Eli Lilly & Personalized Medicine Case Study
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Eli Lilly & Personalized Medicine Case Study
Eli Lilly Co. is a global pharmaceutical company founded in 1876 by Colonel Eli Lilly; the company’s focus has always been on creating high-quality medicines and meeting the needs of people. Eli Lilly Co. is a Fortune 500 company, with its pharmaceutical products being sold in more than 25 countries, with revenues over $25 billion in 2020 (Eli Lilly, 2021).
For over 20 years, the drug industry had long time concentration on the discovery of blockbuster drugs which involved the development of medicines for common and chronic diseases such as high blood, diabetes, and other infections. The sales of such drugs were, in fact, highly profitable for the drug industry; for example, in 2004, Lipitor was the world’s first drug to surpass $10 billion in sales. Sales continued to increase in revenues in 2005 and 2006, they surpassed $12 billion in revenue. As the patents for many drugs were coming to an end, the search for replacement drugs grew to be challenging, the drug industry shifted its focus on personalized medicines. Personalized medicine is the customization of drug treatment for the better patient care, it modifies the healthcare of the patients based on their specific biology (Vogenberg, Isaacson & Pursel, 2010). Personalized medicine is deeply connected to and dependent on data science, particularly Artificial Intelligence (Fröhlich, Balling, Beerenwinkel et al., 2018). With advancements in the understanding of genetics and genomics, and how it drives overall health, including disease and drug reactions in individuals, this allows for doctors to provide disease manageability and prevention, allows for better diagnoses and safer drug prescriptions, personalized medicine would help facilitate all of that.
In 2005, Eli Lilly Co. made its first public commitment to personalized medicine, by Sydney Taurel who was the CEO of Eli Lilly, said “The challenge for us as an industry, as a company, is to move from a blockbuster model to a targeted model…We need a better value proposition than today.” In essence what Taurel meant is that the Eli Lilly Co. in creating a better value proposition, they also needed to create a different marketing strategy that yielded higher benefits and value, this was a challenge as it involved change, which is can be met with some opposition, and is difficult to introduce and execute at times (Henderson & Reavis, 2008).
Assessment of External & Internal Data
Eli Lilly Co. has a vast array of data like Tailoring Scenarios and Efficacy Rates at their disposal to use to make quantified decisions on how they are to proceed with doing business in sustainable marketing environment, with the use of personalized medicine and implementing generic medicines to increase their market segmentation. This approach would enable Eli Lilly to capture the market in increasing the overall revenue. In the move to personalized medications, Lilly, found that it would require significant shifts on how they company approached drug discovery & development, however there would also be substantial implications for participants in every stage of the drug delivery (Henderson & Reavis, 2008). Research and development are important factors Eli Lilly’s long-term success and Eli Lilly spends a lot of money on Research & Development, costs continued to increase however the rates of new drug introduction were not keeping up. There should be more focus and data for Personalized Medicines, as the patient’s profile of gene variations assist in guiding the drug selection or treatments to minimize potential harmful side effects and assists in successful outcomes. PM can also reveal a patients’ vulnerability to other diseases before they manifest, this allows for the physicians and patient to create a monitoring and prevention plan (Vogenberg, Isaacson & Pursel, 2010).
Organizational Culture Adjustments
In expanding external-data ecosystem and integrating external data into their operation, Eli Lily can outperform other pharmaceutical companies by unlocking improvements in growth, productivity, and risk management (Aaser & McElhaney, 2021). There is emphasis in Ely Lilly’s commitment to create and integrate external networks to access molecules, capabilities and capacity, this would mean using components of external data in order to achieve those goals.
With the well-organized use and operationalization of external data would require updates to Eli Lilly’s current data environment, this would include changes to systems and infrastructure, they would need to be conscious of privacy concerns and consumer scrutiny in using some types of external data (Aaser & McElhaney, 2021). As companies nowadays need to consider what cultural shifts come into play concerning consumer privacy and the ethical dilemmas regarding the use of consumer data, businesses may find themselves reevaluating their role of trust and privacy concerns in managing and housing consumer information (Swani et al., 2021). Using Organizational Culture Assessment Instrument (OCAI) is a helpful tool in identifying current and preferred cultural dimensions and can be pivotal in identifying culture gas in moving toward a preferred culture over a short time (Davis & Cates, 2018). In 2007, Lilly created a brochure titled “Lilly’s Vision”, in it Sidney Taurel mentions “It mandates change”.
Implementing change management within the company, take on many roles from how they do everyday tasks, to the data gathering, data input, to building a relationship with end-users and well as those within the company. Change-management is focused on employee engagement, offering face-to-face implementation strategies & training, giving dashboards and access to raw data to those in the organization who are quantitative-minded.
Cost Benefit Analysis
Eli Lilly is relatively very successful at execution of new projects and generated good returns on capital expenditure in its revenue streams, while Lilly does have a significant spend on Research & Development the benefits outweigh the costs. Drug research can be a very expensive process, research and clinical trials may take several years, some up to 10 years or more, as well as delays in obtaining patents. Government regulations on patents laws may change allowing for shorter patents allowing for the possibility of other drugs to come into the market and hurt the company’s profitability.
Sales and Marketing would need to be realigned in order to become “focused and scientifically sophisticated team”; this may require additional training to achieve this goal. Medical and marketing would need to build a synergy for the parameters of the market segment could be understood in the early stages of the development life cycle so that marketing strategies and messages developed.” (Henderson & Reavis, 2008). Lilly may be able to use social media promotion programs to create a better opportunity of promotion in the specific market segment.
Lilly had stakeholder challenges in the past, this may create additional challenges as they move forward with a change process, however involving stakeholders in order to build upon their buy-in would need to take place. Lily has had high sales and profits and is a powerhouse in the pharmaceutical industry, utilizing all its assets in production, distribution, sales & marketing, customers service as well as research and development.
References
Aaser, M & McElhaney, D. (2021). Harnessing the power of external data. Mc Kinsey Digital. https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/harnessing-the-power-of-external-data
Davis, R., & Cates, S. (2018). The Implementation of the Organizational Culture Assessment Instrument in Creating a Successful Organizational Cultural Change. International Journal of Business & Public Administration, 15(1), 71–94.
Eli Lilly. (2021). Who we are. https://www.lilly.com/who-we-are/about-lilly
Fröhlich, H., Balling, R., Beerenwinkel, N. et al. (2018). From hype to reality: data science enabling personalized medicine. BMC Med 16, 150. https://doi.org/10.1186/s12916-018-1122-7
Reavis, C., & Henderson, R. M. (2008). Eli Lilly: Recreating drug discovery for the 21st century [Case study].
Swani, K., Milne, G. R., & Slepchuk, A. N. (2021). Revisiting trust and privacy concern in consumers’ perceptions of marketing information management practices: Replication and extension. Journal of Interactive Marketing, 56, 137–158. https://doi-org.lopes.idm.oclc.org/10.1016/j.intmar.2021.03.001
Vogenberg, F. R., Isaacson Barash, C., & Pursel, M. (2010). Personalized medicine: part 1: evolution and development into theranostics. P & T: a peer-reviewed journal for formulary management, 35(10), 560–576.
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