• R&D (Research & Development)

  • 📚 Definition: Efforts by organizations to develop new and existing products in an innovative way.
  • 🌍 Real-World Example: Apple's R&D led to the creation of the iPhone!

• Product Innovation

  • 📚 Definition: Creating new products or upgrading existing ones.
  • 🌍 Real-World Example: From basic mobile phones to smartphones with touchscreens and apps.

• Process Innovation

  • 📚 Definition: Making the manufacturing or service delivery processes better.
  • 🌍 Real-World Example: Amazon using drones for quicker deliveries.

• Adaptive Innovation

  • 📚 Definition: Tweaks to an existing product, process, business model, or other elements.
  • 🌍 Real-World Example: The addition of new flavors in Coke, like Cherry Coke.

• Disruptive Innovation

  • 📚 Definition: Major innovations that can reshape an entire industry.
  • 🌍 Real-World Example: How Netflix transformed the movie rental industry.

R&D is SUPER Important! 💡

• 🎯 Goal: To achieve competitive advantage, business growth, higher profits, and keep shareholders happy.
• 💡 Fun Fact: Did you know it can take more than 17 years from finding a new drug to its market launch?
  • Basic research: 📆 2–3 years
  • Pre-clinical studies: 📆 3–5 years
  • Clinical studies: 📆 3–7 years
  • Getting the green light (approval): 📆 1–2 years
• 😱 Challenge: Other companies can easily replicate the drug because the entire process is public. 

• New drugs are pricey because companies need to cover:
  • Production costs 💼
  • Distribution costs 🚚
  • Past R&D investments 🧪
• Patents are like gold! 🌟 They're essential in the pharma industry.