The pharmaceutical industry is witnessing a massive revolution.

Traditionally slow in the adoption of new healthcare technology, the industry is now undergoing rapid changes due to the development of several new healthcare technologies.

The prominent pharmaceutical industry trends include artificial intelligence (AI), additive manufacturing, blockchain, and other Industry 4.0 technologies.

The increasing investments, growth of healthcare technology start-ups, and the expiry of several key patents, as well as increasing inter-organizational collaborations and a favorable regulatory environment, are spurring innovation across the pharmaceutical industry trends.

The COVID-19 pandemic has also highlighted the available mechanisms for funding research, development, manufacturing, and distribution of new pharmaceutical products.

How do Standards Support Pharmaceutical Innovation?

Standards boost pharmaceutical innovation and help organizations adopt a more strategic approach from an early stage, giving them a framework to manage and assess their innovation activities to maximize the value they can achieve.

Innovation standards play a crucial role in de-risking investment and accelerating the adoption of new healthcare technologies through confidence in performance. BSI is at the global forefront of innovation standardization in areas with the potential to transform the economy and our society.

Innovation standards are also critical in the commercialization of new healthcare technologies, building trust, and supporting the creation of new markets at home and internationally. They support the consolidation of emerging healthcare supply chains, prevent the risk of technology lock-in, and help disseminate knowledge from large-scale R&D demonstrators and testbeds.

To learn about digital innovation in the pharmaceutical industry, click here.

What are the Key Innovation Management Standards?

The process of creating international standards in this area has taken several years.

It would not have been possible without a dedicated committee of UK experts who attend committee meetings to share their knowledge – committee members who lead international project teams, contribute to reviewing and developing standards, and promote awareness to the wider innovation community and industry through a variety of methods.

Pharmaceutical innovators are inherently looking for solutions and if a standard concisely outlines the best current practice it can save the user time in researching an excess of other sources. At the very least it should provide a solid starting point from which to explore further.

The currently available innovation management standards from the BS ISO 56000 Innovation management series are:

• BS ISO 56000:2020 Innovation management — Fundamentals and vocabulary

• BS ISO 56002:2019 Innovation management — Innovation management system — Guidance

• BS ISO 56003:2019 Innovation management — Tools and methods for innovation partnership — Guidance

• BS ISO 56005:2020 Innovation management — Tools and methods for intellectual property management — Guidance

• PD ISO/TR 56004:2019 Innovation Management Assessment — Guidance

• BS ISO 56006 Innovation management — Strategic intelligence management — Guidance

The benefits of implementing these innovation standards within pharmaceutical companies include:

• Agree common terminology and transfer new information into the commercial environment, which accelerates the spread of innovation

• Support innovators by providing expert, authoritative new knowledge, which in turn is a platform for further innovation

• Build communities and promote the exchange of knowledge, which catalyzes collaborative development

• Encourage process innovation through continual improvement

• Enable pharmaceutical organizations to unlock their full potential in terms of their products, processes, and behaviours

Pharmaceutical companies need to consider not only the benefits of their innovations but also any possible adverse impacts, including through unintended use, misuse, or other unforeseen consequences; and plan accordingly. Whilst society has never been hungrier for innovation, it has also never been less tolerant of innovation that fails.

To help pharmaceutical companies innovate responsibly, PAS 440:2020 provides overarching guidance on how to structure innovative thinking and processes responsibly, irrespective of domain.

It helps pharmaceutical companies to think through the wider implications of their innovation, capture the outcomes of their reflection, and communicate this to stakeholders and wider society.

PAS 440 is particularly relevant in the area of early-stage and disruptive healthcare technologies but can be applied anywhere. Its use helps to identify and mitigate risks – before they become an issue.

And it can help organizations to reassure investors, customers, and other stakeholders that the benefits of any innovation can be achieved, with appropriate mitigation of any potential downside risk, wherever that might otherwise accrue.

As technology continues to advance rapidly in the pharmaceutical sector, accessing the standards your business needs to adapt to these innovations does not have to be complicated and time-consuming. Our tailored BSI Knowledge subscription service provides flexibility, access, visibility, and control over the standards and insights your team needs to adopt emerging processes. Request to learn more.

Ensure your pharmaceutical organization is working to innovation best practices by adding these key standards to your collection.