It's Not the Size of the Wave ...
If you consider DNA mapping too much of a sublime example, consider the ridiculous: Why has the insurance industry been far
more innovative in marketing and advertising than pharma? (It's true!)
Who cared about 'supplemental medical insurance' before the Aflac duck? Who remembered a car insurance ad before the Geico
Gecko? These were companies bordering on complete irrelevance, facing existential challenges, that responded in unpredictable
ways to change the core perception of their brands.
The commonality between what Venter did in science, and what Aflac did in marketing, is what's missing as pharma confronts
its own existential crisis, enflamed by the accelerant of Speed of Change.
The missing ingredient is courage. (And no, it's not because the FDA won't let companies be courageous. Being a regulated industry selling serious products
means you can't make funny ads, but you can still do great marketing.)
Ultimately, lack of courage is a cultural constraint, and, thus, the responsibility of senior management, and particularly of the CEO. An organization cannot possibly
be innovative if it does not encourage nor reward risk-taking. Simply put: Companies that are not innovative cannot thrive
in the Speed of Change era.
And so, I have a message to direct specifically to the CEOs in the room: Some of you are indeed taking innovation seriously,
and making the fundamental changes required to see that it is more than just happy talk in the halls. But if your organization
is falling behind your innovation goals, if your pipeline is dry, your products ordinary, and your marketing tedious, here's
some questions to ask yourself:
» Is it because you have not made it a job requirement of every employee to take calculated risks, nor have you rewarded them
for intelligent bets, even if—no, especially if—they don't pay off?
» Is it because you have allowed your company to be run by your attorneys, who are trained and paid to tell you to avoid risks?
» Is it because you give speeches about the importance of innovation, and then allow people to be fired or exiled for making
reasonable mistakes in good faith?
True story: I attended a presentation given by the chairman of a Big Pharma company on a particular Tuesday some months ago.
He said with great passion that innovation was the lifeblood of the company and every employee should take risks. On Wednesday,
I had a meeting with a brand director from the same company and discussed a number of innovative marketing approaches for
Him: "Oh, I won't do anything like that."
Me: "Why not? It makes sense for the brand, and none of your competitors has cracked this nut."
Him: "Because the last guy who tried something like that got fired."
In a Speed of Change world, fear kills.
The Case for Courage
Imagine the CEO who heard the Aflac duck idea and had the courage to say, Let's do it.
Imagine the researcher who had the courage to defend the potential of atorvastatin. And then imagine the CEO who didn't kill
the molecule's development despite the risk. That's the inspiring true-life story of Lipitor.
Imagine what would happen if, in your company, instead of fearing to take a risk, your people aspired to make an impact?
Food for Thought
As I conclude my Speed of Change series, I have a final question for you. My intention at the outset was to illuminate the
many ways in which the technology revolution is presenting the pharma industry both chilling threats and thrilling opportunities.
I worry, though, whether in the end I have broken through. Whether you are ready, now, to set down this magazine or turn away
from this website and take up the nearly limitless possibilities before you, before the possibilities pass you by?
Bill Drummy is the CEO of Heartbeat Ideas. He can be reached at email@example.com