Building Innovation Capabilities - Business Model and Healthcare Innovation
Boehringer Ingelheim (BI) is a leading German pharmaceutical company. While it has led in scientific innovation over its history of more than 130 years, the company sought to add digital tools to its therapies so that patients and physicians can become more engaged in the usage of BI drugs. New Markets has undertaken more than a dozen engagements with BI over the past seven years as it has built out this capability.
In addition to helping BI create disease-specific solutions, we have also worked with BI to build corporate capabilities. As a result, BI has launched a number of new initiatives that, for example, act on its commitment to external collaboration and progressive innovation. In 2017, BI launched its inaugural innovation prize, awarded to a life science startup pursuing therapeutics-based technologies. In 2018, BI more than doubled the size of its corporate venture fund and has plans to open a second US office to expand its network of partnerships. It also created an office for Business Model and Healthcare Innovation, reporting in at a high level, to embed digital capabilities in its wide portfolio of drug brands.