Pfizer’s focus on business model innovation

As I am talking to businesses and people who work with businesses, it is getting clear that business model innovation is the clear focus for many businesses. A lot of them have never thought about it. In fact, in South Australia the government is pushing business model innovation courses for the manufacturing sector. That’s quite advanced. And here I was thinking this should be a normal thing for organisations in the social sector.

Pfizer the big drug company seems to be getting to this too just now.

Question: Why is your organization interested in innovation?

Mayer: Innovation with regard to developing new drugs has always been a core part of the success of our business. What’s newer for our organization is a focus on innovation beyond drug development. How do we innovate our business model? How do we innovate our business partnerships and how do we look to operate the company in a different way. What’s driving that is the market is changing. The government is changing. The financing of healthcare is changing. Customer engagement is changing. You can cut back, but we often say that you need to do more with less, or do less with less, but either way, you have less. But you can only do that so far and we’ve come to the realization that we need to do things differently.

Read more here.

The business model canvas is the most famous and useful tool for that. I will talk more about that soon and the value of using that in the social sector. BMC

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