Deloitte: Open Innovation Success Rate 3 Times Higher Than In-house R&D
The Knowledge website reported that the knowledge intensity and speed of biotechnology has shifted the locus of innovation to a network rather than within any single firm. This is causing pharmaceutical firms to look for new ways to tap into innovative sources of drug development outside their organizational boundaries and they are increasingly engaging in “open innovation.” Open innovation appears to increase R&D effectiveness. According to a study by Deloitte, the success of drug candidates sourced through open innovation is approximately three times higher than those sourced through in-house R&D.
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