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Harvard Case - Transformation at Eli Lilly & Co. (A)

"Transformation at Eli Lilly & Co. (A)" Harvard business case study is written by William R. Kerr, Alexis Brownell. It deals with the challenges in the field of Entrepreneurship. The case study is 26 page(s) long and it was first published on : Nov 7, 2016

At Fern Fort University, we recommend that Eli Lilly & Co. embrace a disruptive innovation strategy focused on leveraging technology and analytics to develop new business models and growth strategies within the pharmaceutical industry. This approach should prioritize entrepreneurial management and foster a culture of innovation within the organization. This will involve establishing a dedicated incubator or accelerator program, investing in venture capital and angel investing, and actively engaging in mergers and acquisitions with promising startups in the technology and healthcare space.

2. Background

This case study focuses on Eli Lilly & Co., a pharmaceutical giant facing challenges from declining sales, increasing competition, and the rise of disruptive innovation in the healthcare industry. The company is grappling with the need to adapt to a rapidly changing landscape, marked by the emergence of new technologies like web and mobile applications and the growing importance of data analytics in healthcare.

The key protagonists are:

  • John Lechleiter: CEO of Eli Lilly & Co. who is leading the company through this period of transformation.
  • Jan Lundberg: Executive Vice President of Global Business Development, tasked with exploring new opportunities for growth and innovation.
  • The Lilly Innovation Center: A team dedicated to fostering innovation within the company and exploring new business models.

3. Analysis of the Case Study

The case study highlights several key challenges for Eli Lilly & Co.:

  • Declining sales: The pharmaceutical industry is facing pressure from generic drug competition and rising healthcare costs.
  • Increased competition: New players are entering the market, including technology companies and startups leveraging disruptive innovation to develop new healthcare solutions.
  • Changing customer expectations: Patients are increasingly demanding personalized healthcare experiences and greater transparency in drug development.
  • Internal resistance to change: A traditional corporate culture can hinder the adoption of new technologies and entrepreneurial approaches.

To address these challenges, Eli Lilly & Co. needs to adopt a transformational approach that focuses on:

  • Disruptive innovation: Identifying and developing new products and services that disrupt existing markets and create new value propositions.
  • Business model innovation: Exploring new ways to deliver value to customers, including subscription models, personalized healthcare solutions, and data-driven services.
  • Entrepreneurial management: Fostering a culture of innovation and experimentation, empowering employees to take risks and pursue new opportunities.
  • Technology and analytics: Leveraging data and technology to improve drug development, personalize patient care, and develop new business models.

4. Recommendations

  1. Establish an Innovation Hub: Create a dedicated incubator or accelerator program within Eli Lilly & Co. to foster entrepreneurship and disruptive innovation. This hub should provide resources, mentorship, and funding to internal and external teams developing new products and services.
  2. Venture Capital Investments: Invest in venture capital funds and angel investing in promising startups in the healthcare and technology space. This will provide access to cutting-edge technologies and potential acquisition targets.
  3. Strategic Acquisitions: Actively pursue mergers and acquisitions with promising startups that complement Eli Lilly & Co.?s existing portfolio and bring new technologies and expertise to the company.
  4. Data-driven Decision Making: Embed technology and analytics into all aspects of the business, from drug development to marketing and sales. This will enable data-driven decision making, personalized patient care, and the development of new data-driven services.
  5. Culture of Innovation: Foster a culture of innovation within Eli Lilly & Co. by encouraging experimentation, rewarding risk-taking, and promoting collaboration across departments. This will require leadership buy-in and a commitment to change management.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core competencies: Eli Lilly & Co. has a strong foundation in drug development and a global reach. By leveraging these strengths and embracing disruptive innovation, the company can create new growth opportunities.
  • External customers: Patients are increasingly demanding personalized healthcare experiences and greater transparency. By leveraging technology and analytics, Eli Lilly & Co. can develop new products and services that meet these needs.
  • Competitors: The pharmaceutical industry is becoming increasingly competitive, with new players entering the market. By embracing entrepreneurial management and disruptive innovation, Eli Lilly & Co. can stay ahead of the curve.
  • Attractiveness: The potential benefits of these recommendations include increased revenue, market share, and brand value. The risks associated with these recommendations are mitigated by a phased approach and careful due diligence.

6. Conclusion

Eli Lilly & Co. faces a pivotal moment in its history. By embracing disruptive innovation, entrepreneurial management, and technology and analytics, the company can transform itself into a leader in the evolving healthcare landscape. This will require a commitment to change, a willingness to take risks, and a focus on creating value for patients and stakeholders.

7. Discussion

Alternative strategies include focusing solely on internal innovation or relying on traditional partnerships with established players. However, these approaches may not be sufficient to compete in the rapidly changing healthcare market.

The key risks associated with the recommended approach include:

  • Failure to attract and retain talent: Building a strong team of entrepreneurs and technologists is crucial for success.
  • Integration challenges: Merging with startups and integrating new technologies can be complex.
  • Market acceptance: New products and services may not be readily accepted by patients and healthcare providers.

8. Next Steps

  • Establish the Innovation Hub: Within the next six months, Eli Lilly & Co. should establish a dedicated incubator or accelerator program.
  • Venture Capital Investments: Within the next year, Eli Lilly & Co. should invest in venture capital funds and angel investing in promising startups.
  • Strategic Acquisitions: Within the next two years, Eli Lilly & Co. should actively pursue mergers and acquisitions with promising startups.
  • Data-driven Decision Making: Within the next year, Eli Lilly & Co. should embed technology and analytics into all aspects of the business.
  • Culture of Innovation: Within the next year, Eli Lilly & Co. should implement initiatives to foster a culture of innovation within the organization.

By taking these steps, Eli Lilly & Co. can position itself for long-term success in the evolving healthcare landscape.

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Case Description

Faced with the imminent loss of 40% of its revenues due to patent expirations, pharma giant Eli Lilly sets out on a dramatic transformation process in 2009. The case considers how Lilly restructured the organization into business areas to aid better decision making, faster innovation and clearer customer insight; the forward guidance and minimum performance guarantees that Lilly provided to the market during the transformation; the difficult HR adjustments that were required; and how the top leadership encountered and overcame market skepticism towards the innovation-focused plan.

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