December, 2021 SMM-240
In recent years, the term ‘Business Model’ has come to dominate board-room conversations. Whether firms want to adapt their existing business model or create an entirely new one, the term has become ubiquitous amongst pharma business leaders. But what is a business model? How does it differ from strategy, structure or revenue model? Ask 100 people for a definition, you will get 100 answers to the question. Such confusion and vagueness is the enemy of change management. In this article, Brian D Smith looks at the research into business models and gives us a new, practical and useful definition, based on his study of the industry, that helps pharma business leaders understand what a business model is and how to build one.