This article is the fourth in a series of features covering industry specific strategic frameworking applications. Over the next few months, we will cover diverse industry sectors and will demonstrate how businesses benefit in achieving superior performance results, and in exceeding their industry average growth rate.
What is strategic frameworking ?
A strategic framework is a comprehensive architecture, which enables the design and implementation of business strategies.
What is its purpose ?
Establishing how people (individuals and teams) connect and what activities they should focus on to achieve desired strategic outcomes.
Why is is important ?
Currently the majority of strategies fail to achieve their desired result. This is due to 4 main reasons: ineffective/absent strategy management process, poor strategy design, execution and adaptation. A strategic framework is a “must have” to effectively overcome the propensity for failure in these areas.
What makes strategic frameworking so effective is its relentless focus on segmentation to create strategy that is relevant and deliverable. Instead of starting with the conventional grand vision and mission statement, it begins by asking what is our current position as a business (in a specific market segment, product category, geography,channel) and what the final objective should be. Frameworking then enables the business teams to define a solution, develop a strategy at the lowest common denominator and through a process of iteration and continuous challenge, improves and refines them through testing.
In contrast, when companies use only one dimension to drive strategy (eg product), they will be focusing strategy on what they know and not on looking at what they don’t know.
Creating multiple segmentation will lead individuals and teams to develop iteration (prototypes) and multiply the chance of success.
The framework applied to the World of Specialty Enzymes
The healthcare specialty enzymes market is anticipated to grow in the forecast period owing to key factors such as the elderly application fuels the pharmaceutical diagnostic enzymes demand, strong investments in the biotech sector pulls the demand for enzymes, advancement in enzyme engineering & green chemistry, and rapid growth in the pharmaceutical industry.
North America is expected to contribute to the largest share in the healthcare specialty enzymes market in the forecast period, due to presence of large number of biopharmaceutical companies in the U.S. and favorable government regulations in this region.
The rising application of speciality enzymes for various therapies for diseases such as, cancer, pain and inflammations management etc., product innovations on account of advancements in enzyme engineering and green chemistry are the major factors expected to contribute to the growth of the market.
Increased adoption of emerging biotechnology technologies such as next generation sequencing along with greater understanding, substantial investment on research in overall national budgets boosts the growth of the U.S. market. Asia Pacific is expected to gain market share over the forecast period and is likely to be the primary revenue area in the coming years.
Pharmaceuticals witness highest growth based on application; the global healthcare specialty enzymes market can be divided into pharmaceuticals, research & biotechnology, diagnostics, and biocatalysts The pharmaceuticals segment dominated the global market in 2020.
Enzymes are largely used as reagents in the clinical chemistry applications whereas, the significant potential of polymerases and nucleases in diagnosis, as well as for biotechnology research, has highly contributed to the revenue generated by molecular diagnostics in the market for healthcare specialty enzymes.
North America followed by Europe are anticipated to dominate the global specialty enzymes market in the forecasting period owing to the presence of key biopharmaceutical companies in the region and growing acquisitions and investments by major key players in research activities for the development of specialty enzymes.
In Summary
Effective strategies are neither yearlong studies nor 100 page plus documents. They are living, breathing and totally dynamic requiring individuals and teams to collaborate on a continuous basis through a formal framework.
enablegrowth provides the business platform for businesses to achieve superior performance results, in exceeding their industry average growth rate.
enablegrowth has extensive experience in setting-up and activating strategic frameworks. If you need us to provide you with a specific industry sector framework for your business please reach out at contact@enablegrowth.com