22nd May 2018
Experienced insiders deliver a unique perspective on an industry in turmoil
|The new book Redefining Innovation: Embracing the 80-80 Rule to Ignite Growth in the Biopharmaceutical Industry is a timely and provocative wake-up call for why a historically successful industry needs to re-invent itself or face significant disruption and potentially a path to obsolescence.
The biopharmaceutical industry has served as a beacon of innovation delivering treatments and cures that have contributed to an increased life span and quality of life for millions of people across the world. However, it is also an industry under siege. One need look no further than the speech President Trump delivered less than a week ago regarding biopharmaceutical pricing to appreciate the magnitude of the challenge to the industry’s current business model.
Redefining Innovation, a new book by industry veterans Ruchin Kansal and Jeff Huth, tells the story of how the modern biopharmaceutical industry came about, what made it successful and how some of those same success factors have paradoxically contributed to difficulties it now faces in evolving to a new model in a rapidly changing healthcare market. The ability of this critical industry to re-invent itself to enable continued innovation is a topic that should concern all of us. The book defines a potential pathway for transforming the industry’s business model by broadening the definition, sources, and enablers of innovation beyond the traditional biopharmaceutical product. It introduces and advocates for the 80-80 Rule, a theme that emphasizes speed and willingness to embrace uncertainty and overcome internal barriers to change and sets the standard for redefining innovation as a platform to ignite growth.
To challenge and complement their own experience and observations the authors interviewed leaders across the healthcare ecosystem including health systems, insurance companies and the biopharmaceutical sector, as well as individuals who research and define evolving leadership competency models.
“The biopharmaceutical industry today is at an intersection,” says Ruchin. “I am convinced the current business model will unravel in the not so distant future, and now is the time for the industry to embrace the 80-80 Rule, redefine innovation beyond the biopharmaceutical product, and discover new frontiers.”
“I am extremely proud of the work that dedicated people in our industry perform every day in their efforts to research, develop and bring to market innovative products that save lives” says Huth. “At the same time, I am surprised and a bit disappointed by the slow pace at which the biopharmaceutical industry adopts innovation in areas such as digital therapeutics and evolution of the accompanying business model.”
Redefining Innovation by Ruchin Kansal and Jeff Huth
ISBN: 9781138581043 | 190 pages | 16th May 2018
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About the Author:
Ruchin Kansal is currently Digital Business Strategy Leader for Healthcare, Insurance and Life Sciences sectors at Virtusa. He established and led the first Business Innovation division at the U.S. affiliate of a top 15 global pharmaceutical company. Prior to that, as a management consultant, he served Fortune 100 healthcare organizations in the U.S., Japan, the EU, and India. In 2016, Medical Marketing & Media recognized Ruchin with a Top 40 Healthcare Transformers Award. Contact Ruchin at ruchin.[email protected] or [email protected].
Jeff Huth spent over 35 years in the pharmaceutical industry in a wide range of roles. Leading a comprehensive transformation initiative across the U.S. affiliate of a global biopharmaceutical company re-enforced for him the massive changes being faced by today’s industry incumbents and highlighted the need for a new way of defining what it takes to succeed. He currently serves as a consultant to pharmaceutical clients in the areas of Market Access and business model transformation. Contact Jeff at [email protected].