For sustainable corporate success and future growth, the continuous development and introduction of new or optimized products and marketing strategies is crucial. In practice, the pipelines are often qualitatively and quantitatively too narrow and new preparations are often developed without considering the consumer. The questions about market needs, market potential and customer benefits are either asked too late or not at all. In addition to the constantly increasing pressure to innovate, research and development are protracted, cost-intensive and risky for products with a medical status or with a resilient, differentiating claim. To successfully meet these challenges, the Consumer Healthcare Team at Homburg & Partner will help and advise you in all areas concerned with innovation. Among others, we support you in the following areas:
A clear definition of the strategic orientation of innovation management is crucial as the basis for all innovation projects. The determination of the primary innovation focus on disruptive or incremental innovations, the concretization of indication fields as a framework for innovation and the question of the strategic integration of innovative projects are just as much a part of the challenges as the strategic definition of criteria for the release of innovation projects.
Innovations can only be demanded to a limited extent, but must rather be fostered and controlled. Suitable organizational framework conditions and structures must be created to foster and control the innovative potential. The main challenges in this field include the type of organizational structure and how it is anchored in the business, as well as the staff’s capacity of the innovation and research and development units. The correct filling of the relevant positions with the appropriate access to resources as well as the optimal budget and finally the decision of the physical location all define an ideal structure.
When controlling innovation processes, a strategic balance between economic efficiency and creative freedom must always be maintained. The clear definition of responsibilities is just as important as the transparent definition of a structured process that is clearly communicated internally. Exceptions and freedoms should be formulated as explicitly as the concrete flow of information and reporting structures, so that the operational innovation process can develop as freely and creatively as possible within these framework conditions.
The internal corporate culture is a decisive building block for great innovative strength. In addition to the concrete definition of corporate values and guidelines that foster creativity, the definition of responsibility and leadership as well as the implementation of incentive systems are decisive in this area in order to create an innovative and inspiring working atmosphere. It is also important that these values are adapted and exemplified by the management.
Do you have questions or would you like to discuss the topic? Then do not hesitate to contact our Consumer Healthcare experts.