Kotter was hired by a global pharmaceutical company to accelerate their speed to market. After several tepid product launches, the U.S.-based division of this large Japanese drug company with 2500 employees and $2 billion in annual revenue were forecasting a $150MM shortfall with the imminent loss of patent exclusivity on a number of key brands. However, if they could increase their speed to marketing on two key products faster than competitors, they stood to significantly increase revenues, profits, and customer satisfaction.
Kotter’s approach delivered an infusion of agility, leadership, and flexibility. The objectives of this speed-to-market approach were clear – accelerate the formation of a system to capitalize on drug launches in a way few pharmaceutical companies ever had before. Together we developed a different way of operating that overhauled the way they brought new drugs to market, demystifying several compliance processes that were essential. New ways of collaborating emerged. People were developed – thoughtfully and deliberately. Permission to test bold thinking was given as unprofitable activities and products were purged. Building this new muscle around accelerating speed to market paved the way for them to become the most customer-respected and profitable company in their industry.