Pharma
Pfizer: Global Leader in Pharmaceuticals
 Overview: The pharmaceutical industry brings in approximately $300 billion annually in the U.S. alone, making it the most profitable in the world with an average 17% return on revenue. Each year, about 25 novel drugs are approved by the FDA, with the cost to develop these drugs averaging $1.7 billion each and can take up to 15 years. Some drugs are fast-tracked, reducing the time to 5 years or less for critical drugs, but this has created potential safety issues. Risk reduction is accomplished through partnerships on new drugs, spreading the risk among several companies (and also the benefits of a blockbuster). Fewer than one in 100 new ideas reach clinical trials, and fewer than 10 percent of these are approved for sale. Less expensive biomedical innovation, faster drug approval, reduced costs, and more effective marketing/sales are the key issues in the pharmaceutical industry Challenge: The pharmaceutical industry is challenged to grow revenues and profits in a time where many new drugs are coming from small start-ups, and existing drugs are coming off-patent. They are working on next generation business models, faster go-to-market approaches and streamlined internal processes. They need to accelerate their cycle of innovation, building on the talents and knowledge of individuals located around the world. In addition, the increasing reliance of big pharmaceutical firms on small biotech companies for development has not been as successful as hoped, and pharmaceutical companies have moved much of their production overseas, especially to China and India. Solution: Our customer was seeking an idea management platform that is "usable, flexible and has a sense of fun," and chose Spigit to drive its next wave of innovation. A key factor in their decision was a desire for an idea site that integrates great interaction and social collaboration to drive employee engagement. The company has established multiple communities on the Spigit platform, each dedicated to distinct areas of practice with a specific internal goal for new incremental revenue. Use Spigit for Pharma with: EnterpriseSpigit - leverage your expansive employee base for the brightest ideas
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