me about your preferred working environment?" Probe on

collaboration, working with others, sharing knowledge and a

willingness to learn.

Page 9: Industry Trends in Innovation

Assessing Innovation during an Interview

• "What's your understanding of the creative process and how do

you manage creativity in others?”

• "What's your understanding of risk management and how do you

manage risk?“

• "Talk me through several failures you've had. What did you learn?

What would you do differently?“

• "Tell me how you have taken a raw idea and turned it into a

marketplace success.“

Page 10: Industry Trends in Innovation

Assessing Innovation during an Interview

• "From the many possibilities for new products and services how

do you select those with the highest likelihood of success?“

• "What innovative strategies have you adopted to increase

customer engagement?"

Page 11: Industry Trends in Innovation

Summary

Innovation is vital for commercial success – it is the catalyst for growth.

Innovation brings immediate advantages and provides platforms for businesses to explore additional opportunities for future benefit.

The ability to innovate and to manage innovation are now Essential Criteria as employers select tomorrow’s workforce.

Page 12: Industry Trends in Innovation

For a copy of the Workforce Trends article please contact your Consultant at Pharmaceutical & Medical ProfessionalsEmail: [email protected]