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A multidisciplinary approach to innovation strategy
What do you see as the biggest threat to the healthcare system today? Cyber security? Antimicrobial resistance? Unsustainable financial models? Our client, a leading medical device manufacturer, had decided to treat one of the major threats facing its business as an opportunity to overtake the competition. It saw a diverse range of opportunities, but also some apparently insurmountable challenges. Would the best business opportunity be to build on a current product line, or develop a completely new business? Should the offering be a product or a service? Could the company leverage its current skills or would it need to develop technology and capabilities in new fields? Innovia was asked to develop an innovation strategy across business units that translated a broadly defined strategic need into specific business opportunities.
Given the breadth of our client’s business and the wide range of potential options, the challenge was very broad in scope. The problem was multifaceted, requiring understanding of clinical, financial, regulatory, behavioural, competitive and technological perspectives. Innovia’s agile and tightly knit multidisciplinary team was able to rapidly structure the opportunity space. By systematically targeting the key uncertainties relevant to each area and developing analyses that spanned disciplines, we were able to confidently rule out large classes of solutions and pinpoint where viable opportunities existed. By working closely with a range of client stakeholders spanning both business units and functions, we built consensus around these decisions and momentum behind the lead opportunities.
Innovia’s work laid out initial financial models, regulatory routes and technical options for lead opportunities. We worked closely with a senior cross-functional client team to build the highest confidence in the innovation strategy, and to embed the strategy in the organisation. The strategy immediately enabled our client to make clear decisions on its innovation portfolio, which projects to boost and which to drop.
Our client appreciated our collaborative approach, our clear analysis and the breadth of perspective that we brought. In particular, we were complimented on our understanding of the realities of the client’s business environment, and on our ability to bridge between strategy and implementation. The client team is now launching a $30 million R&D program to pursue one opportunity, and is creating an FDA submission for a second.