Effective innovators in the life sciences industry have measurable results to show for their efforts.
According to a recent survey conducted by the Economist Intelligence Unit, companies that describe their innovation strategies as very effective produce almost twice as many new products or NMEs (new molecular entities) than other companies-an average of 7.2 per year compared with 3.8 for all other companies.
Never has the need for new products been more crucial in the life sciences industry. Payers and patients are pushing back against rising healthcare costs. At the same time, companies are dealing with the loss of intellectual property protection on blockbuster drugs that bring in tens of billions of dollars in revenues. Changing demographics-aging populations and growing
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