Innovation is a primary growth driver in consumer health, so why do so many promising initiatives fail to deliver strategic impact?

Innovators know that new products, formulations, and market expansions are essential for staying ahead. Yet, despite significant R&D investments, many organizations struggle to turn their innovation pipeline into tangible business results.

The problem isn’t a lack of ideas but a lack of clarity, prioritization, and alignment. Teams can face an overwhelming number of projects disconnected from business strategy and have no clear way to decide which initiatives deserve resources. Meanwhile, leaders get bogged down by fragmented reporting, inconsistent decision-making, and a lack of accountability.

This is where portfolio management becomes the crucial enabler.

In a recent Innov8rs Learning Lab session, Dougal Beard, former Global Head of Innovation Portfolio Management at GSK Consumer Health (now Haleon) and Kenvue, shared a practical, four-pillar approach to turn portfolio management into a competitive advantage.


Dougal Beard

Former Global Head of Innovation Portfolio Management - GSK Consumer Health (now Haleon) and Kenvue

Why Portfolio Management Matters

Consumer health is a $250 billion industry spanning over-the-counter (OTC) products, vitamins, and personal care. Innovation drives 20–50% of this growth, making it critical to strategic success.

Portfolio management is about answering the question: “For all the things we could do, which are the things we should do?”

A critical step is selecting and prioritizing projects to ensure they align seamlessly with business strategy.

“Portfolio management is doing the right things, while project management is doing things right,” Dougal explains, highlighting the complementary nature of these disciplines.

Building a Strong Framework

A well-structured portfolio management system ensures that innovation efforts align with business strategy, drive meaningful impact, and avoid wasted resources. Dougal outlines four key pillars that make this possible:

1. Clarity

The foundation of effective portfolio management is a shared understanding of what innovation means for the organization. Distinguishing between different types of initiatives (such as regulatory-driven formula changes versus consumer-inspired product launches) prevents confusion and ensures resources are allocated effectively.

“Understanding the ‘why’ behind each initiative is essential,” Dougal explains, emphasizing the need for a clear decision-making framework. While innovation often involves gray areas, setting guiding principles can help teams navigate uncertainty. He advises, “Be ready to arbitrate. Innovation is about ideas, and there will always be gray areas. Create a framework that allows discussion and flexibility.”

Establishing clear thresholds, such as required investment levels or consumer impact, streamlines decision-making. While rigid definitions aren’t always necessary, offering guidance removes ambiguity and reduces unnecessary deliberation.

2. Consistency

A strong portfolio strategy relies on consistent evaluation methods across categories, brands, and regions. Teams must apply the same metrics and governance to ensure fairness and strategic alignment. Dougal advises teams to “focus on clarity over quantity” when selecting performance indicators, recommending two or three key metrics that directly measure pipeline value. “Too many metrics dilute the impact,” he warns.

Rolling out metrics should follow a “broad and shallow” approach that gradually integrates them across the organization rather than overwhelming teams with sudden changes. Governance structures also play a critical role, ensuring projects are reviewed regularly and with the right stakeholders.

“Governance isn’t about bureaucracy but ensuring the right projects move forward based on strategy.”

3. Visibility

Transparency is vital to establishing accountability and driving progress. Leaders must actively engage with data by asking questions and using it to spark improvements. Dougal states, “Sunlight is the best disinfectant,” urging organizations to ensure that the right people have access to the right information at the right time to drive innovation forward. By treating data transparency as a disinfectant, companies can create a culture where teams are held accountable. He adds, “Nothing happens unless leaders ask questions,” outlining the critical role of leadership in driving meaningful action.

Innovators should focus reports on one or two key metrics to prevent information overload. Keeping it simple helps teams stay aligned. Regular reporting, “every single month like clockwork,” as Dougal describes, creates a reliable rhythm for decision-making and reinforces accountability at all levels of the organization.

4. Accountability

Ownership at all organizational levels is essential for driving successful outcomes in portfolio management.

“It’s not my pipeline; it’s the business’s pipeline,” Dougal explains, stressing that leadership must take responsibility for data quality and project outcomes.

Clear governance structures ensure that decision rights are well-defined and that only critical projects are elevated for review. “Innovation needs to be linked to strategy. If it’s not in objectives at the top, it won’t trickle down to the teams that are delivering,” he stresses.

Balanced scorecards can help teams weigh trade-offs between innovation opportunities and cost constraints. This structured, objective approach allows teams to rank projects based on criteria like strategic fit, financial impact, and technical feasibility, fostering discussions grounded in data rather than opinion​.

Successful portfolio management is also about relationships. Dougal encourages innovators to build collaborative relationships with key stakeholders. “Get close to R&D, commercial, and finance teams,” which he calls the “trifecta of partners.” Partnering with these influential stakeholders helps drive alignment and embed change across the organization.

Choosing the Right Tools for Effective Portfolio Management

In addition to a solid framework and governance, the right tools are essential for managing large, complex portfolios. Dougal recommends choosing tools that align with the project’s maturity level. Specialized platforms can be effective for managing more extensive, complex portfolios.

In contrast, simpler data management tools are often better suited for teams just beginning their portfolio management journey. “Begin with what aligns with your maturity level and scale up as needed,” he recommends, cautioning against overly complex systems that can overwhelm teams.

Overcoming Common Challenges

For Dougal, successfully managing an innovation portfolio is about making clear, strategic choices. However, many organizations struggle with particular challenges. He offers suggestions for overcoming three common challenges:

1. Setting Clear Project Boundaries

One of the most frequent pitfalls is failing to define what qualifies as a project. Without clear thresholds, teams risk cluttering their portfolio with minor initiatives that consume resources without delivering meaningful impact. Dougal emphasizes that while rigid boundaries aren’t always necessary, setting clear parameters (such as minimum resource investment or consumer impact) helps streamline decision-making.

2. Balancing Cost and Innovation with Objectivity

Budget constraints often force tough trade-offs between cost and innovation potential. However, Dougal warns against relying on gut feeling when making these decisions. “Balancing innovation and cost isn’t about gut feel; it’s about structure and discussion. A well-designed scorecard lets you see it objectively rather than arguing over personal preferences.”

Structured frameworks like balanced scorecards allow teams to weigh projects based on strategic fit, financial return, and technical feasibility. This ensures decisions are data-driven rather than subjective. The goal isn’t just to rank projects by score but to understand their relative positioning within the portfolio. “The score doesn’t matter; the relative positioning does,” Dougal explains.

3. Managing Early-Stage Ideas Without Overloading the Portfolio

Another challenge is dealing with projects that are still in early ideation. Without solid data, it can be tempting to include every potential initiative in the portfolio.

However, Dougal recommends waiting until an outline business case is established before formally adding projects to the pipeline. This ensures that only well-thought-out ideas move forward, reducing noise and keeping the portfolio focused on high-value opportunities.

Turning Portfolio Management into a Strategic Advantage

Mastering portfolio management is not about adding complexity. It is about creating alignment, removing friction, and giving teams the clarity they need to focus on what truly drives impact. When portfolios are managed with purpose and structure, they become powerful tools for delivering business results.

For innovation teams, the next step is to put these principles into practice. That means taking an honest look at your current pipeline and asking whether projects are truly aligned with business strategy. It means defining what qualifies as a project and setting clear boundaries. It means simplifying how progress is measured so that teams can act on insights, not get lost in reporting. And it means building stronger relationships with your commercial, R&D, and finance partners to embed innovation into the core of the business.

As Dougal puts it, “Nothing happens unless leaders ask questions.” By stepping up to lead with clarity, curiosity, and commitment, innovators can build a pipeline that doesn’t just look good on paper, but actually moves the business forward.