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- 1. Johnson & Johnson Innovation Maike Stenull Brooklyn, NY March 5, 2020
- 2. Introduction: Who am I? | 2 Maike Stenull • Vice President and Global Head Strategy & Operations Johnson & Johnson External Innovation • 29 years with J&J • All 3 sectors of J&J (Pharma, Consumer, Medical Device) • Germany, U.K., USA • Finance, Strategy, Portfolio • MBA, Six Sigma Black Belt
- 3. More Than 130 Years: Creating Value Through Innovation | 3 3 Business Segments 175countries Products in more than 130,000 Over employees worldwide Invested in R&D in 2019 $11.4B
- 4. Global Brands: Broad Reach And Scale | 4 PHARMACEUTICALS MEDICAL DEVICES CONSUMER PRODUCTS
- 5. Our Goal: Transforming Lives Through Innovation VALUE FOR SOCIETY Years of Life Quality of Life Overall Well-being | 5
- 6. “Innovation at Johnson & Johnson is about creating strong networks of people who can combine resources, ideas and technologies in a new way.” Paul Stoffels, M.D. Vice Chair of the Executive Committee and Chief Scientific Officer Johnson & Johnson Innovation: It’s About The People
- 7. Feeding the “Beast”: A Monumental Task | 7 5% Sales Growth ~$4B= Consumer Products Medical Devices Pharmaceuticals
- 8. Innovation Level Needed to Succeed: Dramatically Increased Expectations LevelofInnovation Time Higher threshold Speed Value Market expectations Me too late Differentiated product | 8
- 9. Incremental vs. Transformational Innovation: What’s The Next Fosbury Flop? | 9 Olympic Gold Medal Winners in High Jump 1900 1920 1940 1960 1980 © Vijay Govindarajan, Tuck’s School of Business at Dartmouth College Year Height
- 10. $11.4B Invested in R&D 2019 Agnostic to Innovation Source: The World is Our Lab Internal External “Because a good idea can come from anywhere.”
- 11. Transformational Innovation: How to Find The Red Ping Pong Balls? | 11
- 12. Co-Dependent Ecosystem: We Need Each Other INDUSTRY NEEDS ENTREPRENEURS NEED VS INNOVATION AGILITY COST SAVINGS INFRASTRUCTURE CAPITAL EXPERTISE | 12
- 13. Tailor-Made Solutions for Entrepreneurs: Comprehensive Global Offerings INNOVATION CENTERS Early Stage Acceleration •4 Innovation Centers –London –Shanghai –San Francisco –Boston •400+ deals done over past 6 years JJDC Strategic Investing •Oldest Corporate Venture Arm (45+ years) BUSINESS DEVELOPMENT Late Stage Deals •Licensing, M&A and Alliance Management •40+ years JLABS Life Science Incubators •13 locations across the globe | 13
- 14. Johnson & Johnson Innovation Network: World, we Got You Covered! EMEA Innovation Center London, U.K. FutuRx Israel, Weizmann Science Park East NA Innovation Center Boston, MA JPOD @ Boston JLABS Boston (JLABS @ LabCentral) West NA Innovation Center South San Francisco, CA JLABS Toronto Canada (JLABS @ Toronto) JLABS Bay Area (JLABS @ QB3) JLABS San Diego, La Jolla (JLABS @ San Diego) JLABS Houston Texas Medical Center (JLABS @ TMC) Japan Singapore JLABS South San Francisco (JLABS @ SSF) Innovation Center (IC) IC Offices JLABS Partnering APAC Innovation Center Shanghai, China JLABS New York (JLABS @ NYC) Med Devices JLABS Beerse, Belgium (JLABS @ BE) JLABS Shanghai, China (JLABS @ Shanghai) JLABS Lowell (JLABS @ M2D2) CDI @ TMC JJIPO @ Seoul Bio Hub Korea JJIPO @ QUT Queensland JJIPO @ Monash Melbourne Sydney Seoul JPOD @ Philadelphia Hong Kong JLABS @ Washington, D.C. | 14
- 15. Making it Easy For Innovation to Find us: Quick Fire Challenges & Quick Pitches | 15 This crowdsourcing platform seeks to empower and enable groundbreaking science and health solutions by encouraging students, entrepreneurs, researchers, and start-up companies to apply. 44 QFCs $7.5+ in prizes 82 awardees worldwide J&J Innovation launched:
- 16. Connecting External & Internal Innovation: Leveraging The Best Ideas to Eliminate Diseases | 16 Lung Cancer Cross Sector Initiative to Prevent, Intercept & Cure Lung Cancer World Without Disease Immorbidity: Aging in Total Freedom From Disease or Sickness
- 17. Sir William Preece Chief Engineer, British Post Office. 1878 The Americans have need of the telephone, but we do not. We have plenty of messenger boys.
- 18. Thomas J. Watson CEO, IBM. 1943 I think there is a world market for computers. maybe five
- 19. Steve Ballmer CEO, Microsoft. 2007 There’s no chance that the iPhone is going to get any significant market share.
- 21. In Summary | 21 • Transformational innovation is the lifeblood of our business • Agnostic of where innovation originates • Plugged into the innovation grid • Making it easy for the red ping pong balls to find us • The world is our lab
Editor's Notes
- Johnson & Johnson is one of the largest and most diversified health care companies in the world. And we have been working for more than 130 years to create value through innovation for patients, our customers, our employees, and our shareholders. We operate: Across three business segments – Consumer, Medical Device, and Pharmaceuticals In more than 175 countries Leveraging more than 250 operating companies And we have more than 130,000 employees worldwide
- You may readily associate our consumer brands with J&J, products like those I just mentioned. But– J&J is also very much focused on Medical Devices and Pharma and you may recognize some of these brands as well. These are life changing, life improving, life saving brands. All powered by Innovation. And used by 1 Billion people a day.
- Why do we do this? Because, if we do this right, we can innovate to extend years of life, improve quality of life and increase overall well being.
- This quote from our Chief Scientific Officer M.D. is at the core of our J&J Innovation model. Innovation is occurring all over the world, but how do we harness it? How do we work with the entrepreneurs and academics to help take their products and technologies from concept to commercialization? How do we create the networks to stimulate innovation? Johnson & Johnson Innovation was founded to provide a solution to these problems.
- broadest based hc company in the world Most know baby shampoo and BandAids
- To continue serving the needs of our customers, we have a relentless focus on innovation. And not just incremental innovation; transformational innovation. Because the medical challenges we face are more complex than ever. The threshold for innovation is continuing to rise, which has an impact on the growing cost of research and development. The global economic climate poses challenges and we face higher regulatory hurdles and demands from payers. Everyone in this room is familiar with the phenomenon depicted here. If you start the level of innovation too low, by the time your solution reaches the market is out it doesn’t necessarily meet market expectations, which continue to advance over time. Whereas if you start at a very high level of innovation - which can be more risky - all the time/effort you put in will reap a truly differentiated product with high impact and high value. This is where we want to be (speed line).
- In summary, this unconventional slide expresses best what J&J Innovation is looking for. At least for me. The slide depicts the Olympic Gold Medal Winners in High Jump over time. The athletes started out with the so called “Scissors” technique, and it was improved over time to get to greater heights. But then, a revolutionary new technique was invented that was called the “Western Roll”, which substantially increased the height the athletes were able to scale. Then came the “Straddle”, where you would jump over the bar face first. And still today, the high jumpers do the so called “Fosbury Flop”. It was introduced by Dick Fosbury, who won the 1968 Olympics with that style. What will be next? While incremental innovation has its place, improving current practice that leads to better results, the transformational innovation is a game changer. J&J is looking for the next Fosbury Flop.
- This quote from our Chief Scientific Officer M.D. is at the core of our J&J Innovation model. Innovation is occurring all over the world, but how do we harness it? How do we work with the entrepreneurs and academics to help take their products and technologies from concept to commercialization? How do we create the networks to stimulate innovation? Johnson & Johnson Innovation was founded to provide a solution to these problems.
- We focused on the unique needs of both sides of the partnering equation Industry needs: innovation, small nimble teams, cost savings Entrepreneurs need: infrastructure, capital, expertise
- Well, we created locations around the world to bring these two sides together in the most efficient way possible. Instead of coming to us in a central location that’s convenient for us, we embedded ourselves in hotspots of innovation. And then leveraging J&J Innovation’s many resources, including our Innovation Centers, JLABS, JJDC and Janssen Business Development, we identify the right partnerships and the right deal structures, to allow innovators to do what they do best, while working with us to improve the lives of people and patients. It’s like personalized medicine, but for innovation and collaboration. We have been working for more than 125 years – creating value through innovation for patients, our customers, our employees, and our shareholders. We operate: Across three business segments – Consumer, Medical Device, and Pharmaceuticals In more than 175 countries
- We focused on the unique needs of both sides of the partnering equation Industry needs: innovation, small nimble teams, cost savings Entrepreneurs need: infrastructure, capital, expertise
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- http://www.offset.com/mysets/45946627
- We focused on the unique needs of both sides of the partnering equation Industry needs: innovation, small nimble teams, cost savings Entrepreneurs need: infrastructure, capital, expertise