Abstract
Creating and developing innovative business models (BM) is currently one of the key success factors for contemporary business. Rapid complex changes in the world reemphasize the need to better understand how BM can be successfully innovated in different markets. The digital component of BM innovation comes under a special spotlight, using the example of a company within the pharmaceutical industry. In particular, this study demonstrates how BM innovation can be developed and implemented in practice within the pharmaceutical market, which accelerates its digital transformation to increase the value it brings to the healthcare systems around the world while sustaining the ongoing crisis. In order to do that, the current paper offers a framework for BM innovation that defines BM elements, BM innovation aspects, and BM innovation logic. The study covers six markets that represent different value creation systems and mechanisms. This paper demonstrates how technological innovations can be activated using managerial tools and insights and also how they can be combined into the holistic system based on the needs of the key value chain actors.
Highlights
Contemporary business model (BM) research has been increasing its focus on business models (BM) innovation
The current paper demonstrated how technological innovations should be applied in practice using managerial technologies and insights to drive BM innovation along the value chain
We focused on the case study of an international company operating in different geographies within the pharmaceutical market and on the innovation strategies at the corporate level
Summary
Contemporary business model (BM) research has been increasing its focus on BM innovation. It is argued that network BM is a powerful tool for innovation, exploring access to competencies via partnerships with other firms [Lindgren et al, 2010; Klimanov, Tretyak, 2014] To further develop this direction of research we will build our framework based on a synthesized definition of a BM that consolidates the views of the most well-known scholars studying BM [Klimanov, Tretyak, 2019]: BM represents a scheme of value chain actors’ interaction that is performed to create and deliver value to the customer and to capture profits from these joint activities. Understanding of actors’ goals and motivations helps to define the concrete forms of value for each BM archetype
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