Two buzzwords that continue to be an important theme for this year are “Agile Marketing” and “Innovation”. DHC members heard from McKinsey at the DHC Takeda Summit, exploring how to apply the concept of “agility” to innovation and experimentation in marketing. For the first DHC Summit of 2019, we are taking a deeper look at how to best structure for innovation, as well as how to impact innovation when you are constrained by an imperfect corporate structure. (learn more about the March 13th DHC Summit at Pfizer in NYC).
The speed at which major pharma cos are innovating and restructuring has continued to accelerate recently, and most experts predict that this pace will only increase in 2019. In their “2019 Health Trend Ten” Syneos Health ranks “Radical Re-Orgs” at the top of the list. They point to 4 key factors to which they attribute the trend, including: “variabilization” of cost, an always-on commercial lens, leap-frogging change, and patient-centric trials. But for our purposes, we want to offer our readers a closer look at how marketers should consider the idea of structuring for innovation.
Sid Chadha of McKinsey shared several key insights with DHC Midwest Summit attendees, offering important context for how a marketer in 2019 should look at their role. Building on the idea of the agile operating model, he encouraged operations to build cross-functional teams with the goal of exponentially increasing the creation (and frequency) of campaigns, leading to more value creation. He also highlighted the opportunity to structure around data (which we talked about in last month’s newsletter – ICYMI). By integrating external data sets with internal data at the patient level in a compliant and secure manner, Sid posited marketers would be able to create a “gold rush” of insights. He broke down four areas for consideration, offering a test question to help marketers determine their readiness to embrace and structure for innovation:
STRATEGY: What’s your long-term aspiration for commercial success?
CULTURE: Do you have a digital culture with the ability to adopt a rapid test and learn approach?
ORGANIZATION: Do you have the necessary skill-sets; are your commercial teams in agile groups?
FOUNDATION: Do you have a sufficient foundation of capabilities and technology?
On March 13th, as a part of the DHC East Coast Summit, we will hear from four experts on structuring for innovation, and before they jump into the deep end of the topic, we asked them to provide some background for the position they will take.
Innovation cannot be achieved without cross-functional participation and alignment. A common objective, shared accountability, and operating principles are also needed. The Agile methodology can be a helpful tool to quickly make changes in structure, process and decision-making to drive innovation.
We look forward to hearing more from these and other innovators at the March 13th DHC Summit.
Via Health Accelerators | Website →
In the business world, change is rebranded as evolution, innovation, and even transformation—yet many employees easily see these words as negative euphemisms for layoffs, restructuring and relocation, like the doublespeak made famous in Orwell’s 1984. Corporate leadership and employee communications experts continue to coin acronyms and clever names for change initiatives, designing logos and scheduling town hall meetings to explain to the staff how excited they are about their business model transformation. They talk about the change curve and give employees books that say, “adapt or die.” Read more here →
Via PatientPoint | Website →
Innovation is the name of the game in 2019, and opportunities abound for hospitals and health systems to add innovative solutions and drive revenue, says PatientPoint Chief Growth Officer Traver Hutchins in this blog post. Read more here →
Via MM&M | Website →
How to mitigate skepticism in the client-agency relationship? For imre Health, it means working with client partners differently and showcasing how it can trace the value of the brand’s investment, says Jeff Smoker, partner and president in this video interview with MM&M. View video here →
|Deciphering The Nuances Of ‘Search Intent’ And Why It Should Fuel Your Digital Strategy|
|Via Healthline | Read More →|
|DHC at the DIA Advertising and Promotion Regulatory Affairs Conference|
|Hear from DHC Board Members Mark Bard (DHC Co-Founder) and Joe Shields (President, Health Accelerators) and DHC Health Scholar Rosemary Carey (AstraZeneca) tomorrow, Friday, March 1st at the DIA Advertising and Promotion Regulatory Affairs Conference.|
|Learn more →|
|Modern Marketing e-Book|
|Learn more about why “Modern Marketing” really means Pharma’s Data-Powered AI Revolution in this fantastic serial e-book released by the DHC and Intouch Solutions. The full e-book is available for download here. We recommend a cup of coffee and a read-through to ensure you are properly prepared for the revolution!|
|Read the full interview here →|