In order to meet the rising customer and stakeholder expectations, R&D companies are focusing more and more on an Agile way of working to speed up the product development process.
Agility is attractive to any company, including pharma companies, because it has the potential to significantly reduce time to market. It requires companies to spend their time on value-added work and promotes fast reallocation of resources based on quicker decision making and engagement.
Within Life Sciences R&D, the introduction of agile principles seems to be in its early stages. The question becomes: "how can companies become more agile to surpass their competition in bringing valuable products to patients?"
Key elements that will make the R&D operating model nimbler require a fundamental change in order to increase productivity.
Those elements include, for example:
- a revision of R&D strategy to become more Venture Capital-like
- A mindset, process and governance shift enabling faster decision making through fully leveraging data and analytics to facilitate informed decisions.
Source: McKinsey & Company