Industry Average Innovation
Maturity Level
Novice
Industry Average Innovation
Maturity Score
1.65 / 4.00
Least Developed Innovation
Ecosystem Pillar
Leadership
PHARMA, BIOTECH & CHEMICAL
These are some of the most exciting industries to watch in the 21st century. However, in spite of their billion dollars R&D budgets these industries have always scored low on the innovation scale, not being able to convert the R&D dollars into innovation driven top line growth.
Certain forms of innovation such as Customer Experience, Channel or Business Model are starting to occur but still very rarely in these industries, all while the fear for competition from technology companies is steadily increasing.
In these industries innovation is still regarded as as synonym for R&D while a culture of innovation and system of innovation are yet to be adopted at scale.
Based on OUTCOME’s pioneering work on measuring corporate Innovation Maturity, we’ve launched ‘AIM Individual’ – a single-person version of the enterprise-wide tool AIM, used to build The Global Innovation Maturity Index.
Innovation Maturity Summary
Strategy
Companies in this industry apparently don’t have a clear definition of innovation, confusing most of the times the term with digital transformation or R&D leading to misalignment and miscommunication. This is making formation of innovation strategy particularly difficult.
Leadership
With the works score for innovation leadership in our index the companies in this industry seem to have a need for Senior leaders to display behaviour and mindset required for leading for innovation.
Management
Apparently upskilling the workforce (in particular the middle management layer) on innovation is not a priority of companies in this industry – preferring invest in specific R&D skills instead.
Culture
It looks like roles and responsibilities around innovation are often unclear due to poor internal communication around innovation based on the confusion that exists with respect to the differences between innovation, digital transformation and R&D.
Process
The innovation process used by companies in this industry seems to be imported from the R&D side of the organization, making breakthrough innovation development slow and often times relying too much on individual talent.
The Top 11 Most Innovative Companies in the world compared with the 11 Biggest R&D Spenders...
Download our Pharma, Biotech & Chemical Industry Maturity Report 2021.