Great article . Interview with Edstrom Hakan
May 21, 2014 15:27:52 GMT -5
liane, jpg, and 4 more like this
Post by ashiwi on May 21, 2014 15:27:52 GMT -5
www.linkedin.com/today/post/article/20140520174748-633174-success-in-the-long-run
A corporate strategy leader laid out a case demonstrating a need for and a potentially huge pay off from long-term strategic thinking.
For MannKind Corporation, according to President and COO Edstrom Hakan, without committing to what has been an 11-year journey and making a $2 billion investment to date, the company would not be expecting final FDA approval by mid July to bring its groundbreaking inhalable insulin to market.
The Valencia, CA, based company believes Afrezza, which Hakan describes as a clearly differentiated technology, has the potential to transform diabetes treatment and offer diabetics a much better insulin delivery option. Hakan says in terms of revenue Afrezza has "blockbuster potential," offering a "multibillion dollar opportunity" globally and $5 billion by 2015 in the U.S. alone. In the process of developing Afrezza, the company has also obtained more than 500 patents; its technology has potential for other applications such as fast delivery of pain medication for migraine headaches.
MannKind Corporation's journey was guided by a strategic planning process involving a question and answer approach. It set its innovation focus on diabetes based on its knowledge of the space, the history of the space, current expectations and future expectations. Hakan highlights the importance of taking both "outside in" and "inside out" analyses in its decision to move ahead to develop the technology.
MannKind Corporation's subsequent planning process addressed:
Purposes: "What will we do for whom and why will we do it?"
Analysis: "Who will use it, who decides the need, etc."
Process: "How will it be recognized in order to be successful?"
The planning process also considered alternatives, involved SWOT analysis, addressed emotional decision criteria, and more.
Hakan says after the firm's strategies were decided, it developed objectives, which he defines as "the state of affairs or position we intend to be in at a particular time." Activities then drove the firm to its objectives, says Hakan. He noted the importance of aligning activities with objectives so the firm could "decide what not to do as well as what to do," adding, "some people confuse objectives and activities."
The journey has been longer than MannKind Corporation expected: The uniqueness of its technology has resulted in an extremely long and involved FDA regulatory approval process that Hakan says "has been very difficult for us to manage." Even with approval, MannKind Corporation still expects to spend another $1 billion working with a yet-to-be-selected strategic partner for sales and marketing. Hakan says the company will bring in the outside partner to avoid myopia about the skill sets it needs to execute its plan and reduce organizational risk.
Yet Afrezza is ready to be marketed, pending the FDA label to apply to the already-designed packaging. Hakan says the company has current manufacturing capacity to serve 450,000 patients and has plans to dramatically expand that capacity.
A corporate strategy leader laid out a case demonstrating a need for and a potentially huge pay off from long-term strategic thinking.
For MannKind Corporation, according to President and COO Edstrom Hakan, without committing to what has been an 11-year journey and making a $2 billion investment to date, the company would not be expecting final FDA approval by mid July to bring its groundbreaking inhalable insulin to market.
The Valencia, CA, based company believes Afrezza, which Hakan describes as a clearly differentiated technology, has the potential to transform diabetes treatment and offer diabetics a much better insulin delivery option. Hakan says in terms of revenue Afrezza has "blockbuster potential," offering a "multibillion dollar opportunity" globally and $5 billion by 2015 in the U.S. alone. In the process of developing Afrezza, the company has also obtained more than 500 patents; its technology has potential for other applications such as fast delivery of pain medication for migraine headaches.
MannKind Corporation's journey was guided by a strategic planning process involving a question and answer approach. It set its innovation focus on diabetes based on its knowledge of the space, the history of the space, current expectations and future expectations. Hakan highlights the importance of taking both "outside in" and "inside out" analyses in its decision to move ahead to develop the technology.
MannKind Corporation's subsequent planning process addressed:
Purposes: "What will we do for whom and why will we do it?"
Analysis: "Who will use it, who decides the need, etc."
Process: "How will it be recognized in order to be successful?"
The planning process also considered alternatives, involved SWOT analysis, addressed emotional decision criteria, and more.
Hakan says after the firm's strategies were decided, it developed objectives, which he defines as "the state of affairs or position we intend to be in at a particular time." Activities then drove the firm to its objectives, says Hakan. He noted the importance of aligning activities with objectives so the firm could "decide what not to do as well as what to do," adding, "some people confuse objectives and activities."
The journey has been longer than MannKind Corporation expected: The uniqueness of its technology has resulted in an extremely long and involved FDA regulatory approval process that Hakan says "has been very difficult for us to manage." Even with approval, MannKind Corporation still expects to spend another $1 billion working with a yet-to-be-selected strategic partner for sales and marketing. Hakan says the company will bring in the outside partner to avoid myopia about the skill sets it needs to execute its plan and reduce organizational risk.
Yet Afrezza is ready to be marketed, pending the FDA label to apply to the already-designed packaging. Hakan says the company has current manufacturing capacity to serve 450,000 patients and has plans to dramatically expand that capacity.
