The other day I came across the most ornery looking creature I have ever seen. It was 4 inches long, green and covered in blue, yellow, and orange knobs with little black spikes sticking out of each one - absolutely bizarre like some sci-fi genetics experiment gone wrong.  This cecropia caterpillar is, however, a well-known bug, and eventually will change into a very large and beautiful moth.  The incredible metamorphosis of this guy is similar to how life science companies often evolve their growth strategies.  

After struggling with a certain direction or having market conditions radically change, many companies come face to face with very unpleasant possibilities for growth.  Some of these companies wilt away, but many re-invent/reposition their business or entire companies to get to where the action is.  Here are some examples of metamorphosis in the life sciences.

And it is not just emerging and growth stage companies that change their tune.  Companies such as IBM, PerkinElmer, and GE have all evolved their life science strategies, both through acquisitions as well as internal repositioning.

What are the benefits of changing direction and redefining their strategy?  Surely one has to first admit that things are not going well (or could go much better).  Since wholesale change is not easy there must be a big payback on this:

What can you do next:  acknowledge there must be a better way, find the greener grass, and get ready for a big change.   Like the knobby, spiky cecropia that will soon become the biggest moth in North America, changing your business or company direction can be a very healthy metamorphosis leading to a much brighter future.