Because of the patent cliff, generics and the need for Pharmaceutical and Biotech companies to fill the void of lower sales and increased competition, I discussed the importance of innovation in 2013. In 2014 top decision makers in Pharmaceutical and Biotech companies certainly are speaking of the importance of innovation because it is the primary tool that drives growth and renewal.
An article entitled “How to encourage Innovation in your company” http://tinyurl.com/npr5wt7 , “Adding more innovation to the 2014 Honda lineup” http://tinyurl.com/n3vbfs5 and “What To Do When Your Boss Won’t Support Your Great Ideas” http://tinyurl.com/nyyg3og are examples that innovation is on the forefront of the employer’s mind. The questions that need to be asked regarding innovation are, have we established an innovate process? Are we trying to implement an innovative culture? Do we have defined innovative goals? Are managers held accountable? Do we have the money in our budget set aside for innovation and are innovations that appear to be viable being evaluated and implemented? ” Programs of organizational innovation are typically tightly linked to organizational goals and objectives. These goals and objectives vary between improvements to products, processes and services”. However, we need to be open to novel ideas or methods that may not be readily tied to a company’s goals that add value.
In my opinion, nothing kills innovation faster than someone losing their job over a mistake or an innovation that does not work or is too costly. I understand that some mistakes are really unacceptable and do not fall under “innovation”; some individuals march to their own drummer. It is important to make certain that all parties involved understand the team/company rule with regard to innovation, what it is and what it is not.
In 2014 innovation will be all of the buzz for companies and will continue to be their focus. Companies will be interested in adding value rather than just doing the same thing better or working smarter. Also, in 2014 economic innovation/growth of our cities which will lead to positive economic performance will be an important matter for City Governments to focus on.
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