SLA presentation June 10, 2002 > Marketing, finance & uncertainty
Last revised November 11, 2013 Working draft
What is really going on here?
finance & uncertainty
Big pharma needs to reinvent itself.
Biotechnology companies are trying to re-invent themselves as FIPCO’s (Fully Integrated Pharmaceutical COmpanies).
Other companies need to reinvent themselves because
Publishing needs to re-invent itself.
Do librarians and libraries need to reinvent themselves?
Marketing and finance Talking their language(s)
Financial glossary See accredited investors, blockbuster drugs, burn rate, dilution, exit strategies, mezzanine financing, opportunity costs, PIPES, private equity, Return On Investment ROI, seed rounds, term sheet, valuation
What does the future look like? Will it ever settle down?
disruptive technologies: Some technology improvements are linear or incremental. Others truly change the paradigm. Harvard Business School faculty member Clayton Christensen's Innovator's Dilemma analysis (of data from the disk drive industry) found disruptive technologies are much cheaper than existing ones.
Big mainstream companies were quite capable of developing these technologies (and had). What they couldn't do was figure out how to market them (and justify devoting sufficient resources to this).
The pharmaceutical industry is mentioned only in passing, but the success of larger established companies either partnering with smaller less established ones (clearly happening in the pharmaceutical and biotechnology sectors) or spin- off of promising developments as separate companies (Johnson & Johnson said to be particularly good at this) makes a lot of sense. Business of biotechnology glossary
The Innovator’s Dilemma: When new technologies cause great firms to fail , Clayton Christensen, (1997) 2000, links to Amazon reviews. Innovative technology can be more about marketing than technology. Could this apply to any of our institutions right now?
lead users: Contrary to conventional wisdom, successful innovations are often first developed and tested by product or service users themselves -"lead users" rather than by the firms that are first to bring those innovations to market. http://web.mit.edu/evhippel/www/
How to find lead users: Look for the people who are pushing the envelope with your product, and ask them who knows more than they do.
Staying close to your customers may not be the best way to develop innovative products. Customers are more apt to come up with incremental improvements, while lead users may be in seemingly unrelated fields. They are the people who write their own software because nothing available suits their needs.
Breakthroughs to order at 3M via lead user innovation, Eric von Hippel http://web.mit.edu/evhippel/www/3M%20Breakthrough%20Art.pdf
the Chasm: Marketing and selling high-tech products to mainstream customers,
Geoffrey Moore, 1999, links to Amazon review.
Moore summarizes this book’s message as "At every stage of the life cycle, the strategy that causes success in that stage causes failure in the next." in Living on the fault line: Managing for shareholder value in the age of the Internet, 2000, links to Amazon reviews.
Portals, intranets, extranets
Nobody has unlimited resources. There are always more promising possibilities than money to fund them.
"The people we market to don’t like marketing" – Jim MacNeil, Marketing Manager, Cambridge Healthtech, circa 1994. A profound insight for me.
Bibliography: Change see below
Slides from Sloan School Technology Strategy course, executive seminar Day 1: The Evolution of Technologies and Markets, Making Money from Innovation Why change is so tricky, competency traps, alliances and joint ventures, best practices
See graph on inverse relationship between multitasking and
Day 2: Understanding Organizational Capabilities, Doing Technology Strategy Making decisions based on real data, truth and trust, innovation funnels. Creating, capturing and delivering value
Tradeoffs and balancing acts?
1. This is a very exciting time to be in biology and the life sciences. People who never thought of themselves as having anything to do with the life sciences are finding they do. Examples, archaeologists, genealogists, others?. New specialties are emerging. Example: forensic entomologists, others?
Genomic biology overview See alternative splicing, apoptosis, biology, combinatorial biology, functional glycomics, hypothetical protein, luxury genes, pharmcophore, post-translational modifications, protein structure, SNP Single Nucleotide Polymorphism, systems biology
Not textbook biology - frontier biology.
2. We are trying to solve REALLY HARD problems.
The biotechnological innovations of the 1970’s took until the 1990’s to integrate. "The Pharmaceutical Industry and the Revolution in Molecular Biology: Exploring the Interactions between Scientific, Institutional and Organizational Change, Iain M. Cockburn, Rebecca Henderson, Scott Stern, 1999. Available as a PDF at http://www.cid.harvard.edu/cidbiotech/events/henderson.htm
Drug discovery and development is a marathon not a 50 yard dash.
The odds against finding new drugs are too daunting to struggle with in isolation. Several years ago Mark Murcko (CTO, Vertex Pharmaceuticals, Inc.) estimated that there are 100,000? medicinal chemists worldwide (Check on figure, any updates?) who are lucky to produce 30- to 50 new drugs a year. BUT
3.The pharmaceutical industry is increasingly science driven.
More and more mechanisms of action for a number of drugs are known now (c. 30%?). For a number of years I’ve hoped drug companies encouraging good science and open sharing of scientific information would prosper in the long run (without finding much evidence, even anecdotal).
Then I found this report, quantifying a positive correlation between companies encouraging peer reviewed scientific publication and productivity (correlating patents issued to company scientists with their articles published in peer- reviewed journals)
"The Diffusion of Science Driven Drug Discovery: Organizational Change in Pharmaceutical Research" by Rebecca Henderson, MIT Sloan School of Management and NBER; Luigi Orsenigo, Universita' Commerciale Luigi Bocconi; Gary P. Pisano, Harvard Business School, 1999. Available as a PDF at http://www.cid.harvard.edu/cidbiotech/events/henderson.htm
Some big pharmas (of the 15 studied) came out so far ahead the authors wondered why adoption of this beneficial practice was so slow, but they found some companies had started out so far ahead that others found it difficult to catch up. These companies also had high level support for encouraging peer reviewed publication.
- Just-in time information, 24/7/365, global availability
Many thanks to SLA Pharmaceutical Division Spring Meeting, April 15-16, 2002, Princeton NJ for these insights.
Reality checks – what will information users really pay for?
-Just-in time information, 24/7/365, globally
-Very short, succinct summaries
-More analysis AND interpretation
Uses language(s ), technical jargon of users
Customized information retrieval
Strategies for librarians?
Opportunities for librarians?
Roger Brent said in his opening remarks for the 2000 After the Genome meeting in Jackson Hole Wyoming "current efforts to come to grips with genomic information often resemble computer- savvy library science, where the most important issues concern categories, classification schemes and information retrieval. [was at http://www.atgx.org/info_gruber.html
Synopsis of the Bio-Ontologies Workshop at the EBI [European Bioinformatics Institute, UK] for MGED, Dec. 5, 2001 http://www.cbil.upenn.edu/Ontology/EBI_Bioontologies_Workshop.html
Also MGED Microarray Gene Expression Database, Ontology Working
Metabolic network models using text mining http://www.botany.iastate.edu/~mash/metnetex/Metabolic_networks.ms.pdf
Computational genomics – text mining http://www.embl-heidelberg.de/emblGroup/researchReport/rr00_114.pdf
Dietrich Schuhmann et. al. (Lion Bioscience AG) Mining the biomedical literature http://ismb01.cbs.dtu.dk/pdf/prop10.pdf
New image? New title(s)?
CCO Chief Content Officer/Organizer?
Expectations management? any best practices?
Use Delphi techniques (talk to a lot of people) to
Take calculated risks. No clear right answers right now.
[ask permission to use Lotus/IBM water cooler "Start talking and get to work" picture?]
To Taxonomies for librarians SLA June 10, 2002
Bibliographies: Web usability, collaboration & content; Change
Nielsen, Jakob, Designing web usability: The practice of simplicity Read about Writing for the web (page 100 in edition I have), User contributed content (page 256). links to Amazon
Useit.com: Jakob Nielsen’s website http://www.useit.com/ Companion website for Designing web usability, Useful e-newsletter updates
Nielsen, Jakob, Homepage Usability: 50 websites deconstructed, 2001. Helped me figure out how to redesign glossary & taxonomies homepage, and begin to understand "intuitive browsing"
User Interface Engineering [Jared Spool], Articles and other resources, 2002 http://world.std.com/~uieweb/moreart.htm
Lynch, P.J., Web Style Guide, Yale Univ., 2002 http://info.med.yale.edu/caim/manual/contents.html
Writing for the web, Sun Microsystems, 1994-2002 http://www.sun.com/980713/webwriting/
Information retrieval & architecture
James C. Collins, Jerry I Porras, Built to Last: Successful habits of visionary companies, 1994.
Gibbons, Robert, Why organizations are such a mess (and what an economist might do about it) Sloan School, MIT http://web.mit.edu/rgibbons/www/Org_mess.pdf
Gladwell, Malcolm, The Tipping Point: How little things can make
a big difference, 2000, links to Amazon reviews.
Senge, Peter, The Fifth Discipline: Art and Practice of the
learning organization, (1990) 1994, links to Amazon
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