Design Thinking and Innovation at Pfizer, Inc. |
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Pfizer had a continuing history of going in for large mergers together with smaller strategic ones, to grow its pipeline. However, the company also continued to put emphasis on innovation which had been its core strength for decades. It strove to find new ways to make its business more efficient and profitable.
Innovation in both products and business processes became a strategic factor for pharmaceutical companies in the rapidly changing global market. Pharmaceutical companies used innovation as a tool to respond to the massive transition taking place in how medicines were discovered, developed, and marketed to a diverse customer base...
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| Pfizer had set up global idea management programs since early 2000s. The company believed customer-centric ideas could come from anyone – developers, designers, salespeople, or researchers. However, it also understood that expertise alone could not be enough for a sustainable culture of innovation. “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,” said Wendy Mayer, vice president for worldwide innovation at Pfizer... |
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| Industry experts were of the opinion that by incorporating design thinking into its business model, Pfizer had truly been able to differentiate itself in the competitive pharmaceutical industry. Design thinking not only helped the company to get a fresh perspective on innovation but also became its core competence in identifying and meeting customer needs and preferences... |
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Exhibit I: Pfizer’s Financial Highlights
Exhibit II (A): The Relation between Design Thinking and Innovation
Exhibit II (B): Basic Steps of Design Thinking
Exhibit III: Pfizer’s Dare to Try Program: Cultivating an Innovation Network
Exhibit IV: The Role of the Champions |
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