Bausch + Lomb: revitalising the product pipeline and operational efficiency

29 July 2024 — 1 min read

Healthcare & Pharmaceuticals

Breakthrough Imperatives

Bausch + Lomb faced a decade of declining vision care revenue and employee skepticism. By integrating innovation into its values and processes, the company revitalised its product pipeline and operational efficiency, resulting in significant growth.

Outcome 1: Development of three new lens materials
Outcome 2: Reduction in design-to-molding time from six months to six weeks
Outcome 3: Creation of a more efficient and cost-effective sterilisation process

The challenge

Bausch + Lomb, a major player in the vision care industry, had experienced ten years of declining revenue and employee morale was low. Multiple leadership changes had left employees skeptical about the possibility of meaningful improvement. The company needed a strategic intervention to break the cycle of stagnation and drive sustainable growth.

The primary challenge was overcoming the ingrained resistance to change and innovation within Bausch + Lomb. The organization had been stuck in a rut, with employees feeling jaded due to a history of unfulfilled promises and leadership turnover. Transforming the company’s approach to innovation and getting employees to believe in the potential for change was crucial for any turnaround to succeed.

The approach

To address these challenges, Bausch + Lomb made innovation a core value, embedding it into the organization’s culture. They implemented the Patient-Centric Innovation Process, which unified all functions to drive innovation collectively. Additionally, the company sought external partnerships to contribute 40% of new ideas, ensuring a blend of internal and external innovation. This strategy not only diversified the source of ideas but also reassured internal R&D teams of their continued importance.

Impact

The changes led to substantial breakthroughs at Bausch + Lomb. They developed three new lens materials, significantly enhancing their product offerings. The R&D team improved efficiency by reducing the design-to-molding time from six months to six weeks. Furthermore, they devised a new, cost-effective sterilisation process, saving time and money. These innovations revitalised the company’s product pipeline, driving growth and improving overall operational efficiency.

In all these transformations, you have to set a bold vision with innovation at its core. You’re driving people to understand that their role is not to accept the status quo but to innovate to make breakthroughs.

Pete Valenti – Former President, North America, Bausch + Lomb