Harvard Case - Dr. William Carson-Intrapreneurial Innovation in the Pharmaceutical Industry
"Dr. William Carson-Intrapreneurial Innovation in the Pharmaceutical Industry" Harvard business case study is written by Steven S. Rogers, Alyssa Haywoode. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Sep 14, 2017
At Fern Fort University, we recommend Dr. William Carson pursue a strategic partnership with a venture capital firm specializing in the pharmaceutical industry. This partnership will provide the necessary capital and expertise to develop and commercialize his innovative drug delivery technology. Additionally, we recommend Dr. Carson explore a licensing agreement with a large pharmaceutical company, allowing for wider market reach and quicker commercialization while retaining some intellectual property rights. These strategies will enable Dr. Carson to leverage his intrapreneurial spirit and innovative technology to create a successful and impactful business venture.
2. Background
Dr. William Carson, a talented scientist at a large pharmaceutical company, has developed a groundbreaking drug delivery technology with the potential to revolutionize the treatment of certain chronic diseases. However, he faces significant challenges in bringing his innovation to market due to internal bureaucratic hurdles and a lack of resources.
The case study highlights the conflict between Dr. Carson?s entrepreneurial drive and the rigid corporate environment of the pharmaceutical company. He is frustrated by the slow pace of innovation and the lack of support for his project.
3. Analysis of the Case Study
To analyze Dr. Carson?s situation, we can utilize a framework that combines strategic, financial, and operational aspects:
Strategic Framework:
- Competitive Advantage: Dr. Carson?s technology offers a significant competitive advantage in the pharmaceutical industry by improving drug efficacy, reducing side effects, and potentially lowering treatment costs.
- Industry Analysis: The pharmaceutical industry is highly competitive, with large multinational companies dominating the market. However, there is a growing demand for innovative solutions and personalized medicine, creating opportunities for new entrants.
- Strategic Options: Dr. Carson has several strategic options, including pursuing internal development within the company, seeking external funding, licensing the technology, or starting his own company.
Financial Framework:
- Financial Analysis: Dr. Carson needs to assess the financial viability of his project, including the cost of research and development, manufacturing, marketing, and distribution.
- Capital Budgeting: He needs to develop a detailed capital budget to determine the required investment and potential returns.
- Financial Modeling: Using financial modeling, Dr. Carson can analyze different scenarios and assess the impact of various factors on the project?s profitability.
Operational Framework:
- Operations Strategy: Dr. Carson needs to develop a robust operations strategy, including manufacturing processes, supply chain management, and quality control.
- Technology and Analytics: Leveraging technology and data analytics will be crucial for optimizing operations, managing risk, and improving decision-making.
- Partnerships: Strategic partnerships with other companies, research institutions, or government agencies can provide access to resources, expertise, and market reach.
4. Recommendations
Based on the analysis, we recommend the following:
1. Venture Capital Partnership:
- Action: Dr. Carson should seek funding from a venture capital firm specializing in the pharmaceutical industry.
- When: Immediately, after securing a non-disclosure agreement with the venture capital firm.
- How: Develop a compelling pitch deck highlighting the technology?s potential, market opportunity, and financial projections.
2. Licensing Agreement:
- Action: Dr. Carson should explore a licensing agreement with a large pharmaceutical company.
- When: Simultaneously with seeking venture capital, after evaluating potential partners.
- How: Negotiate a licensing agreement that grants the pharmaceutical company exclusive rights to manufacture and market the technology while retaining some intellectual property rights for Dr. Carson.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Dr. Carson?s expertise in drug delivery technology aligns with his entrepreneurial spirit and the growing demand for innovative solutions in the pharmaceutical industry.
- External Customers and Internal Clients: The technology has the potential to benefit patients by improving treatment outcomes and reducing side effects. It also offers a significant opportunity for pharmaceutical companies to gain a competitive advantage.
- Competitors: While the pharmaceutical industry is dominated by large companies, there is a growing space for innovative startups and partnerships.
- Attractiveness: The technology has a high potential return on investment (ROI) and a strong market opportunity. The licensing agreement will provide access to a wider market and faster commercialization.
6. Conclusion
By pursuing a strategic partnership with a venture capital firm and a licensing agreement with a large pharmaceutical company, Dr. Carson can overcome the challenges of internal bureaucracy and lack of resources. These strategies will leverage his entrepreneurial spirit and innovative technology to create a successful and impactful business venture, ultimately benefiting patients and the pharmaceutical industry.
7. Discussion
Alternative Options:
- Internal Development: Dr. Carson could continue to pursue internal development within the company, but this approach would likely be slow and fraught with bureaucratic hurdles.
- Starting His Own Company: While starting his own company would provide full control, it would require significant capital and expertise, which Dr. Carson might not have readily available.
Risks and Key Assumptions:
- Regulatory Approval: The technology must obtain regulatory approval, which can be a lengthy and expensive process.
- Market Acceptance: The technology must be accepted by the market and physicians.
- Competition: Other companies may develop similar technologies, creating competition.
8. Next Steps
- Secure Non-Disclosure Agreement: Dr. Carson should immediately secure a non-disclosure agreement with the venture capital firm to protect his intellectual property.
- Develop Pitch Deck: He should develop a compelling pitch deck highlighting the technology?s potential, market opportunity, and financial projections.
- Identify Potential Partners: Dr. Carson should identify potential venture capital firms and pharmaceutical companies interested in licensing the technology.
- Negotiate Agreements: He should negotiate favorable terms for both the venture capital partnership and the licensing agreement.
- Secure Funding: Dr. Carson should secure funding from the venture capital firm to support the development and commercialization of the technology.
- Launch Product: After obtaining regulatory approval, Dr. Carson should launch the product to the market.
By following these steps, Dr. Carson can successfully navigate the challenges of intrapreneurial innovation in the pharmaceutical industry and bring his groundbreaking technology to market.
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Case Description
Dr. William Carson, an African-American psychiatrist who grew up in South Carolina. He had a thriving career in academic medicine as a professor and he also treated patients. After a decade in academic medicine he moved into the pharmaceutical industry where he ran drug trials. As the Group Director of Bristol-Myers Squibb, Carson worked on the drug Aripiprazole, an antipsychotic drug that is more famously known as Abilify. Abilify had been developed by Otsuka, a Japanese pharmaceutical company, and it was being co-marketed in the United States by Otsuka and Bristol Myers-Squibb. After a series of "Appleby's" conversations held during dinner meetings with a colleague from Otsuka at Appleby's restaurant, Carson was invited to join Otsuka's fledgling Princeton, N.J., office. Carson was then asked to take on the considerable task of running clinical trials for Abilify in Japan. The project would require a deft cultural touch as well as a plan for how to run the trials. Should the trials be run in-house or outsourced? Should Carson hire employees who might eventually be laid off - an unpopular option in Japan - or could he find a company with enough cultural sensitivity to run the trials in Asia? Carson would have to rely on his intrapreneurial skills to find the answers.
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