How companies can enhance R&D innovation
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Balance governance and administrative burdens with the size and complexity of the project
Scientists want to practice science, so companies need to provide adequate space to engage in genuine research with minimal bureaucratic obligation. Designing a lean governance and project management function, where the scrutiny of projects is aligned to the cost and return on investment, can help to alleviate the unnecessary strain of a ‘one- size-fi ts-all’ approach, improve decision making, and support scientists to focus on the discovery of breakthrough innovations.
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Strengthen collaboration and adapt the R&D model to support innovation across networks
Many pharmaceutical companies have already embraced the need to collaborate with external partners. Getting the most out of a collaborative partnership will require proper joint development that will lead to licensing agreements earlier in the product development process.
The ongoing opportunity is to deepen collaborations, harness the variety of skills across the network, and enhance the understanding of unmet medical needs. This requires companies to continue to promote an ‘open’ culture that encourages scientifi c dialogue and sharing of fi ndings.
3 Bring commercial, fi nance and R&D closer together
To preserve scientifi c innovation, pharmaceutical companies need to foster the right balance of power between their commercial and research executives. This is essential to ensure that decision making refl ects both clinical and fi nancial drivers within the business.
One way of achieving this would be to bring the teams closer together or provide training which enables both sets of incentives to be understood by colleagues.
This type of integration can introduce more rigorous challenges to R&D departments, and help forecast expected returns on investment, ensuring compounds with the highest potential receive the most funding and are brought to market as rapidly as possible.
© 2014 KPMG LLP, a UK limited liability partnership, and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved.
R&D INNOVATION
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