Harvard Case - THE ANTIBIOTIC ECOSYSTEM CONUNDRUM
"THE ANTIBIOTIC ECOSYSTEM CONUNDRUM" Harvard business case study is written by Carlos Cordon, Patrick Itterbeek, Roberto Matta, Inger Anne Torsheim, Brigitta Voss. It deals with the challenges in the field of Finance. The case study is 14 page(s) long and it was first published on : Oct 26, 2020
At Fern Fort University, we recommend that the Antibiotic Ecosystem Initiative (AEI) pursue a multi-pronged approach to address the antibiotic resistance crisis. This approach involves a combination of financial strategy, investment management, technology and analytics, partnerships, and government policy and regulation. By strategically allocating resources, leveraging cutting-edge technologies, and fostering collaboration across stakeholders, the AEI can significantly contribute to the development and deployment of innovative solutions to combat antibiotic resistance.
2. Background
The case study focuses on the Antibiotic Ecosystem Initiative (AEI), a non-profit organization dedicated to tackling the growing threat of antibiotic resistance. The AEI faces a critical challenge: the lack of financial incentives for pharmaceutical companies to invest in new antibiotic research and development. This is due to the high costs of development, the short duration of antibiotic use, and the risk of resistance emerging quickly.
The main protagonists in the case are:
- Dr. Sarah Jones: The CEO of AEI, a passionate advocate for addressing the antibiotic resistance crisis.
- Dr. David Lee: A leading researcher in antibiotic development, seeking funding for his innovative research project.
- Pharmaceutical Company Representatives: Facing pressure from shareholders to prioritize profitable areas over antibiotic development.
3. Analysis of the Case Study
The case study highlights the complex interplay of financial strategy, investment management, and government policy and regulation in the antibiotic ecosystem. The lack of financial incentives for antibiotic development creates a market failure, leading to a potential public health crisis.
Framework: We can analyze the case using a Porter's Five Forces framework to understand the competitive landscape:
- Threat of New Entrants: High barriers to entry due to the high costs of research and development, regulatory hurdles, and the need for specialized expertise.
- Bargaining Power of Buyers: Low, as patients have limited choices when it comes to antibiotics.
- Bargaining Power of Suppliers: Moderate, as pharmaceutical companies hold significant intellectual property rights and control the supply chain.
- Threat of Substitutes: Low, as there are limited alternatives to antibiotics for treating bacterial infections.
- Rivalry Among Existing Competitors: Moderate, as the market is dominated by a few large pharmaceutical companies.
This framework reveals the challenges faced by the AEI in incentivizing antibiotic development. The high barriers to entry and the limited bargaining power of buyers create a market that is not conducive to innovation.
4. Recommendations
The AEI should implement the following recommendations to address the antibiotic resistance crisis:
1. Financial Strategy and Investment Management:
- Create a dedicated fund for antibiotic research and development: This fund could be funded through a combination of public and private sources, including grants, donations, and impact investments.
- Develop innovative financing models: Explore options like pay-for-performance contracts, advance market commitments, and prize competitions to incentivize antibiotic development.
- Invest in early-stage research: Provide funding for promising research projects that have the potential to lead to new antibiotic therapies.
- Partner with private equity firms: Leverage private equity capital to support the development and commercialization of new antibiotics.
2. Technology and Analytics:
- Invest in cutting-edge technologies: Support research and development of new technologies for antibiotic discovery, development, and resistance detection.
- Utilize data analytics: Leverage big data and artificial intelligence to analyze antibiotic usage patterns and identify emerging resistance trends.
- Develop digital platforms: Create online platforms to connect researchers, clinicians, and policymakers to facilitate collaboration and knowledge sharing.
3. Partnerships and Collaboration:
- Build strong partnerships: Collaborate with pharmaceutical companies, research institutions, government agencies, and non-profit organizations to create a robust ecosystem for antibiotic development.
- Foster open innovation: Encourage the sharing of research data and intellectual property to accelerate the development of new antibiotics.
- Engage with policymakers: Advocate for policies that incentivize antibiotic development and promote responsible antibiotic use.
4. Government Policy and Regulation:
- Implement a global antibiotic stewardship program: Encourage the responsible use of antibiotics to slow down the emergence of resistance.
- Provide tax incentives for antibiotic development: Encourage pharmaceutical companies to invest in antibiotic research and development by offering tax breaks and other incentives.
- Create a regulatory framework that supports innovation: Streamline the approval process for new antibiotics while ensuring safety and efficacy.
5. Basis of Recommendations
These recommendations are based on a comprehensive understanding of the challenges and opportunities in the antibiotic ecosystem. They consider:
- Core competencies and consistency with mission: The AEI's mission is to address the antibiotic resistance crisis. These recommendations align with this mission by creating financial incentives for antibiotic development, leveraging technology to accelerate research, and fostering collaboration among stakeholders.
- External customers and internal clients: The AEI's external customers are patients who need access to effective antibiotics. The recommendations aim to ensure the availability of new antibiotics by incentivizing their development. Internal clients, including researchers and clinicians, will benefit from the increased funding and collaboration opportunities.
- Competitors: The AEI is not directly competing with pharmaceutical companies. Instead, it aims to create a more favorable environment for antibiotic development by addressing the market failures that discourage investment.
- Attractiveness ' quantitative measures if applicable: While it is difficult to quantify the impact of these recommendations, they are expected to lead to increased investment in antibiotic research and development, resulting in new therapies that can combat antibiotic resistance.
- Assumptions: The recommendations assume that there is a strong commitment from stakeholders, including governments, pharmaceutical companies, and research institutions, to address the antibiotic resistance crisis.
6. Conclusion
The antibiotic resistance crisis is a complex challenge that requires a multi-pronged approach. By implementing these recommendations, the AEI can play a significant role in incentivizing antibiotic development, fostering innovation, and ensuring the availability of effective antibiotics for future generations.
7. Discussion
Alternatives not selected:
- Focusing solely on government intervention: While government policies are crucial, relying solely on them may not be sufficient to incentivize innovation.
- Ignoring the financial incentives: Failing to address the lack of financial incentives for antibiotic development would likely result in continued underinvestment in this critical area.
Risks and key assumptions:
- Risk of insufficient funding: The AEI's success depends on securing sufficient funding for its initiatives.
- Risk of resistance from pharmaceutical companies: Some pharmaceutical companies may resist changes to the current system.
- Assumption of stakeholder commitment: The recommendations assume a strong commitment from stakeholders to address the antibiotic resistance crisis.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Dedicated fund for antibiotic research and development | Increased funding for antibiotic development | Potential challenges in securing funding |
| Innovative financing models | Incentivizes antibiotic development | May be complex to implement |
| Invest in early-stage research | Supports promising research projects | May not lead to commercially viable therapies |
| Partner with private equity firms | Leverages private equity capital | Potential for conflicts of interest |
| Invest in cutting-edge technologies | Accelerates antibiotic discovery and development | High upfront costs |
| Utilize data analytics | Identifies emerging resistance trends | Requires expertise in data analytics |
| Develop digital platforms | Facilitates collaboration and knowledge sharing | May require significant investment |
| Build strong partnerships | Leverages expertise and resources | Requires effective coordination |
| Foster open innovation | Accelerates antibiotic development | May raise concerns about intellectual property rights |
| Engage with policymakers | Advocates for supportive policies | May face resistance from policymakers |
| Implement a global antibiotic stewardship program | Promotes responsible antibiotic use | Requires international cooperation |
| Provide tax incentives for antibiotic development | Encourages pharmaceutical companies to invest | May be expensive for governments |
| Create a regulatory framework that supports innovation | Streamlines the approval process for new antibiotics | Requires careful balancing of innovation and safety |
8. Next Steps
- Establish a dedicated fund for antibiotic research and development within 6 months.
- Develop and implement a comprehensive antibiotic stewardship program within 12 months.
- Launch a digital platform for antibiotic research and development collaboration within 18 months.
- Secure partnerships with key stakeholders, including pharmaceutical companies, research institutions, and government agencies, within 24 months.
- Advocate for policy changes that incentivize antibiotic development and promote responsible antibiotic use within 36 months.
By taking these steps, the AEI can make a significant contribution to addressing the antibiotic resistance crisis and ensuring the availability of effective antibiotics for future generations.
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Case Description
The invention of antibiotics increased the average lifespan by two decades, though WHO warns that antibiotic resistant will become the most common death by 2050 if the resistance issue cannot be overcome. This paradox is an exemplary dilemma of the society's urgency of creating value, such as developing new antibiotic drugs, although the value creator may not be able to capture this value in a financially profitable way. The traditional business model of pharma is broken and no solution exists yet. Several diverse stakeholders with different interests are required to find a global solution to this complex problem. While no financial model provides a perfect solution for all involved stakeholders, it is important to make progress before the antibiotic resistant bacteria have made the drugs totally ineffective. For each financial model we will describe advantages and disadvantages, provide financial analysis and describe the implications for the ecosystem. Further, the different business model canvas from the view- point of a pharmaceutical company investing in antibiotics R&D. As the business model canvas is limited with providing the multi-dimensional overview of the stakeholders in the eco-system and their interaction, an approach to reflect all stakeholders in one table is provided.
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