s the UN General Assembly convenes its 77th session—in an environment dominated by the impact of inflation on the livelihoods of billions and the effects of climate change, which are already being felt in many regions of the world—cautious incremental responses built on the smallest common denominator look dangerously out of sync with reality.
But then there is hope in innovation. Innovation, especially the disruptive variety, can inspire and facilitate solutions. But innovation alone does not guarantee meaningful progress. It must be coupled with a conscious effort by business and government alike to harness its potential in a way that is purposeful and provides substantial benefit to broader society.
We have seen how the “move fast and break things” approach favored by some tech disruptors over the past decade can create more problems overall than it solves, especially when disruption becomes an end in itself, with little regard for how it may affect the whole of society. Moreover, even in the absence of unintended consequences, the benefits of innovation may not be equitably distributed. The pandemic has given us vivid examples. While vaccine access remains a problem for developing nations, it has been reported that antiviral drugs have been going unused in wealthier countries. We also saw during multiple lockdowns how innovations in connectivity enabled many of us to work from home while “essential” workers had no option but to continue to work in person.
Several factors impact access to innovation, including awareness, affordability, and acceptability. To reap the benefits of any innovation, you must know it exists, be able to afford it, and understand how it might affect your life.
We can break down the barriers impeding access. For the private sector, this means prioritizing equitability and accessibility in innovation pipelines and commercial implementation—with a clear vision of what needs to be changed or disrupted and for what purpose. For public policymakers, it’s about putting in place informed legislation that acknowledges and anticipates innovation, safeguarding the interests of the wider public while also enabling the adoption of an innovative product or service, particularly by those it would benefit most. Importantly, a phased-in regulatory approach, one that incorporates regular reviews of the innovation and shifting market realities, is better suited to today’s fast-paced advances in technology and science, ensuring that policies adapt and improve over time. Regulating innovation is rarely something lawmakers get right the first time around, particularly when governments lack the relevant expertise and appropriate research.
An approach of this nature is sorely needed when it comes to regulating progressive change in the tobacco and nicotine space. In my work at Philip Morris International, an innovator disrupting its own business model and actively working to replace cigarettes with better alternatives for those adults who would otherwise continue to smoke, I see firsthand the importance of government oversight. Regulation is needed to ensure the commercialization of these products does not create unintended consequences by reaching minors or nonsmokers and that the intended audience—adults who would otherwise continue to smoke—has access to and accurate information about these better products.
Disruptive innovation for good in the tobacco sector is relatively new, but so it is in many other sectors. Businesses, government, and consumer groups must work together consistently to promote innovation and co-create a modern and pragmatic regulatory framework. Today’s polarized environment—in which parties sometimes cannot even agree on the most basic facts—is an impediment, but it’s not insurmountable. By insisting on an open dialogue centered on science and facts, we can harness the twin engines of business and policy and ensure innovation achieves its full potential, creating a significant and lasting impact for all.
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Ensuring Innovation Works for All
Photo via Adobe Stock.
September 21, 2022
Innovation alone does not guarantee meaningful progress. It must be coupled with a conscious effort by business and government alike to harness its potential in a way that is purposeful and provides substantial benefit to broader society, writes Gregoire Verdeaux.
A
s the UN General Assembly convenes its 77th session—in an environment dominated by the impact of inflation on the livelihoods of billions and the effects of climate change, which are already being felt in many regions of the world—cautious incremental responses built on the smallest common denominator look dangerously out of sync with reality.
But then there is hope in innovation. Innovation, especially the disruptive variety, can inspire and facilitate solutions. But innovation alone does not guarantee meaningful progress. It must be coupled with a conscious effort by business and government alike to harness its potential in a way that is purposeful and provides substantial benefit to broader society.
We have seen how the “move fast and break things” approach favored by some tech disruptors over the past decade can create more problems overall than it solves, especially when disruption becomes an end in itself, with little regard for how it may affect the whole of society. Moreover, even in the absence of unintended consequences, the benefits of innovation may not be equitably distributed. The pandemic has given us vivid examples. While vaccine access remains a problem for developing nations, it has been reported that antiviral drugs have been going unused in wealthier countries. We also saw during multiple lockdowns how innovations in connectivity enabled many of us to work from home while “essential” workers had no option but to continue to work in person.
Several factors impact access to innovation, including awareness, affordability, and acceptability. To reap the benefits of any innovation, you must know it exists, be able to afford it, and understand how it might affect your life.
We can break down the barriers impeding access. For the private sector, this means prioritizing equitability and accessibility in innovation pipelines and commercial implementation—with a clear vision of what needs to be changed or disrupted and for what purpose. For public policymakers, it’s about putting in place informed legislation that acknowledges and anticipates innovation, safeguarding the interests of the wider public while also enabling the adoption of an innovative product or service, particularly by those it would benefit most. Importantly, a phased-in regulatory approach, one that incorporates regular reviews of the innovation and shifting market realities, is better suited to today’s fast-paced advances in technology and science, ensuring that policies adapt and improve over time. Regulating innovation is rarely something lawmakers get right the first time around, particularly when governments lack the relevant expertise and appropriate research.
An approach of this nature is sorely needed when it comes to regulating progressive change in the tobacco and nicotine space. In my work at Philip Morris International, an innovator disrupting its own business model and actively working to replace cigarettes with better alternatives for those adults who would otherwise continue to smoke, I see firsthand the importance of government oversight. Regulation is needed to ensure the commercialization of these products does not create unintended consequences by reaching minors or nonsmokers and that the intended audience—adults who would otherwise continue to smoke—has access to and accurate information about these better products.
Disruptive innovation for good in the tobacco sector is relatively new, but so it is in many other sectors. Businesses, government, and consumer groups must work together consistently to promote innovation and co-create a modern and pragmatic regulatory framework. Today’s polarized environment—in which parties sometimes cannot even agree on the most basic facts—is an impediment, but it’s not insurmountable. By insisting on an open dialogue centered on science and facts, we can harness the twin engines of business and policy and ensure innovation achieves its full potential, creating a significant and lasting impact for all.
