Most people marvel at the level of innovation demonstrated by the biopharmaceutical industry in bringing new products to the market – especially in the past 20 years. However, there is a crisis looming in the industry that should be a concern to all of us who take for granted the constant pace at which new treatments, and increasingly cures, have emerged from the laboratories of current sector incumbents. In the book, we examine the evolution of the biopharmaceutical industry to understand how it became what we term a "unicorn industry" with a unique, US-centered business model that has led to multiple blockbuster products (aka, unicorns) year after year. We explore how past success has created perceived barriers to innovation diversification beyond the chemical or biological-based biopharmaceutical product, and highlight the warning signs of the industry’s decline. We define a potential pathway for transforming the industry’s business model by broadening the definition, sources, and enablers of innovation beyond the traditional biopharmaceutical product. We introduce and advocate for the 80-80 Rule - "Being 80% confident that you will only be 80% right the first time should feel normal." The 80-80 Rule is a theme that emphasizes speed and willingness to embrace uncertainty and overcome internal barriers to change. It sets the standard for redefining innovation as a platform to reignite growth of the biopharmaceutical industry.
Author Biography:
Ruchin Kansal
Medical Marketing & Media recognized Ruchin with a Top 40 Healthcare Transformers Award in 2016. According to the judges, "You can probably count on one hand the number of top-level pharma execs with an academic background in architecture. Yet listening to Kansal talk about his role at BI—and in particular, about his progressive approach to effecting change within the digital and customer-relationship realms—you start to wonder if the creative, open-minded architect mindset may be a perfect fit for circa-2016 healthcare."
Ruchin is the Managing Director of Kansal & Co, a think tank focused on innovation, consulting and new ventures in the healthcare industry. As a health industry executive and advisor, Ruchin has experience in developing growth strategies, launching new ventures, building digital health products and businesses, incubating strategic partnerships, igniting innovation and leading transformation within large corporations. He established and led the first Business Innovation division at Boehringer Ingelheim Pharmaceuticals Inc. In this role, he was responsible for setting and managing a company-wide growth-focused innovation agenda, establishing the company’s Digital Health team and commercially launching the first smart inhaler, building ecosystem collaborations with customers to co-create health solutions and competitive advantage, and driving culture change. Prior, as a C-level management consultant, he served Fortune 100 healthcare organizations in the U.S., Japan, the EU, and India. This experience provided him with a strong understanding of the healthcare ecosystem and its business transactions.
In his early years, he trained as an architect and developed a strong foundation in the principles of design thinking and user-centered design. In his graduate work completed in 1997 when the internet was still in its infancy, he proposed the concept of a cybernetic agora – a hybrid physical/virtual space for public discourse – as a basis for digital ventures of today.
Ruchin has served on the Board of Stanford Medicine X and invited to the White House OSTP to share ideas on engaging participants as partners in research. He received his MBA from NYU-Stern, master’s degree from Kansas State University, and bachelor’s degree from IIT, Roorkee, India. He has completed leadership training at Duke University and Kunshan University, China.
Jeff Huth
With over 35 years in the biopharmaceutical industry in a broad range of roles from pre-clinical research to marketing and sales management in the U.S. and EU, Jeff has seen it all. He has personally witnessed the pharmaceutical industry go from one held in high regard by the public and customers and the darling of Wall Street, to one that increasingly is portrayed as a villain and misses financial targets.
At Boehringer Ingelheim, Jeff held leadership roles including Sr. VP and Head of the Primary Care Business Unit, Sr. VP of Market Access and Sr. VP of Marketing. He was asked by the U.S. CEO and Corporate Board to lead the most extensive transformation initiative undertaken across the entire U.S. company including the adoption of a new commercial model. This experience re-enforced the massive change in environment and market dynamics being faced by today's biopharmaceutical industry and highlighted the need for a new way of defining what it takes to succeed.
Jeff was Boehringer Ingelheim’s long time representative to the National Pharmaceutical Council (NPC), and Board Chairman in 2014. In this capacity, he was able to help shape the industry's thinking about Evidence-Based Medicine and the need to demonstrate value more broadly.
After retirement from Boehringer Ingelheim, Jeff spends his time advising clients in the biopharmaceutical industry with a focus on market access and commercial model transformation.
Jeff has undergraduate and graduate degrees in Biological Sciences supplemented by Executive Development programs at Ashridge, INSEAD, and the University of Michigan.
Jeff can be contacted at jeff.huth@the8080rule.com for any questions or to discuss speaking engagements.
