Korean Biopharma Beefs Up Open Innovation to Raise Pipelines’ Value

The Korea Biomedical Review reported that Korean pharmaceutical and biotech companies are using various open innovation tools to raise competitiveness in new drug development in the global market. In the past, Korean drugmakers conducted research in secrecy due to the risk of technology leakage. But now, they actively get technologies and business ideas from external sources and share their technologies with outsiders. Moreover, they are using this open innovation as a growth strategy for the future. As open innovation helped companies achieve remarkable clinical results and obtain approval for new medicines, open innovation is not an option but an essential strategy in the pharmaceutical industry.

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