Innovation in pharmaceuticals has a dramatic impact both on the health and wellness of millions of people and the bottom lines of the companies in the sector.
Our survey included 76 pharmaceuticals executives across the pharmaceutical value chain, situated in 13 countries.
We found that the Pharma industry invests more of its revenues in innovation than other sectors. And the most innovative players are growing faster than their less pioneering competitors – though well-defined innovation strategies are still far from universal. Talent remains a challenge for pharma compared to other industries but executives are putting in place measures to address this. They’re also looking for inspiration outside their walls, with an emphasis on co-creation with external partners and even customers.
Pharma’s innovation focus remains on products and business models, where they’re up there with the top innovators. They’re less engaged in innovating in other areas such as systems or services.
Explore the industry trends with Managing innovation in Pharma.