Strategically, Research & Development (R&D) activity in any organization is critical not only it’s business success but also for it to stay ahead of competition in the marketplace. Hence business leaders drive R&D strategy in any organization. While the strategy decides “What” you do in R&D, the actual implementation practices followed in R&D decides “How” you do it. In any R&D, both “What” and “How” are important to succeed. “What” decides the “Project Portfolio” and “How” decides the practices one follows in R&D.
While Research and Development in the Pharmaceutical Industry and Agrochemical R&D could be directed to discovery of new active molecules and/or process R&D for generics, the focus in Specialty Chemical R&D is on products for new applications and continuous improvement product performance in the existing ones
The key questions which need answer are:
• How to allocate available resources to meet the defined goals of various projects?
• What approach would the organization take to execute the project work (ex. collaborative or entirely in-house)?
• How efficiently could the leadership monitor the progress and take decisions (including discontinuation of efforts) on different projects? etc.
A systematic approach, when employed to manage a R&D function, can yield superior results.
Risks relevant to each stage of a “New Product Development” project need to be evaluated and
addressed. These would be
• “Technology Risks” during the stages of “Idea Generation” and “Developing the Idea into a Product”.
• “Market Risk” during the “Product Launch or Product Evaluation at customers end”
• “Execution Risk” when the “Final Launch” stage is reached
R&D plays an important role in all these stages. Ideally an “Innovation Management System” can manage this entire process efficiently and every company needs to have such a system in place. Besides “What” and “How”, one more important factor that the Senior Leadership of the organization pays (and must pay) attention to, is a periodic review of “Return on Investment in Innovation (ROII)”. The concept “ROII” has been explained very well in the book “Payback: Reaping the Rewards of Innovation” by James P. Andrew and Harold L. Sirkin, published by Harvard Business School Press in 2006.
InnovaSMART has many years of experience in leading R&D divisions and practicing the “Innovation
Management System”. Our hands on experience in leadership roles of R&D of large organizations
can support your needs in:
- Portfolio Management
- Technical support to R&D projects
- Review of R&D strategy
- Review and refinement of Innovation Management System and practices
- Talent assessment and development (including Mentoring of R&D leadership team)
- Establishing Collaborative R&D with others (including Academic Research Institutions and Labs)
- Exploring funding options from external sources (Ex. From various Government Funding Agencies such as DBT, TDB etc)
- Review of overall R&D efficiency
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