The scientific and commercial promise of biotech and pharmaceutical companies has not met market expectations. Both internal and external factors have impeded drug development and market acceptance. In his industry leading book, Science Business, Dr. Gary Pisano argues that a healthy biotech and pharmaceutical sector needs to look and operate differently than what we see today.
Internally, biotech and pharmaceutical companies are challenged by a mounting pressure to reduce costs and manage increasingly complex and difficult cross-disciplinary projects. Leaders are challenged to structure their organizations to bring the best internal talent to bear on each project, while fostering the flow of information across the firm and optimizing processes to increase efficiency.
Externally, biotech and pharmaceutical companies face challenges to each of their four historic pillars of profitability: pricing flexibility, long periods of exclusivity, blockbuster drugs, and relatively low manufacturing and marketing costs.
These challenges, individually and collectively, have put pressure on R&D productivity and shifted discovery and development from internal resources to an external network. To achieve success in the current environment, biotech and pharmaceutical companies must make wholesale structural changes to organizations and processes. Successful companies match well-developed internal capabilities with unique external capabilities to foster innovation through a network in which the whole is greater than the sum of its parts.
Keystone leverages its vast research, industry knowledge and access to cutting-edge thought leaders to deliver quality insights to biotech and pharmaceutical companies. Our Experts advise clients regarding the ways in which the interaction between traditional science and practical applications can radically enhance the project development process.
Keystone’s teams apply historical industry data and current thought leadership to improve R&D efficiency, accelerate innovation, develop portfolio balancing processes and create business development strategies. In addition, we advise organizations on building external networks, including commercial and academic collaborations, outsourcing, and working in India and China. Our teams have also developed patent expiration strategies and overall approaches to patent lifecycle management. Keystone’s Biotech and Pharma practice is supported by industry experts, including Dr. Gary Pisano, the Harry E. Figgie Jr. Professor of Business Administration at Harvard Business School.