​Spotlight: The future of pharma isn’t just about discovering new drugs — it’s about delivering them smarter. Direct-to-Consumer (DTC) channels are reshaping how patients get their medicines.

The DTC models in pharma represent more than a distribution shift — they demand a fundamental transformation in how companies think, operate, and deliver value to patients. This transformation doesn’t happen by chance. It’s built on disciplined operational excellence — the alignment of strategy, processes, technology, and talent.

For organizations ready to explore direct-to-consumer (DTC), the challenge isn’t whether it’s viable. The challenge is whether they are operationally prepared to make it succeed.

Because, moving from a wholesale‑driven model to a patient‑centric, direct‑delivery system touches every operational layer — from supply chain design and compliance readiness to digital engagement and patient experience. Without a structured framework and skilled execution, DTC can quickly shift from being a strategic advantage to becoming a costly operational burden.

For pharma companies willing to approach DTC with both ambition and operational discipline, the rewards are substantial — stronger brand trust, improved patient relationships, and a resilient competitive position.

In this post, I present seven pillars of operational excellence that will determine whether your DTC journey thrives or falters, and how to embed them into your strategy from day one. Read full post below…

Although the DTC channels are reshaping how patients get their medicines, success won’t come from simply cutting out the middleman. Without operational excellence, even the most innovative DTC models can fail before they start.

📌 Let’s talk.
I help pharma companies embed operational excellence into their business framework — ensuring compliance, patient trust, and measurable business results. Comment below to explore how we can make your DTC journey a success!

Disclaimer: Today, I came across a story- 'More pharma giants to embrace direct-to-consumer sales' https://www.msn.com/en-us/health/other/more-pharma-giants-embrace-direct-to-consumer-sales/ar-AA1JRsBh and it inspired me to pen my thoughts here. This is not to comment in any which way about that published story. But as an Operational Excellent Expert, I am giving my perspective and insights about how any pharma company must first improve their operational excellence to achieve success with their DTC plans.

The pharmaceutical industry is undergoing a structural shift. In the past, drug makers relied almost exclusively on intermediaries — wholesalers, pharmacy benefit managers (PBMs), and retail pharmacies — to reach patients. Now, more companies are exploring Direct-to-Consumer (DTC) channels, enabling patients to order prescription medicines directly from the manufacturer.

While this promises greater control over the supply chain, better patient engagement, and potentially lower costs, DTC for pharma is only as strong as the operational excellence behind it. Without robust systems, the model risks becoming just another costly distribution experiment.

So, what does operational excellence mean in the DTC context, and how can pharma companies achieve it? Let’s take a quick look.

There are seven key areas pharma companies must focus on, to achieve success with their DTC goals. 

1. Build a Patient-Centric Supply Chain
DTC changes the customer from a wholesaler to an individual patient. This demands a shift from bulk distribution to high-frequency, small-parcel fulfillment.

Hence, pharma companies must adopt:

• Last-mile delivery partnerships with temperature-controlled logistics providers.
• Real-time inventory visibility to avoid stock-outs and manage demand surges.
• Batch tracking and serialization to verify authenticity and reduce counterfeiting risk.

A patient-centric supply chain also means proactive communication — from confirming orders to updating patients on shipping delays or potential substitutions.
 
2. Integrate Telehealth and E‑Prescription Capabilities
In most countries, patients still need a valid prescription before buying prescription-only medicines. That means DTC platforms must seamlessly integrate telehealth consultations into the buying journey.

Best practices include:

• Partnering with independent, accredited telemedicine providers for impartial prescribing.
• Automating prescription upload and validation to reduce friction.
• Ensuring compliance with each country’s prescription laws and data privacy regulations.

​Telehealth isn’t just about compliance — it’s a value-added service that can drive higher engagement and adherence.
 
3. Ensure Transparent and Fair Pricing
One of DTC’s promises is the potential to bypass PBM markups and pass savings directly to patients. To build trust, companies must:

• Clearly display list price, insurance-covered price, and cash-pay price.
• Offer subscription-based refills for chronic medications at predictable costs.
• Communicate generic alternatives when available, avoiding the perception of pushing only high-margin brands.

Transparent pricing not only fosters trust but also encourages long-term loyalty.
 
4. Strengthen Digital Engagement and Education
A successful DTC model is more than just an online store — it’s a digital health engagement platform.

Pharma companies should invest in:

• Educational content explaining how to use the medicine, its benefits, and its risks.
• Disease awareness tools to empower patients to make informed choices.
• Adherence reminders via SMS, email, or app notifications to improve treatment outcomes. ​

​

​5. Safeguard Patient Data and Privacy
With DTC, pharma companies will be collecting sensitive personal and health information directly. This demands rigorous data governance and cybersecurity protocols:

• Compliance with PIPEDA (HIPAA, DPDP etc.) GDPR, and other country- specific privacy laws.
• Encryption for all patient data at-rest and in-transit.
• Robust authentication systems to prevent unauthorized account access.

Data breaches in healthcare erodes trust fast — prevention is non-negotiable.
 
6. Implement Continuous Feedback Loops
Operational excellence is not a one-time setup; it’s an ongoing improvement cycle. Companies must:

• Collect patient satisfaction and delivery experience data.
• Monitor prescription adherence and therapy success rates.
• Track adverse event reports and feed them into safety monitoring systems.

A feedback-driven approach ensures that service levels improve continuously, and regulatory compliance remains strong.
 
7. Maintain Ethical and Regulatory Discipline
Finally, the temptation to aggressively promote drugs directly to consumers must be tempered with ethical marketing. Regulatory agencies watch DTC closely, and crossing the line could invite costly penalties.

Pharma companies should:

• Provide balanced information about risks and benefits.
• Avoid misleading claims or exaggerating efficacy.
• Clearly differentiate between educational content and promotional material.

Ethics are not just about compliance — they’re about sustaining credibility with patients and healthcare providers.

Conclusion: From Possibility to Preparedness
The move to Direct‑to‑Consumer in pharma is not simply a question of market opportunity — it’s a test of organizational readiness. While the potential benefits are clear, the pathway to realizing them is complex and unforgiving.

DTC only works if pharma companies master operational excellence. Without operational excellence, even the most compelling DTC vision risks under‑delivering on both patient value and business outcomes.

This is why the conversation around DTC must shift from “Should we do this?” to “How do we do this well?”. The answer lies in a disciplined, structured approach — one that integrates supply chain resilience, digital health enablement, compliance assurance, patient‑centric engagement, and robust feedback loops into a single, coherent operating model.

Companies that lead in this space will be those that treat operational excellence not as an afterthought, but as the foundation of their DTC strategy.

That means building capabilities, strengthening governance, and developing teams who can execute with precision in a highly regulated, high‑expectation environment.

For organizations ready to make this transition with confidence, the next step is not just investment in technology or logistics — it’s investment in the expertise, frameworks, and training that will ensure operational readiness from day one. But without operational discipline, it risks being an expensive misstep in an already complex healthcare landscape.

With the right operational strategy and implementation, DTC in pharma can evolve from an experimental channel to a sustainable growth engine, delivering measurable value to both patients and the business.

📌 Let’s talk.
I help pharma companies embed operational excellence into their business framework — ensuring compliance, patient trust, and measurable business results.
📩 DM me or comment below to explore how we can make your DTC journey a success!

Operational Excellence Case Studies at: https://www.drshrutibhat.com/operational-excellence-case-studies-manufacturing-and-services.html 

Keywords and Tags:
#DTCPharma #PharmaInnovation #OperationalExcellence #DigitalHealth #PatientCentric #PharmaSupplyChain #Telehealth #MedTech #PharmaMarketing #HealthcareTransformation #PharmaFuture #EthicalPharma #PatientEngagement

​​Categories:  Operational Excellence | Life Science Industry | Supply Chain Logistics

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​Spotlight: Is your patenting process slow, expensive, or inconsistent?
Operational excellence isn't just for manufacturing — it is critical for IP too.

Many organizations treat patenting as a legal formality rather than a strategic, process-driven function. But without structured workflows, clear ownership, and measurable KPIs, the result is often inefficiency, missed filings, and rising costs.

By applying principles like Lean, Kaizen, Hoshin, Six Sigma, or digital transformation to the patenting lifecycle — from invention disclosure to prosecution — companies can reduce bottlenecks, enhance collaboration, and improve time-to-grant.
​
Ask yourself:

• Do you track invention throughput with enough importance like you would do for a production line?
• Are you measuring the quality of filings and not just their quantity?
• Is your IP strategy integrated into your R&D framework?

If not, it’s time to rethink how you operate. Read the full post below to learn more …
​
If you're navigating patent process inefficiencies, let’s talk. I’ve worked with teams tackling similar challenges.

​In an innovation-driven economy, intellectual property (IP) is one of the most critical assets for a business. Yet, many organizations face inefficiencies in their patenting processes that can slow down innovation, increase costs, and reduce competitive advantage. Operational excellence in the patenting process is not just about filing patents faster—it’s about precision together with maximizing the value, quality, and impact of your intellectual property. 

Here’s how organizations can elevate the operational excellence of their patenting process:

1. Standardize Procedures
Standardization is the backbone of operational efficiency. Establish clear, repeatable protocols for drafting, filing, and tracking patent applications. This minimizes ambiguity and ensures consistency across teams and geographies. Use templates for patent disclosures and filing documentation to reduce variation and increase quality control.

Tips:

• Develop SOPs (Standard Operating Procedures) for each stage of the process.
• Create checklists to ensure critical steps are not overlooked.
• Train teams to follow uniform drafting and review formats.

2. Leverage Digital Tools and Automation
Digital transformation is essential in modern IP management. Invest in patent management systems that can handle documentation, automate alerts for deadlines, and streamline communication with patent offices.

Tools and Features to Consider:

• Document management systems and version control.
• Automated docketing and deadline reminders.
• Centralized dashboards for tracking application status and workloads.
• AI-based tools for prior art search and claim analysis.

3. Implement KPIs and Metrics
You can improve what you measure. Key Performance Indicators (KPIs) offer valuable insights into the efficiency, quality, and outcomes of the patenting process. Here are some KPIs you might want to use to evaluate your patenting processes-

• Average time from invention disclosure to filing.
• Patent grant rate using data from number of patents filed Vs. granted.
• Cost per filing.
• Patent maintenance and abandonment rates.
• Inventor satisfaction scores.

Regularly review these metrics to justify budgets, identify bottlenecks and areas for process improvement.

4. Foster Cross-Functional Collaboration
Patents do not live in a vacuum—they intersect R&D, legal, and business strategy. Operational excellence depends on these functions working in-sync. Some of the best collaboration practices are:

• Establish patent committees that include members from legal, R&D, and business development.
• Encourage early engagement between inventors and IP teams.
• Align patent filing decisions with strategic business goals and competitive landscapes.

This alignment ensures that patents support broader innovation objectives and generate maximum commercial value.

5. Continuously Review and Improve Processes
Operational excellence is a moving target. Regularly evaluate your patenting workflows to uncover inefficiencies and make incremental improvements. Some of the avenues to check are:

• Conduct post-mortems on failed or delayed filings.
• Solicit feedback from inventors and examiners.
• Benchmark against industry best practices and competitors.
• Monitor law changes, filing procedures and global trends

Continuous improvement not only reduces delays and errors but also ensures agility, compliance, and long-term ROI.

Final Thoughts
Achieving operational excellence in the patenting process isn’t a one-time project—it’s a sustained effort involving strategy, technology, and culture. By standardizing operations, leveraging digital tools, using data-driven insights, and promoting cross-functional alignment, organizations can transform their patenting processes from a compliance necessity into a strategic asset.

A streamlined, high-performing patent operation supports faster innovation, protects valuable inventions, and ultimately drives business growth in today’s competitive landscape.

Improving patent operations is a journey. Looking to optimize your IP strategy or processes? Let’s connect.

How is your organization streamlining its patenting process? Let’s share ideas—drop your thoughts in the comments.
​
I’ll be sharing more on IP strategy, innovation management, and legal ops in future posts—follow me on LinkedIn to stay updated.

More Operational Excellence Case Studies at: https://www.drshrutibhat.com/blog/category/case-studies

Keywords and Tags:
#Patents #OperationalExcellence #IPStrategy #InnovationManagement #LeanIP #DigitalTransformation #RAndD #InventionToImpact #ProcessImprovement #LegalOps #DrShrutiBhat
​​
Categories:  Operational Excellence | Patents | Process Improvement

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Got an innovative idea? Let’s make it happen!

Innovation starts with a single idea—but without the right structure, great ideas can get lost.

Introducing our Innovation Idea Submission Form—a simple yet powerful tool to:

• Capture groundbreaking ideas
• Evaluate feasibility and impact
• Streamline innovation within your organization

This form ensures that every idea is heard, assessed and has the potential to drive meaningful change.

This structured template helps organizations capture, evaluate, and implement game-changing ideas—ensuring no innovation goes unnoticed. Whether you're looking to enhance efficiency, boost customer satisfaction, or gain a competitive edge, this form provides a clear pathway to turn ideas into action. Start fostering a culture of innovation today!

Download the template now and turn ideas into action!

Keywords and Tags:
#Innovation #BusinessGrowth #Creativity #ProcessImprovement #Leadership #InnovationManagement #ContinuousImprovement
​
Categories:  Innovation Management | Operational Excellence | Templates

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Spotlight: The R&D Productivity Improvement Plan Checklist is a strategic framework to enhance research and development efficiency, aligning innovation with business goals. It covers key areas like strategy alignment, market intelligence, process optimization, talent development, collaboration, commercialization, and continuous improvement to drive impactful results. Checkout the document below...

Keywords and Tags:
#RND #Innovation #Productivity #ResearchAndDevelopment #Strategy #TechTrends #ProcessOptimization #MarketIntelligence #Collaboration #TechnologyTransfer #ContinuousImprovement #Commercialization #RegulatoryCompliance 
​
Categories:  R&D Leadership | Operational Excellence | Checklists

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What is Machine Learning (ML) and how does it work? How does it help in improving operational excellence in manufacturing and service industries? Machine learning is a sub-field of artificial intelligence and deals with a machine's capability to self-learn based on its surroundings and imitate intelligent human behavior. The basic concept is to create algorithms that learn from data and then apply them to new situations.

There are several types of machine learning, but broadly there are two types of machine learning: Supervised ML and Unsupervised ML.

Unsupervised machine learning aims to find patterns in unlabeled data, while supervised machine learning looks for trends in labels. In this post, I shall touch upon what is machine learning, where is machine learning used, benefits & challenges of machine learning and few examples of its industry applications. So, let’s get started…
 
Industrial uses of machine learning:
Machine learning is an innovation and is used in Industry 4.0 or smart factories. 

Machine learning is a vey powerful tool for business. It helps business leaders to predict customer demands, price products and segment customers. It also helps to forecast inventory levels and detect fraudulent activities. Machine learning’s capabilities range from image recognition to natural language processing. Businesses that rely on these technologies can provide better customer service, improve security, and even allow consumers to complete transactions without a human being. These innovations are changing the way we buy and sell goods.

Machine learning can be used to predict which products and services are best for a customer. Streaming service companies and social media apps use recommendation engines that analyze data to make recommendations based on personal preferences. Enterprises also use AI to predict customer churn. This allows them to better serve their customers and maximize profits.

Application of machine learning concept to technical and business processes improves operational excellence and in turn, increases profitability. 
 
Which industries will benefit most from machine learning?
Transportation industry for now. The transportation & logistics industry perhaps uses machine learning the most. Reinforcement machine learning trains models through trial and error and is often used to teach autonomous vehicles how to drive. It rewards the machine when it makes the right decisions.
 
Advantages and disadvantages of machine learning:
Some of the advantages of machine learning include the ability to customize education, which allows students to work on materials that are most suitable for their learning style. This can save teachers time because they do not have to plan a lesson for every student. Another benefit is an automatic grading system, which saves teachers time and gives a realistic assessment of student performance.
 
However, this technique requires a large amount of data to function properly. This is not only a time-consuming task, but it also requires resources such as CPU and GPU power. Furthermore, it may use more storage space than expected. In addition, machine learning algorithms can only be used as much as they have historical data to work with.
 
Another advantage of machine learning is that it allows for fast and automatic adaptation, which eliminates the need for human intervention. This feature is also used in anti-virus software and security software, which can automatically adapt to any situation without human intervention. The downside of machine learning is that it can sometimes make mistakes, causing inaccurate predictions or inaccurate advertising.
 
Challenges of machine learning:
Machine learning has a wide range of implications. Its use in making decisions can have a huge impact on the economy and our everyday lives. Research in this field is aimed at understanding the impacts and potential harms of machine-learning-based systems and developing tools and policies to avoid them. It also examines the optimal use of machine-learning systems to maximize aggregate social welfare.
 
Machine-learning specialists face many challenges in the deployment of their projects. Sometimes the algorithms they use are not accurate enough to solve a business problem. In this case, the project may fail. To avoid such scenarios, it is vital to have a team of experts with business qualifications working on the project. This will enable organizations to make the best use of this new technology and get faster ROL
 
In addition, organizations are under pressure to only develop machine-learning models that produce a positive ROI. The ROI of a model can depend on how users react, as well as how well it predicts the future. Moreover, it can be impacted by competition, public opinion, brand image, and algorithmic fairness.
 
Examples of machine learning in action:
Predictive analytics is one of the most exciting examples of machine learning in action. It can be used to make predictions about a wide variety of things, from real estate prices to product development. Machine learning algorithms use big data to make these predictions. They do this by analyzing billions of data samples and automating the process of annotating them.
 
Another great example of machine learning in action is the social media news feed. The recommendation engine in the news feed uses machine learning to recommend articles based on the user's past browsing behavior. This kind of learning is possible because the algorithms are able to improve their accuracy over time as they are used more.

Machine learning has found wide-spread applications in drug discovery & biomedical research, and improving operational excellence in financial institutions, healthcare, IT, transportation & logistics, retail & e-commerce, agriculture, aviation and education industry verticals. I shall be covering these in-depth in my upcoming book on Machine Learning. The book will highlight how Machine Learning can be used to improve operational excellence in manufacturing and service industries. It will feature on Amazon, so do plan to check it out.

Related Reading:​

1. Continuous improvement tools
2. How to cut costs strategically using Kaizen
3. Streamline processes and workflows with Gemba Walk.
4. Top Ten Strategic Decision-Making Tools for Operational Excellence

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Categories:  Innovation | Operational Excellence |  Machine Learning

Keywords and Tags:
​#operationalexcellence #AI #ML #artificalintelligence #innovation #machinelearning #whatismachinelearning #machinelearningintrasportationindustry #profitability

Here's an exciting update on innovation in drug research!

The successful transplantation of human brain cells into a rodent's brain has made it possible for scientists to study the complex brain circuits and psychiatric disorders. The cells, known as organoids, are smaller than neurons grown in vitro. Researchers study these organoids to see how they integrate with the rodent's natural circuits.
 
Scientists have successfully implanted and integrated human brain cells into young rats' brains

In an exciting breakthrough, scientists have successfully implanted and integrated human brain tissue into the brains of young rats. The transplanted human cells did not cause any problems and were found to have no negative side effects. While this is an impressive accomplishment, it may not be the end of the story for humans.
 
The transplanted human neurons successfully teamed up with the rat's vascular system, which provides oxygen and nutrients to neurons. The scientists then performed an experiment to test how the human neurons reacted to external stimuli. They found that the implanted human neuron produced electrical activity when air passed across the rats' whiskers. This result suggests that the human neurons could influence the rat's behavior.
 
Organoids are smaller than neurons grown in vitro
 
Organoids, or cell cultures, are a relatively new technology. These small cultures of neurons have been used in the past to model aspects of human neocortical biology, including a variety of diseases. Organoids are particularly useful in studying infectious and genetic diseases of the brain. They can also be used to discover potential therapeutic reagents.
 
Organoids are similar to neurons in size and complexity, although they contain fewer neurons. Their cell lineage network is based on the same gene network as neurons grown in vivo. The cell lineage network for organoids and neurons is largely constant, except for variations in cell states during neurogenesis.
 
They integrate with rodents' own circuits
 
The rat-human hybrid brains are a ground-breaking advancement, offering new opportunities to study neurological disorders and raising ethical questions. These miniature human-brain-like structures can respond to environmental cues, allowing researchers to test therapies for disorders of the human brain. These brains were developed with the aim of studying the development and function of brain circuitry, including those that control behaviors and processes sensations.
 
The research involved genetically engineering human neurons and integrating them into the brain circuits of rats. The cells grew six-fold longer than those in petri dishes and were just as active as those in humans. They were able to send signals to nearby neurons and to distant ones, triggering the same responses in the rat brain.
 
They study complex psychiatric disorders
 
Scientists have successfully implanted and integrated a cluster of human brain cells into the brain of a newborn rat, an effort that could help them develop treatments for neuropsychiatric disorders. The goal of such experiments is to better understand complex psychiatric disorders and the mechanisms that drive them, and to develop new treatments to treat them. This new research method could be a game changer in psychiatric treatment.
 
The success of the experiment is promising because scientists can build pieces of human brain tissue using stem cells grown in petri dishes. They have already done this with more than a dozen brain regions. But these experiments are challenging.
 
They could aid early testing of drugs
 
Research teams have developed a technique for growing brain organoids from human stem cells. These organoids are tiny models of the human brain and are useful for studying how it works.
 
This technology has many applications for drug testing. For example, scientists have used human brain organoids for testing drugs for psychiatric conditions, such as schizophrenia. These organoids have been successfully implanted and integrated into newborn rats. Researchers are now able to study the effects of drugs on the brain of these animals in a much more accurate way than they could previously.

Disclaimer: Information presented here is for educational purpose and not medical advice. Do not self-prescribe medicines. Consult a registered medical doctor before taking medicines. 

Related Reading:

1. Kaizen for pharmaceutical, medical device and biotech industries​
2. How to cut costs strategically using Kaizen
3. Top 30 Continuous Improvement Tools

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Categories:  Life Sciences | Innovation Management

Keywords and Tags:
#stemcells #organoids #organoidsforstudyingmentalhealthdrugs #mentalhealth #antischizophreniadrugs 

​Idea Management is an important and integral part of Innovation Management. There are two schools of thought about idea generation and its management. First, out-of-the box thinking and second, inside-the-box thinking.  

​Out-of-the-box thinking as the name suggests is seamless creativity. While inside-the-box thinking means there is a boundary within which ideas are generated and managed. Wider the boundary, deeper gets the creativity.

And if more ideas have to grow from being on paper to becoming a commercialized product, inside-the-box thinking is the way to go.

​Because, for a business there is a budget to follow, expenses to limit, ROI to gain and investors to take care of. Every penny spent on innovation is accounted for i.e. where profits aren’t earned, the R&D expenditure gets written-off. And the objective is always to get the most out of the buck.

Inside-the-box thinking essentially means, innovation is done with a target product profile in mind. The aim is to generate large number of ideas to maximize number of potential ideas-to-product pathways. The picture below depicts innovation management via inside-the-box idea generation.
​
Once an idea qualifies for becoming a new product candidate, it must successfully pass through the various stages of product development thru obtaining market approval and subsequent launch, to find its crown in the marketplace.

As you will note from the above picture, not all ideas gain ‘new product candidate’ status. So, what happens to the ideas, that do not get selected. Do they get dumped permanently? The answer is No.
​
Let's analyze the ideas further- Usually, ideas get rejected because of three main reasons-

a. Technically idea commercialization is not possible.
b. Profit wise the ideas are not feasible.
c. The company is not keen to go for such a new product at this point of time.
​
​Hence, let's first segregate the rejected ideas into three buckets as per the above classification and then review them one-by-one.

​Ideas that are not technically feasible now can become great candidates later.

​A classic example of this is Sildenafil citrate tablet. This drug candidate was first evaluated as a treatment for chest-pain. Later, the company found an alternate use of the drug candidate and channeled this molecule thru the development pipeline to launch as Viagra- rest is history!
​

​The second lot comprises of those ideas that seem not feasible in terms of profitability. Meaning technically, they may be good, but cannot be commercialized because of high cost.

​One of the classic example for this is- the Microwave oven.

Microwave oven was first invented in the 1940s, around world war II era. The first commercialized microwave oven was huge, weighing 750 pounds and costed $2000 USD. Obviously, it did not sell well.

The company worked on the technical aspects and the first domestic microwave was introduced in 1955. And that did not sell too. After many design changes, microwave oven gained access to our homes in 1967 and by 1975, they were in full demand.

A point to note here is that microwave oven invention was both accidental and EVOP (Evolutionary Operation) product development. Also, note the development timeline, from 1940 to 1955 to 1967 to 1975. i.e. 27 to 35 years from being an 'idea' to 'profitable' commercialization!

It is well-known that EVOP drains money. To avoid such bleed, concept of Innovation Management took shape. I shall be writing more about innovation management in a separate blogpost. For now let us visit the third lot of rejected ideas.
​

Now, let us consider the third lot of ideas- those ideas which the company is not keen to go for at this point of time.

​Such ideas must be worked upon in the lab to develop a small prototype. While prototyping, ensure that you build-in anti-counterfeit measures in your product. Then file a provisional patent application to stake claim to your idea and simultaneously block competition.
​
After filing a provisional patent application, you have 12 months to file final PCT patent specification. Additionally, you get thirty months (from date of priority filing) to enter national phase i.e. do national phase patent applications in the PCT countries of your choice.

Hence, the company gets close to 30 months to scout for buyers who would be interested to license your product. Since a prototype as well as the patent is available (for the invention), you stand to gain better licensing fees at the negotiation table.

Also, resources need not be pumped-in immediately, as product development, process validation, scale-up and other related activities can take place over 12 to 30 months timeframe. This has dual advantages- first, R&D budget can be better managed, and second, R&D infrastructure can be better utilized.

Moreover, provisional and/or final PCT patents being intellectual property can be mortgaged on a short-term basis to banks or other financial institutions, to secure funds which in turn may be pumped-in to conduct research work or use it for other areas of the business.
​
The philosophy of Innovation Management is to ensure, every penny spent on R&D must bring-in good return on investment (ROI) both in terms of profits and company reputation.
​

​There are multiple pathways for conducting idea and innovation management successfully. The content presented above is one such pathway.

Also, the choice of idea and innovation management pathways depend on various factors such as- industry vertical, product mix, operating markets, corporate goals and more. Therefore, selecting the best pathway which will yield faster ROI with a first-mover advantage is crucial. 

Your choice of idea and innovation management pathway and its flawless execution will determine your business's very existence, growth and resilience.

An important question to introspect is- Are you building an idea and innovation management strategy which is the best for your organization?

​To know more about how idea-innovation management can help your company expand its product offerings, increase profit and earnings per share for investors, reach out to Shruti.

​Related Reading:​

1. Disaggregate between being lucky and being good in business: Portfolio Management and Continuous Improvement are the two winning tools in the new normal …
2. 8 Steps to becoming a Customer- centric organization
3. Dos and Don’ts Of Rapid Innovation
4. How to transform businesses via portfolio management- Part 1
5. How to cut costs strategically using Kaizen

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Categories:  Innovation Management | Operational Excellence

Keywords and Tags:
​​#innovationmanagement #patent #ideamanagement #stopcounterfeits  #blockcompetition