Operationalizing Innovation at Pharma

Operationalizing Innovation at Pharma R&D IT

Ask an R&D IT Colleague, there are never ending projects for Pharmaceutical R&D IT teams to accomplish in any given financial year – so how do you make sure:

• You address the most important business needs while also addressing the urgent needs ?
• While doing those both, how do you enable innovation and deliver the best outcomes possible for business within a fixed amount of budget ?

Solution lies within how Start-ups operate, innovate and build platforms to scale – the much needed shift in paradigm within Pharma R&D IT to bring aspects of Product Management which help deliver & sustain innovation at scale.

Transcript

1. Operationalizing Innovation at Pharma Chandi Kodthiwada Head of Product Management, R&D IT Takeda
2. The Conundrum… We will have no choice but to do this project – we need to solve for budget… It is an important project but sorry we don’t have funding for this year, we will have to consider it for next year… We are looking to cut budgets – cut your innovation budget by half
3. Goal-based Prioritization framework • Set your organizational/team goals every quarter/half-yearly or annually • Prioritize Products/Platforms you manage deliver to those goals explicitly • Create a quantitative way to present Business needs to “Investment teams" • Refresh your Goals to optimize for business outcomes each time-block of your choice Urgent Important Impactful Innovation The Sweet Spot
4. So, you want to Innovate ? 1. Prioritize like your life depended on it! 2. Research, Data + Hypothesis > Opinion + Hope 3. Continuous Improvement • Devise MVP and then follow up with quicker/timely releases = validate your initial hypothesis EVERY release 4. Celebrate Failure! • Design a framework to design, catch and learn from failure! 5. Fund your winners, cut bad ones early!
5. Prioritize like your life depended on it! This framework will make it simpler to answer the following questions: 1. What are the most urgent business needs ? 2. What are “quick wins” (effort) products/releases? 3. What are the most impactful Products/releases for business ? 4. Which products have most value we can deliver per $ we can spend ? 5. Which products/releases are most strategically aligned to pursue ?
6. Research, Data + Hypothesis > Opinion + Hope • Define Product /Project Value • • scoring scales per parameter of 1-5 • Estimate Effort: Release level T-shirt sizes (XS, S, M, L, XL) • Identify Strategic Direction: e.g. For Year 2021, for one of my teams: Enhanced Platform Stability • Establish Urgency: Score of 1 to 100 to address any burning needs
7. Product Prioritization Product Experimentation (Product-Market fit)* Continuous Improvement: Optimize for Impact & Efficiency Product Requests Deprioritized or disqualified Product Requests Products backlog • Prioritized Products • Identify path per Product Product Experiments: • 1–2-week Design Sprints • Identify Impact & ROI • Early Prototypes Outcomes
8. Celebrate Failure! • Establish a fail-fast, fail-forward culture • There is no learning without failure i.e., Learn how to fail effectively • Reinvest the recouped time, $ and energy into bigger/brighter ideas
9. Product Prioritization Product Experimentation (Product-Market fit)* Release Planning Release Execution Product Launch- Readiness Product Launch Fund your winners, cut bad ones early! Product Requests Deprioritized or disqualified Product Requests Products backlog • Prioritized Products • Identify path per Product Product Experiments: • 1–2-week Design Sprints • Identify Impact & ROI • Early Prototypes Release backlog • Prioritized & T-shirt sized Features, Epics Product Iteration • With defined set of Features • demo-ed to end-users every Sprint Product Launch Kit • Gone through Steps & Teams to involve for comms, Chg. Mgmt., compliance & business Post-Launch Metrics to measure: • Adoption, activity/engagement, etc. * Skip Experimentation for low-risk, low-cost projects Outcomes
10. If you want to embark on this journey… Sell Sell the Agile and Product philosophy to your Organizational Leadership Create Create Autonomous Product Tribes and empower them to fail, learn and innovate Bring along Bring along a few friends on the journey: Corporate Finance, Procurement, Governance and your developmt and platform partners
11. Thank you… Happy Innovation! Slides: Link Prioritization Framework: Link _Chandi Chandi Kodthiwada |