INFORMATION


Innovative thinking will light the way forward for business


There are a number of key ingredients which businesses should focus on to drive innovation, says Dr Nik Kotecha OBE, Chair of the Brexit Advisory Group, DIT Export Champion and Chief Executive of Morningside Pharmaceuticals.


Innovation embodies the improvement of something that has come before, and the companies that do this best are the ones that will ultimately have sustained success. This often means considering


measured risks, while ensuring investment is made in people and training. The businesses which seek to make continuous improvements will close the biggest gaps and identify the newest opportunities. Here are a few pieces of advice


I’ve picked up during my 28 years in business.


LOOK FOR A GAP IN THE MARKET Spotting a gap in the market or an opportunity should be the start of your journey. You can then create a strategy around how to maximise the potential of your idea. Morningside was established in


the 1990s after we identified a gap in the market for the niche requirement for high quality medicines in developing countries. We initially focused on the


Commonwealth countries, which had a greater appreciation of ‘Brand UK’ and the high quality of manufacturing standards for medicines here. The company grew from there.


CLEAR VISION Having a clear vision or mission of what your business does and how you’re going to deliver this is essential to creating an innovative approach. When Morningside was founded we took a long time to agree our company’s mission: ‘To make quality healthcare an affordable and accessible reality throughout the world’. Every word means something


and is the corner stone of our business. The work that went into this has proved invaluable, as it’s acted as a constant reminder for our employees about what our company does for our customers and patients.


72 business network April 2019


‘Being passionate about what you do creates an energy and drive which will rub off on employees’


INVEST IN INNOVATION In order to grow our business into the UK market we took a decision to invest heavily in infrastructure, our people and R&D. This was crucial to creating new,


more convenient ways for patients to take our medicines, such as slow release tablets and capsules. This approach led to us becoming the first company to launch the generic version of the contraceptive pill in the UK. One area to start with might be to


invest in new technology to reduce costs and improve efficiency. You should also look to contract out areas where you need specialist support. This will come at a cost but will ensure these areas are fully covered so you can concentrate on growing your company.


STRATEGY An essential ingredient to ensure your business continuously improves and maximises opportunities is to have a clear strategy. Striving for continuous improvement will ensure you are at the forefront of new developments. You will then be in a great


position to grow into new markets much faster, which will enable your business to stay ahead of the competition. Each year we host an


Objectives Day where managers present the previous year’s highlights and their team’s targets for the coming year. This helps each individual to take ownership of our company’s priorities.


FINE-TUNE AND DEVELOP YOUR SUPPLY CHAIN As a manufacturing business, getting our supply chain right was vital for the smooth running of the company. Look for efficiencies you can


make and technical innovation you can implement, which will help cut costs and ensure everything works like clockwork. Using technology can also ensure you gather, record and analyse information more reliably and accurately.


PEOPLE The most innovative company in the world will never achieve strong, continuous growth without support from an extraordinary team. You should develop a learning culture where there is a passion for developing and training your people. We take great pride in


supporting young people looking to start their careers, as well as developing colleagues to reach their full potential. Having an HR strategy to actively recruit innovative people is also a good idea.


Dr Nik Kotecha OBE


INNOVATIVE CULTURE Creating a culture where your employees are able to share ideas and be creative is a catalyst for innovation. Set up regular brainstorming sessions at all levels and welcome all ideas. Some of my most successful


business decisions have come about in this way from junior members of the team. Make sure all management are accessible and there are easy ways for employees to share information and ideas with them. It’s also important your


employees see each pothole as a crucial learning step along the road to success.


CUSTOMERS Your customers are the life-blood of your organisation, so building long-term relationships can be key. Innovation plays a role as you should look at ways to innovate to make your customers’ lives easier. This can be to make transactions


more automated, or to improve the logistics within your supply chain. I have found that helping customers develop and innovate alongside your business can build trust and advocacy in the long term.


BE PASSIONATE Being passionate about what you do creates an energy and drive which will rub off on employees, and galvanise them to support you in achieving your company’s goals. Make sure to convey your


passion in your communications to staff and ensure you deliver a consistent, engaging and interactive organisation narrative that ties in with your company’s mission and values.


As well as his association with the Chamber, Dr Nik Kotecha OBE is a LLEP board member, a CBI Regional Councillor and a Department for International Trade Export Champion.


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