AbbVie and Cochlear have been named two of the most innovative companies in Australia.
Sydney-based AbbVie was ranked 7 in the 2016 AFR 50 Most Innovative Companies List, up from 21 last year, for its innovative approach to solving healthcare challenges, including a program that supported access to new generation hepatitis C therapies.
Cochlear was ranked 46.
The AFR 50 Most Innovative Companies List, which was previously run by BRW magazine, recognises companies that promote, embrace and maintain an innovation framework.
Melbourne based Planet Innovation topped the list.
“We are extremely proud to have been listed in the top 50 Most Innovative Companies for the fifth year in a row. This is a remarkable achievement that speaks to the passion for innovation shared by all AbbVie team members in Australia,” said Kirsten O’Doherty, General Manager, AbbVie Australia.
Ms O’Doherty told BiotechDispatch the recognition reflects the company's commitment to integrating innovation into every part of its business.
"It's not something you can just pick up occasionally, it's an institutionalised way of thinking. We do capability training with every new employee and over 80 per cent of our team are trained on innovation techniques. We have an Innovation Capability Manager, which reflects our commitment to train for innovation and reward it.
"This real commitment is important, which is why we welcome the recognition, because it can be hard, particularly when things are busy, or tough. People might be tempted to think you can spend less time on it, but you can't - it has to be fundamental to the way we do things."
Ms O’Doherty added that, while research-based companies are intrinsically innovative, the recognition is more about how the company delivers its products and manages its people.