Open Innovation’s Role in Development and Go-To Market Strategies

The PharmaAlive website asked the questions “How can researchers access the wealth of patient data available from medtech devices and use it ethically in R&D practices?” And “How can researchers utilize qualitative data to ensure improved access at a faster rate to those positively impacted by a therapy?” The answers lie in open innovation, which requires decentralizing innovation to move R&D forward. For many researchers, open innovation cuts costs, expedites time to market, increases product and treatment differentiation, and increases overall revenue. The biopharma industry largely focuses on patients, and open innovation allows it to explore improvements to patient equity. When executive leadership, R&D leadership, and additional innovation leaders engage in partnerships or other open innovation strategies, they offer the necessary diversity in the participants being researched to arrive at a solution that incorporates patient equity.

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