Implement a successful digital transformation strategy: Reflections on how one emerging biotech became future ready

Digital transformation is an exciting concept that is rapidly evolving, but it can be particularly tricky to implement when it comes to emerging biotech companies that have a unique set of constraints and goals. Because emerging biotech companies spend so much of their energy on research and development and trying to be financially viable, technology is often overlooked during the early years.

Implementing a digital transformation requires a robust strategic plan that is adopted by the leadership. As a small company grows, however, the focus of an organization shifts over time. It is important to remember that during different points in an organization’s development, it might be harder or easier to work with the c-suite on ideas about digital transformation.

Even when leadership is on board, there are still challenges in adopting and implementing a successful digital transformation. It is essential to have an expert who can create the road map to success and oversee the day-to-day implementation. Working toward being agile, scalable, and cost-effective are key components of keeping the strategy in line with the business priorities. Scott explained that one of the most important steps in implementing their strategy was to focus on change management from the very beginning. Doing this allowed team members to play critical roles in their overall launch plan, and it helped people appreciate the structure and see the value in the strategy.

In the case of GW Pharmaceuticals, they found that their digital transformation came at exactly the right time. Not only were they well positioned when they were acquired by Jazz Pharmaceuticals, but they were also ready when Covid hit. They were able to quickly pivot 1200 staff members with no service disruption, and today their teams are still focused on integration and focused digital transformation. They have also found that they are able to capitalize on their successful digital transformation from a digital workplace perspective as well.

Like all big structural changes, adopting a digital strategy requires a clear plan, leadership buy in, and delivering on quick wins to build confidence and trust. Chris and Scott found that experienced business partners can be a true differentiator when implementing the strategy, and they also highlighted having the right people on your team is key. Flexible, innovative, creative team players who understand the organizational goals and can clearly communicate the value of the technological changes in the context of the larger picture make all the difference.

It’s not unreasonable for the technology part of the organization to genuinely believe that technology can lead the business model, and in emerging biotechs, technology has often played an important role in enabling the speed and success of go-to-market journeys. How you communicate the value of the technology and how you develop a roadmap for success, however, are key to fostering change.