Innovation in the Face of Crisis

Crisis tends to breed innovation, as has been demonstrated time and again over these past two years alone. The pandemic forced rapid transformation across almost all sectors of the life sciences and healthcare industries. In fact, one-third of pharma executives believe COVID-19 accelerated digital transformation in the industry by five years, according to Deloitte’s “2021 Global Life Science Outlook.”  Research and development—and the regulatory process to get new treatment options to patients—also moved at unprecedented speeds. That same report notes that the FDA granted over 600 emergency use authorizations (EUAs) during COVID and only 65 amid previous health crises.

That’s not to mention changes that were made to clinical trials, supply chain management, telehealth/telemedicine, remote working, and much more. The world—and our industry in particular—will be forever changed as a result of the pandemic. And the innovations developed during this time will only further transform our industry to be more agile, accommodating, and prepared for the next crisis.

PM360 has always set out to prepare you for the what lies in the future. It’s one of the reasons why I established our industry’s first-ever guide to innovation a decade ago. In a time of such great innovation, it is more relevant than ever. You need to be able to adjust without delay, and our Innovations Issue offers a deep dive into the companies, divisions, products, services, startups, and strategies that can help keep you at the cutting edge.

Furthermore, we also explore two key areas related to innovation that companies have long struggled with. The first: the ability to measure the success of innovation. Something Chris Townsend of Wellspring explains how to do here. The second: actually implementing innovation within a company. Unfortunately, Amy Turnquist of North Highland says this has become even more difficult since many people are experiencing change fatigue due to the sheer volume of adjustments they have been forced to make because of COVID-19. But she offers tips to combat this fatigue and ensure your employees are willing and able to embrace anything new.

It is great advice to check out as we enter the New Year, as I am sure all of you have your eyes set on new goals, new possibilities, and new innovation. Of course, in 2022 let’s hope that the worst of this crisis is behind us while we continue to innovate for the betterment of our industry and the patients it serves.

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