PASCOE Naturmedizin once again honored as Top Innovator142: 1
Giessen company successful in the "Top 100" for the third time
The "Top 100" seal for innovation, thirst for knowledge and team spirit has been in existence for over 20 years. Last night Germany's most successful think tanks were awarded the honor once again. "Top 100" mentor Ranga Yogeshwar " honored the companies at the German "Mittelstand" Summit in Essen. The "Top 100" initiator compamedia received more than 1,000 guests at the event. PASCOE Naturmedizin from Giessen was one of the Top Innovators for the third time.
Manufacturing natural remedies has been the core activity of PASCOE from Giessen for over 120 years. Since 1894 the company has shown repeatedly impressive mastery of the balancing act between tradition and innovation and can term itself a pioneer in the field of natural medicine. From homeopathic complex remedies and herbal medicines through dietary supplements and high-dosage vitamin products, PASCOE manufactures and markets approximately 200 drugs. In order to improve them even further and expand the product range, the company's 200 employees enjoy the greatest possible liberty when it comes to innovating. "We vet every idea from our employees very carefully and honor particularly creative proposals with special bonuses. In addition, we have brought in a standard communication enabling every employee to be integrated into the company's strategy process", explains Managing Director Jürgen F. Pascoe.
Customer requirements, too, give PASCOE key impulses to innovate. By means of regular surveys and in-depth psychological interviews, the Top Innovator determines the reasons for market preferences and brand expertise and also the emergence of certain trends and modes of interaction. This involves the company not only taking completely new approaches outwards, but also pursuing innovation internally: PASCOE is the first pharmaceutical company in the world to organize and document its development and production process completely paperlessly.
For the managing director, Annette D. Pascoe, success in the "Top 100" is something rather special: "We see being awarded the "Top 100" seal as a reward for our common efforts within the company. But being innovative also means not resting on your laurels. So today we are celebrating - and experimenting on new ideas tomorrow. The jump into the "Top 100" is preceded by a sophisticated selection procedure. Innovation researcher Prof. Dr. Nikolaus Franke and his team at the Institute for Entrepreneurship and Innovation of Vienna University of Economics and Business scrutinized the applications of 247 companies. 148 of them in three size classes (max. 100 companies per size class) received the honor of Top Innovator. The core of the investigation centers on managing innovation and the success of innovation.
The "Top 100" succeed outstandingly at converting their ideas into market successes. This is the obstacle which derails so many other companies. The top innovators master this challenge with a distinct team spirit, efficient processes and often also by promptly integrating customers and external partners into development", says Prof. Franke.
How good this year's "Top 100" are, can be seen in the figures: They include 65 national market leaders and even 21 world market leaders. The top innovators together filed almost 2,100 national and international patents in the last three years. The power to innovate bestows remarkable success on the companies: 82 percent of them grew faster than the respective average for their sector from 2011 to 2013 - on average by all of 22 percentage points. They generated 41.6 percent of their sales with new-to-the-market products and innovative improvements. In comparison: As an average of all medium-size companies in Germany this value is only 6.8 percent. 62 percent of the "Top 100" are family-run businesses.