When you’ve run out of Ideas, why not just buy new ones?
Johnson and Johnson have started a cooperation with a startup incubator called “Hax” based in Shenzhen China, a city just north of hong kong in hopes of finding the “Next Big Thing” in biotechnology. Hax is a well known incubator that has brought forth such inventions like the “Prynt iPhone case printer” or the “Melon EEG headband” both somewhat notable inventions that have entered the marketplace in the last couple of years.
The main problem that Johnson and Johnson face is that in the last couple of years there has been a trend away from many bright young engineers and entrepreneurs away from established companies and more towards working for themselves in the start up business. After all, working for someone other than yourself makes them wealthy, not you and many of the smartest and brightest today would rather spin up a idea and sell it to Johnson and Johnson then work for them.
The other part of the the problem that Johnson and Johnson is facing is that there is a major lack of new products and they are losing tons of money to the generic brand goods. Why by the ten dollar razor when there is a one dollar razor? Band-aids, ibuprofen, and many other products that they engineered and pioneered have run past their patent date and are now competing with the exact same thing only everyone else’s is cheaper. So what can they do? Find some new biotech or hygiene product and bring fresh life into the medicine isle stores worldwide.