Strategic Management for Innovation in Life Sciences: A Comprehensive Overview

Innovation is a key driver of success in the life sciences industry, as it allows companies to develop new products, processes, and services that can improve patient outcomes and generate faster and better management of healthcare challenges. As evidenced by the recent COVID-19 outbreak and healthcare responses, emerging big data, digitization of processes and services, and increased cloud collaboration have reduced innovation costs while providing healthcare solutions at breathtaking speeds. This enables key stakeholders (academia, biotechnology/med technology startups, pharmaceutical companies, manufacturers and investors, etc.) to invest intelligently in future life sciences industry disruptors, and builds resilience to prevent future disruptions due to health emergencies. However, to manage such a rapidly changing innovation scenario and adaptation in life sciences, it is necessary to have a strategic approach that aligns with a company’s overall business goals, and at the same time, provides effective and efficient solutions to contribute to resilient innovation for the future. In this chapter, we will be discussing the key challenges in handling innovation pipelines involving big data and artificial intelligence, some case studies we have experienced, and key business strategies we have adopted to navigate our way in the field of innovation in life sciences.