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Can fast cars help you sell more drugs? Executives at GlaxoSmithKline think so.
The British drugmaker is teaming up with the Formula 1 team McLaren in the hope the company will pick up new tips on business operations and high-tech research.
The partnership, which will run initially until 2016, means the McLaren will share its capabilities in engineering, technology, analytics and strategy modelling to help boost GSK's global business performance.
The partnership will initially focus on GSK's manufacturing, research and development, and consumer healthcare departments.
MISSION CONTROL UNIT
GSK's consumer health-care business, which sells brands such as Lucozade, Panadol and Sensodyne, will work with McLaren's F1 "Mission Control". The unit is analyses the team's performance and directs drivers during a Grand Prix.
The drugmaker said creating a similar unit should enable faster responses to competitor activity and customer needs and improve decision making on inventory management, pricing, and retailer stocking.
GSK's chief executive Andrew Witty said both GSK and McLaren were companies whose continued success "hinges on the ability to innovate and rapidly respond to change and competitor activity".
McLaren is the second most successful team in F1e after Ferrari in terms of race wins and drivers' titles.
LEARNING FROM F1 LOGISTICS?
"McLaren has an unparalleled reputation for innovation built on rigorous analytics and fast decision making," Witty said, adding that the partnership shows how GSK is keen to look outside its own sector for "inspiration and fresh perspectives".
The drugmaker said it wants to learn from the way McLaren organises its teams during a racing season, when each F1 team can only use a maximum of eight engines across 20 races.
"McLaren has... developed a unique system of modelling every working component within the car to provide intelligence that can predict potential fatigue and failure. It is believed that the application of McLaren's approach, technology and processes could lead to improvements in GSK's production line performance, reducing the number of breakdowns and improving cost and customer service," the drugmaker said.
The British drugmaker is teaming up with the Formula 1 team McLaren in the hope the company will pick up new tips on business operations and high-tech research.
The partnership, which will run initially until 2016, means the McLaren will share its capabilities in engineering, technology, analytics and strategy modelling to help boost GSK's global business performance.
The partnership will initially focus on GSK's manufacturing, research and development, and consumer healthcare departments.
MISSION CONTROL UNIT
GSK's consumer health-care business, which sells brands such as Lucozade, Panadol and Sensodyne, will work with McLaren's F1 "Mission Control". The unit is analyses the team's performance and directs drivers during a Grand Prix.
The drugmaker said creating a similar unit should enable faster responses to competitor activity and customer needs and improve decision making on inventory management, pricing, and retailer stocking.
GSK's chief executive Andrew Witty said both GSK and McLaren were companies whose continued success "hinges on the ability to innovate and rapidly respond to change and competitor activity".
McLaren is the second most successful team in F1e after Ferrari in terms of race wins and drivers' titles.
LEARNING FROM F1 LOGISTICS?
"McLaren has an unparalleled reputation for innovation built on rigorous analytics and fast decision making," Witty said, adding that the partnership shows how GSK is keen to look outside its own sector for "inspiration and fresh perspectives".
The drugmaker said it wants to learn from the way McLaren organises its teams during a racing season, when each F1 team can only use a maximum of eight engines across 20 races.
"McLaren has... developed a unique system of modelling every working component within the car to provide intelligence that can predict potential fatigue and failure. It is believed that the application of McLaren's approach, technology and processes could lead to improvements in GSK's production line performance, reducing the number of breakdowns and improving cost and customer service," the drugmaker said.