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Innovation in Thermo Fisher Scientific, a Core Value of the Company

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Presentation on theme: "Innovation in Thermo Fisher Scientific, a Core Value of the Company"— Presentation transcript:

1 Innovation in Thermo Fisher Scientific, a Core Value of the Company
Mitchell Kennedy Vice President & General Manager Molecular Biology Business Unit May 8th, 2014

2 Outline of Presentation
About Thermo Fisher Scientific Innovation in Product Development Applying Innovation across the Company Community Involvement and Innovation Summary

3 The World Leader in Serving Science
Global Scale 50,000 employees in 50 countries $17 billion in annual revenues Unparalleled commercial reach 10,000 employees working with customers every day In Thermo Fisher, we’ve created the clear industry leader – the world leader in serving science. And we continue to build on our leading position. With the acquisition of Life Technologies, we’re now a $17 billion company, with almost 50,000 employees around the world. With our leadership position comes the advantages of scale and depth of capabilities, which differentiates us in the marketplace. There really is no other company that has the range of customer touch points we have – technologically, geographically or commercially. We now have four premier brands that we can leverage to create the most value for our customers: Life Technologies, Thermo Scientific, Fisher Scientific and the new Unity Lab Services brand. I’ll highlight the capabilities that these brands represent later in my remarks. Our scale and depth give us deep applications expertise, and we use that expertise to help our customers solve complex challenges whether they’re in life sciences, healthcare, environmental or industrial markets. Unmatched Depth Innovative technologies Applications expertise Lab productivity partner Premier Brands 3 3

4 Our Scale and Depth of Capabilities
Portfolio** Products Geographies ROW 4% Life Sciences Solutions 26% Services 13% Asia-Pacific 18% Lab Products & Services 37% Instruments & Equipment 26% North America 51% Consumables 61% Analytical Instruments 18% Europe 27% Specialty Diagnostics 19% If you look at our company by revenue, you’ll see that our profile is quite balanced. We have 4 business segments that serve customers working in virtually any laboratory, in the clinic, as well as the production line and out in the field. With the capabilities we have today, we are in the best position to help our customers have a profound impact on the future of healthcare, as well as applied markets, such as environmental quality and food safety. From a product standpoint, we have a mix of consumables, instruments and services. This allows us to offer holistic solutions to the challenges our customers face, and be a true partner in meeting their needs. Geographically, nearly 20% of our business is in APAC and emerging markets. Our significant investments here in the past few years in manufacturing, R&D and commercial capabilities given us the ability to support our customers these fast-growing regions. Please note: These numbers are estimates based on FY 2013 revenues for both companies; The LIFE numbers have not been audited or verified by us, This includes certain estimates for intercompany eliminations and other accounting policy adjustments, which are not final Pro forma revenues: $16.8B* * Estimates based on unaudited FY 2013 revenues of both companies **Percentages calculated are based on estimates for intercompany eliminations and other accounting policy adjustments

5 Vilnius Biosciences Center of Excellence
Part of Thermo Fisher since 2010 Molecular and Protein Biology products for life science research and diagnostics 430 employees 80% with university degree, 10% Ph.D. R&D Center: 90 dedicated researchers All products are manufactured in Class D clean-room facilities ISO 9001, ISO 14001, ISO 13485

6 Focused on What’s Most Important
We will meet our 2014 goals by staying focused on the four essential elements that have led to our success and will position us for an even stronger future: our Vision, Mission, PPI Business System and 4i Values. Our Vision is about growth and strengthening Thermo Fisher’s long-term competitive position. Our Mission to enable our customers to make the world, healthier, cleaner and safer is our purpose. Our PPI Business System is our operational discipline, which helps us continuously improve the way we work so we can deliver quality products and services to our customers in the most efficient manner. Our 4i Values are the foundation of our culture, and guide our interactions with each other and with all of our key stakeholders.

7 A Mission We’re Proud Of
We serve a broad range of customers but if you step back and look at our customers’ goals, what most have in common is that they want to increase innovation and productivity. We are proud to be able to combine our capabilities to fulfill our mission: to enable our customers to make the world healthier, cleaner and safer. In a complex world, our mission is simple, but powerful. And it reminds our 50,000 colleagues every day that what we do as a company is vital: Getting clinical trial drugs to patients on time Monitoring air quality in the world’s largest cities Ensuring that our food supplies are safe We help our customers achieve their goals, and make a difference in people’s lives. We enable our customers to make the world healthier, cleaner and safer

8 Together We are Fulfilling Our Mission
Improving breast cancer diagnostics Screening for E.Coli Helping to reduce air pollution Identifying peanut allergies Ensuring our drinking water is clean We have many examples of how our customers are using our technologies and expertise to meet their own goals and make the world a better place, whether they’re discovering a cure for cancer, protecting the environment or making sure our food is safe. Adding Life Technologies’ capabilities creates new opportunities for us to fulfill our mission, and gives us even more reason to take pride in working for an unrivaled industry leader. Screening for E.Coli Our whole genome sequencing technology was used to develop a qPCR assay to screen food samples for E. coli which is a deadly disease. Improving Breast Cancer Diagnostics Our DNA sequencing products are helping to unlock the genetic code behind breast cancer with the discovery of the genetic mutation XRCC2, potentially improving breast cancer diagnostics and adding years to the lives of those with the disease. Stopping counterfeit drugs Our TruScan device is being used to help identify and seize counterfeit pharmaceuticals being sold as authentic drugs to the unsuspecting public. Ensuring our drinking water is clean Our ICS-4000 provides customers with sensitive detection of a wide variety of contaminants in water, as well as toxic substances, in order to keep drinking water safe. Keeping the Public Safe from Radioactive materials Our RadEye personal radiation detector is helping to keep the public safe by identifying radioactive material Identifying Peanut Allergies Our uKnow peanut test is helping parents and kids know whether they’re allergic to peanuts and how severe their allergy is Helping to cut air pollution Our Continuous Particulate Monitor collects air samples and provides real-time measurement of ambient particulate concentration to help cut air pollution – especially in China Advancing Justice through Forensic Science The best forensic laboratories in the world rely on our human identification  technology to accurately genotype human DNA samples everyday. Our complete, validated workflow systems are accepted as the global industry standard for forensic casework samples, establishing convicted offender and population databases, and parentage testing. Stopping counterfeit drugs Keeping the public safe from radioactivity Advancing justice through forensic science

9 Accelerating Customer Results
Solving Analytical Challenges Increasing Lab Productivity Improving Patient Diagnostics Our Thermo Scientific brand offers innovative analytical instruments, lab equipment and specialty diagnostics for customers in research, clinical and applied markets. Many customers know us for our industry-leading mass spectrometry and chromatography platforms for the life sciences research market, but our reach extends far beyond that. Our instruments play a major role in monitoring industrial processes, analyzing food to ensure its safety and quality, and tracking air and water quality. Our specialty diagnostics offerings range from anatomical pathology equipment and microbiological agars to sophisticated transplant diagnostics, clinical assays and immunodiagnostics. Complementing and supporting these instruments is a broad array of consumables, equipment and software that help the consumer achieve rapid and accurate results. Scientific instruments and equipment LIMS and laboratory software Process monitoring and industrial instruments Environmental monitoring and safety Transplant diagnostics Clinical assays Immunodiagnostics Microbiology Anatomical pathology00 Laboratory equipment Laboratory plasticware glassware and supplies

10 Leading Life Sciences Technologies
Our new Life Technologies brand offers some of the most cited life sciences reagents and instruments, optimized to work together to help customers in research science, medical sciences, and applied sciences accelerate discovery and enable breakthroughs. Life Technologies’ current bands – Ambion, Invitrogen, Applied Biosystems, Gibco, Molecular Probes, Novex and Ion Torrent – will become product names under the Life Technologies premier brand. Accelerating Scientific Discovery Applying Biology Beyond Research Advancing Personalized Medicine Molecular biology Cell biology Protein analysis Genetic analysis Molecular diagnostics Genomic medicine Regenerative medicine Human identification Synthetic biology Food safety Animal health Bioproduction

11 The World’s First Miniature NMR Spectrometer
Portable, Affordable and Easy to Use Accessible to chemistry students and technicians with limited NMR experience Mobility – shareable across multiple laboratories Low cost (at least 10X less expensive than high-field NMR) Shoe-box size and 10lbs/5Kgs The latest addition to our spectroscopy portfolio is the Thermo Scientific picoSpin-45 NMR spectrometer which reflects a longstanding commitment to innovation. The world’s first fully featured bench-top NMR spectrometer brings the power of NMR to laboratories previously limited by the high cost and impractical size of traditional instruments. picoSpin is highly complementary to our existing molecular instruments and opens new NMR markets for Thermo Fisher Scientific. picoSpin spectrometers have a big role to play in chemical education because now every chemistry student can experience NMR first-hand and learn why it is such a powerful analytical method. And while it is accessible to undergraduate and graduate chemistry laboratories, it’s also robust enough to meet the standards of industrial quality control and organic chemistry laboratories. Thermo Scientific picoSpin 45

12 Q Exactive Advancing Life Science Research
Microorganism ID Protein ID LC-MS/MS Bacteria population Prep Data …using the new methodology with the Q Exactive, we are already seeing that within an hour or so, instead of several days, we can start getting a full spectrum. This will have a major impact on disease… Professor Haroun N. Shah UK Health Protection Agency But let me give you an example of how our Orbitrap technology is helping scientists make the world healthier by helping them understand microbiological outbreaks faster than ever before. An E. coli outbreak beginning in Germany in 2011 ultimately affected 4000 people and led to 50 fatalities.  This particular outbreak strain was difficult to positively ID, which hampered treatment.  While a series of tests helped ultimately shift focus from O157 to O104, a bottoms-up proteomics experiment was conducted by the UK Health Protection Agency.  This work confirmed the revised pathogen ID and provided new characterization information previously unknown about the strain. Here is a quote from Professor Shah at HPA

13 Unrivaled Industry Leadership
Committed to Innovation Committed to Industry Leadership Orbitrap Fusion Tribrid Mass Spectrometer Proteomics market Ion Proton sequencer Genomics market NX70 Cryostar (cryotomy applications) Cancer Diagnostics SureTect PCR Food Testing With $17 billion in revenue – and a research and development spend that exceeds $700 million, we have committed to a future of innovation. We’ve continued to bring incredibly innovative products to market, and our investment means that we will continue to do so. We are the clear industry leader, and have outpaced our competition in investments in new technology… more than 40 percent than our next-closest peer. As an unrivaled leader, we’d like to think this puts us in very good company. We have a little ways to go to become a household name, but we are clearly poised to set the tone for our entire industry. R&D spend equals ~6.5% of manufacturing revenue, >$700M

14 Our PPI Business System is Our Discipline
Quality Consistently deliver world-class products and services Productivity Improve operating and process efficiency to strengthen our competitive advantage Customer Allegiance Exceed expectations to maximize customer success Our PPI Business System is our discipline To achieve our Vision for 2020, we make continuous improvements to better serve our customers. Our PPI Business System links Customer Allegiance, Quality and Productivity to drive continuous improvement and profitable growth. It enables employees to solve real business problems, improve our processes, remove inefficiencies, and provide our customers with the highest-quality products and services.

15 March Global Kaizen Week
Summary of Events & Results Number of Events Conducted 25 Participants 215 Sites 14 Customer Allegiance: Reduction in # of Complaints 109 Lead Time Reductions (specific sites) 72-99% Footprint / Space created for growth 1,366 sq. t Quality: Warranty/Scrap Reductions (annualized) $125,000 Efficiency Savings (annualized) $475,000 Total Hard Savings (Quality+ Efficiency) $600,000

16 Kaizen Events across Life Sciences Group

17 Kaizen Teams, System Changes and Results

18 Live Our 4i Values Every Day
Honor commitments, communicate openly and demonstrate the highest ethical standards Create value by transforming knowledge and ideas into differentiated products and services for our customers Integrity Innovation Be determined to deliver results with speed, excellence and a passion to succeed Make connections to work as one global team, embracing unique perspectives and treating others with dignity and respect Intensity Involvement As you know, Thermo Fisher’s 4i Values of Integrity, Intensity, Innovation and Involvement form the foundation of our culture and guide our employees’ interactions – with our customers, suppliers and partners, and with each other. These four values are fundamental to our continued growth. Integrity: We work with Integrity by honoring commitments, communicating openly and demonstrating the highest ethical standards. Every employee at Thermo Fisher plays an important role in shaping our company’s success. Innovation: For Thermo Fisher, Innovation is about creating value by transforming knowledge and ideas into differentiated products and services for our customers. Our company’s distinguished track record of Innovation is rooted in our passion to help our customers achieve goals they never dreamed possible. Intensity: We are determined to deliver results with speed, excellence and a passion to succeed. We are committed to helping you achieve your career goals by offering a range of training and development opportunities. Involvement: We encourage Involvement by asking our employees to make connections to work as one global team, embracing unique perspectives and treating others with dignity and respect. We believe that encouraging employees to contribute ideas and opinions strengthens the company and contributes to growth.

19 Thermo Fisher Foundation for Science
As the world leader in serving science, Thermo Fisher Scientific has both an interest in, and a responsibility for, inspiring tomorrow's scientists and engineers. The Thermo Fisher Foundation for Science was created to give back to our global community by supporting science students and broadening interest in the STEM subjects: science, technology, engineering and math.

20 Community Involvement and Innovation: Globally
Employees went to Yinjing, delivered donation valued >54k Yuan to 86 students in the "Thermo Fisher 1 on 1 program" and affected by Ya'an earthquake 2013 Students and teachers conduct novel research while enjoying wonders of weightlessness as part of NASA-HUNCH program In the spirit of our mission and 4-I values, Thermo Fisher Scientific believes in contributing time and support to the communities where we work and live. In 2010, we refined our volunteering program to support greater employee leadership, engagement and choice. We now have employee-led Community Action Councils (CACs) around the world organizing hands-on volunteering in local communities where we have major facilities, with plans to expand in future years. The CACs provide a framework for ongoing employee involvement and opportunities for leadership development. Our employees have contributed thousands of hours annually to support a wide range of charitable causes including health, science education and community development. Employees are granted 8 hours of paid time off to participate in company sponsored volunteer activities. In 2011, our CACs alone logged more than 9,000 volunteer hours. 20 science teachers attended a workshop offered by Fisher Science Education, where they tested and analyzed water samples from the Ohio River in Pittsburgh 20 20

21 Community Involvement and Innovation: Lithuania
Collaboration with universities Participation in development of study programs Internship program: 33 scholarships for students doing their final thesis in company’s labs Employees as part time lecturers 40% employees volunteered in 2013 Over 3,000 hours volunteered 28 social projects conducted Mobile Bioclass, the first country traveling biosciences lab Promoting science among high school students 100 schools visited in 70 locations 2,500 schoolchildren and 150 teachers participated

22 Summary Innovation can be cultivated within an organization through:
Funding projects and training to drive action Managerial support to emphasize value and importance Reward novelty and originality Avoid excessive criticism of unsuccessful efforts Tools such as PPI/Lean (or other disciplines) for a framework Goals and objectives which require creativity Positive change management imperative for success Organization must be willing to adapt and evolve Status quo cannot be accepted Preconceptions decrease creativity

23 Questions

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