While last week I touched on some of the financial pressures facing companies in the industry, this week I was described a heightened situation currently facing companies. Companies are at a crossroads in which they are starved for innovation yet buckling under the financial strain of producing more innovation. While describing the situation, one interviewee summed up the current situation as “the writing on the wall” or in other words, “the end is near.”
I was very fortunate to discuss the issue with Bernard Munos, a consultant to companies and organizations on ways of improving innovation in the pharmaceutical and biotechnology industries. Much of what I will be discussing today reflects that conversation. Continue reading