Industry Insights

Embracing the Start-Up Mindset in Pharma Business

Posted by Richard Hainsworth on Oct 5, 2018 2:22:56 PM

"We are introducing a truly innovative technology with the potential to disrupt the way customers and stakeholders in our market view their problems and solve them. But we are facing big challenges. 

"First, we are still working on our value proposition, particularly the services that we provide around our product to ensure complete customer satisfaction. Secondly, we are also facing difficulties to demonstrate the value we can deliver in a way that our customers and stakeholders can relate to. And finally, we need to adapt the current business model to accommodate our customers and to ensure we can really get paid for value delivered."
Have you ever heard this before?

It sounds like just about every brand leader in Pharma today, right? And it also sounds like the founders of just about every start-up company, working in every incubator, addressing just about every market around the world!

Creating a start-up mentality in pharma

At first glance, the challenges faced by modern pharma and the challenges faced by start-up companies might not seem that similar, but in fact they are.

This is largely due to two factors: (1) the increasing trend on the part of stakeholders to pay a value-based price for value actually delivered and not just for the physical product itself and (2) the increasing importance of various service elements in the pharma product offering to provide that value.

The global, regional and local brand teams must innovate and develop a complementary service offering along with digital customer engagement that enables the full value of drug treatment to be experienced by patients and stakeholders.

While start-ups and incubators around the world have increasingly adopted tools and approaches that are designed to address these challenges and the inherent uncertainties affecting innovation in their markets, pharma has largely persisted with outdated approaches, like traditional business analysis and planning, that were not designed to handle current challenges.

In the start-up world, it has long been recognized that it is practically impossible to analyze your way to innovating products and services that truly satisfy customer needs. If you wait for this utopian dream to be realized, you will never get your product on the market.

Instead, it is best to be humble and recognize the "un-knowability" of the task from the start and to appreciate, and even embrace, the uncertainties that will be faced.

In short, it is better to co-create the product offering together with customers and stakeholders and develop it through an iterative process of design experiments, making sure that you "build, measure and learn" from the customer experience in every iteration.

This approach requires not only different tools and processes, but a different mindset.

Failure of a design experiment is not to be feared, but to be expected somewhere along the way and a brand team’s performance is not based on avoiding product and service design "mistakes", but in how they experiment and learn their way to create the product offering that customers and stakeholders will appreciate and gladly pay for.

At StratX, we believe that instilling this new approach in pharma can be done effectively and efficiently through experiential learning facilitated by business coaches who have lived it themselves and successfully taught this skill set to others. 

Leading in Biotech & Pharma in 2025 & Beyond: Free White Paper

Over the course of the next few months and in anticipation of our upcoming launch of CentrX Biopharma2.0, StratX is exploring The Big Six critical areas of development for the healthcare and life sciences sector. 

This new experiential learning & development solution is designed for success in 2025 & beyond and covers these core areas:

The Big Six learning and development areas in biopharma 

Be the first to receive the free white paper by registering today. 

Register for the White Paper

Feel free to reach out, question, challenge, inquire or even pick up the phone and call us. Old school. (+33 1 53 46 69 00 for Paris or +1 617 300 8220 for Boston)

We’ll be happy to talk and share ideas. 

We hope you enjoy the ride and thank you very much for your time and attention. We greatly appreciate it.

If you’d like to hear more about our solutions and even participate in the testing phase and pre-launch cohort of CentrX Biopharma2.0, please connect with us. We’ll be thrilled to offer a free trial or workshop for your leaders and teams.

Topics: Innovation, Biopharma

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