School of Management. Risky Time Reckoning and its Impact on Biomedical Innovation Maxine Robertson...
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![Page 1: School of Management. Risky Time Reckoning and its Impact on Biomedical Innovation Maxine Robertson & Peter Clark Queen Mary University of London.](https://reader035.fdocuments.in/reader035/viewer/2022062714/56649d3e5503460f94a17c20/html5/thumbnails/1.jpg)
School of ManagementSEMINAR SEMINAR
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Risky Time Reckoning and its Impact on Biomedical Innovation
Maxine Robertson & Peter Clark
Queen Mary University of London
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Background
Development times & costs across most therapeutic areas increasing (US, CBO 2006)
Agreement that biotechnology sector ‘has not delivered on its promise’ (Pisano, 2006, Hopkins et al, 2007)
UK & US dominant position threatened as sectoral transformation occurring – new entrants e.g. India, China, Eastern Europe - where trial costs significantly lower
To date an emphasis largely on structural problems within the sector and a requirement for development of hybrid models
A temporal analysis of biomedical innovation in the UK& US may provide further explanatory power for the current situation
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Overview of time
Abstract sequences of states: Rogers; Rostow, Eisenstadt CPM
Time-geography: Hagerstrand -> Giddens
Pugh & Hickson (1976): enduring versus flux
Clark & Nowotny: Time reckoning & structural repertoires (IIST 1976)
Structuration orientation – most recently Barley, 1986, 1988; Orlikowski & Yates, 2002
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Calender & clock time
CCT as commonsense
History and dating: anachronism
Clock time & Euro-capitalism to 1780s
Role of American engineering professions
Organizations = temporal inventories
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SOROKIN(1943), NADEL (1957)GURVITCH (1964)
Homogeneous time reckoning
Heterogeneous time reckoning ubiquitous, extensive and being intensified
Singular homogeneous CCT combined with multiple heterogeneous times
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HETEROGENEOUS EVENT TIME RECKONING
Event trajectories with temporal units
Durational expectations & PPF mix
Time frames: open, closed & recurrent
Time ordering: pre-emptory claimants
Strategic roles (e.g. engineering versus marketing in Fiat)
Conflict and mechanisms of segregation
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Orlikowski & Yates (2002)
Practice based perspective grounded in ‘temporal structuring’ combines CCT and event based time “Time is instantiated in organizational life through a
process of temporal structuring where people (re) produce (and occasionally change) temporal structures to orient their ongoing activities (:685)
Emphasis on development of shared temporal structures within communities / groups
What happens when innovation demands collaboration across groups?
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FDA Time Reckoning system
Linear and event based
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Time Reckoning Systems compared
Stakeholder TRS Perception of Time
AnticipationOf futureevents
Attitude to Risk
Attitude touncertainty
Alignment
FDA EventBasedlinear
Control Future eventscontrolled
Riskaverse
Uncertaintyeliminated
N/A
Biotech Drawingback the distantfuture
Commodify
Compress
Colonize
Positive
e.g. politicsof hope
Riskmanaged
UncertaintyMinimised
DiscursiveAlignment WithFDA
PunctuatedAlignmentWith VC
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Time Reckoning Systems compared
Stakeholder TRS Perception of Time
AnticipationOf futureevents
Attitude to Risk
Attitude touncertainty
Alignment
Clinicians Groundin the presentref. to the past
Commodify
LargelyNegativew.r.t.RCT’s
Riskaverse
UncertaintyAvoidance
NonAlignmentwith biotech
VentureCapitalists
CyclicalFocuson a nearfuture
Commodify
Compress
Colonize
Positive Riskaverse -managedthroughportfolio &syndication
Uncertainty inevitable
Punctuatedalignmentwithbiotech &FDA
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What generates risky time reckoning?
“I don’t know where this number comes from, but the number that is always quoted is every day you’re not on schedule, it costs you a million pounds. So every day that you’re not progressing with your project, it’s costing the company, at peak sales, around about a million pounds. So time is of the essence.”
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Risky Time Reckoning in action
“We’re looking at various scenarios for how we will develop the product and what they mean in terms of expenditure, and because we are going to partner the product, we’re looking at what is the package of information we’re going to give to a partner and how much money will we get back in the time available whilst negotiations are ongoing. It’s all about if we spend X we get Y back. If we spend X + £100K, we still only get Y back, so why are we spending that?
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……….Scientifically we know what we’d like to know best, but there’s a business case. When you move into development the science is still there, but there are other pressures in the project. And if we were going to take it all the way through ourselves as a company, we would do it very differently because we would probably be much more likely to take a scientific approach because what that gives you is the ability to kill the project early if it’s really not going well. But we don’t want to kill it early until someone’s given us a fat cheque
(Clinical Trials Manager)
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Conflicting time reckoning Linear TRS of the FDA imposed on non-linear project level activities
FDA assumes entrainment in practice the FDA TRS is largely deployed by biotech’s as a discursive
device which generates a sense of order around what is often managed chaos
necessary in order to attract investment?
Time reckoning systems of biotech’s (pharma) and clinicians in contention
Power vested in FDA and clinicians suggests compatibility may be difficult to achieve
Venture Capitalists engage cyclically with the FDA TRS and time frames differ significantly across venture capitalists and biotech’s
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Critique of Orlikowski & Yates
Privileges agency over structure - “conscious choices unambiguously shape the temporal structuring that occurs” (pg.)
Assume temporal symmetry / collective time coordination achievable
Over-riding temporal orientation of different groups largely missing shapes perceptions of risk & uncertainty
Invokes romantic and over-stated notions of ‘community’
Power ignored – suggest new temporal structures need to be legitimated by the community but no unpacking of the origins of legitimation
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What policy initiatives might improve the current situation?
Need & scope for institutional entrepreneurship? Deemphasise linearity in FDA TRS
Simultaneous phasing, recognition of inherent recursivity etc. Negotiation required between FDA, academe, industry,
clinicians aimed at generating better temporal representation and governance of development process
But Many ‘new’ initiatives e.g. fast-tracking, critical path initiative, EU
New Safe Medicines Faster etc. reinforce linear approach
Introduce mechanisms that might blur the relationship between milestones and the value of IP which may help to reduce the effects of the ‘moneytization of IP’ which serves to reinforce the politics of hope and risky time reckoning
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Introduce incentive mechanisms for clinicians to promote a more future temporal orientation and engagement with RCT’s e.g. career paths, resources etc.
Development of HIV/ AIDS drugs an exemplar of the way in which diverse communities’ interests can be bridged and development times reduced
‘Patients’ were simultaneously development scientists, regulators and clinicians (Maguire et al., 2004)
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School of ManagementSEMINAR SEMINAR