Pharmaceutical: Accelerate Innovation With Software Technology
Pharmaceutical Accelerate Innovation with Software Technology
First, A Look at Deloitte’s US Life Sciences Outlook Report
Deloitte released the 2017 US Life Sciences Outlook and the report discusses some very important points for the pharmaceutical sector to consider. It’s a great report and one worth reading. Let’s compound this with a few other events occurring in this space:
- The healthcare bill on the senate floor that’s yet to be determined.
- The more informed consumers that think nothing of taking to social media to complain about the cost of care and drug prices.
- The press and evening news reporting immediately on the fallout from social media and drug prices.
- High deductible plans continue to trend upwards which equates to more consumers paying more out of their wallet for healthcare.
- And then there’s Amazon… just last week, we learned Amazon is hiring a business lead to figure out how the company can break into the multibillion-dollar pharmacy market. AND they just started selling medical supplies and equipment (DME) in the U.S.
Accelerating Innovation in the Pharmaceutical Sector is Not Easy
As a healthcare consumer, we like this news but as a life science company in pharmaceuticals, distribution or durable medical equipment, these disruptions can play havoc on the business overnight, affecting the bottom line and pipeline of goods and services. Companies need to focus on what they can control and develop models and collaboration tools that allow them to pivot as the market changes. This means accelerating innovation which is not easy in an industry where patents, clinical trials and time to market are part of the product development DNA.
In this report, Deloitte recommends that industry leaders consider advancing partnership and collaboration across the health care landscape. By leveraging open innovation models and creating an ecosystem of collaboration and idea exchange we can swiftly identify opportunities. This can be accomplished leveraging the Ezassi Innovation software platform, see our Pharmaceutical External Innovation Management Software case study.
How Innovation Software Can Accelerate Pharmaceutical Time-to-Innovate
According to the innovation technology pharmaceutical case study (client confidential) the disclosure process significantly decreased with an innovation management system in place. Historically the process would take four (4) to nine (9) months. With the platform, the process now takes two (2) to three (3) weeks. (8x faster, increased by 800% — that’s significant.) With those numbers, if you take hundreds of ideas, time-to-innovate is accelerated by years!
Idea Submission Auto Scoring
Our Innovation software system has the capability to automatically score and rank each idea submission. Through our automation submission process, each submission is scored against a set of weighted criteria and awarded a final, overall score that appears as a submission score. Then, within your idea stream dashboard you can easily identify the top scoring ideas and begin your review, easily bypassing the submissions that didn’t score high enough based on your pre-determined criteria. For example, you can quickly identify all ideas that scored over 80% and mark them as top considerations.
Robust, Customized Workflow
Unlimited workflow capability. A client-customized stage-gate workflow that can take the idea from start to product development. Workflows can be created on-the-fly in under 5 minutes or created in advance. You can create, name and save unlimited workflows by business category, department, brand, idea type, etc. to be used as often as needed. Reviewer tasks are easily accessible with automated emails and alerts, reminders and the ability to email a review directly from the workflow. Workflow status and timeline is in one place, one view where all idea advancement collaboration is housed and displayed.
One Platform for All Innovation
Capture unsolicited or solicited, challenge-based innovation, in one place. Internal or external.