Through a new understanding of high-value design, Samsung was able to renew the product design of its TVs and double market share in the TV segment in just a few years.
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Business history is littered with examples of companies that missed out on major changes in their industries and paid a hefty price. Kodak, despite having invented the core technology behind digital cameras, failed to digitize at a sufficient speed.
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The U.S., Japan and Eurozone remain the key markets for most companies, but the increasing focus on cost effectiveness and the difficulties of the general economy, make the potential for significant growth in these markets questionable. In contrast, emerging pharmaceutical markets have been growing in the double-digits and are expected to continue expanding in the years ahead, due to strong economic growth, demographic changes, and improved funding for health care.
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Although a concern for healthcare systems for several decades, 2013 was a watershed year for obesity. Its recognition as a disease by the American Medical Association provides an opportunity to move beyond dead-end debates around personal responsibility and create renewed focus on what healthcare systems can do to treat this burgeoning epidemic.
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Pharmaceutical companies should begin to take a closer look at how they create the most value for their multiple stakeholders. In the emerging world of value-based health care, the answer will increasingly go beyond a new drug.
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And learning from customers is not a one-off thing but rather a continuous process. People evolve, markets evolve, and institutions can easily fall into rote delivery.
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For the neocraftsman, the process behind their product is what makes it exclusive, meaningful, and ultimately of high value.
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