I read a good post in the Innovate on Purpose blog entitled, "The Fastest Follower is the innovation winner". The premise of the article is that many of the pioneer innovators fall by the wayside after opening up a market but that the Fastest Follower, but not all fast followers, are the ultimate winners. The Late follower feels safe and fights over the table scraps left by the pioneer and Fastest Follower.
Fastest Followers always win because they "understand the markets a pioneer opens are more rich and robust than the pioneer does, and who can rapidly create and test business models and co-create with the customers in that market."
Moreover, the Fastest Followers have "better ability at trend spotting, better ideas based on customer needs, and better prototyping and customer interaction."
This got me to thinking. The World pharma market is changing rapidly. Companies are restructuring and reinventing their business models, expanding their geographic reach, coping with new price and regulatory rules, grappling with biosimilars and generics competition and trying to figure out how to collaborate better with peers and a variety of outside partners.
This leaves a lot of ground unwalked. There is an opportunity out there for a few companies to be Fast Followers and according to this concept -- the ultimate winners in the pharma race - at least in their preferred segments.
So which companies are positioned to be the next Fast Follwer? Will it be an established large company with such a track record or will someone new emerge from the pack? Will a new emergent be more possible now with the myriad of changes menitoned aboe that are taking place now?
Who do you think the Fast Followers will be?
Posted by Bruce Lehr May 27th 2010.
Greaaat post as always. Definetely going to read your other posts. Thank you very much...
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