Open Innovation and External Sources of Innovation.

By • on May 21, 2018

The Journal of Translational Medicine noted that historically, research and development (R&D) in the pharmaceutical sector has predominantly been an in-house activity. In recent years, multiple extrinsic and intrinsic factors induced an opening for external sources of innovation and resulted in new models for open innovation, such as open sourcing, crowdsourcing, public–private partnerships, innovations centers, and the virtualization of R&D. Three factors seem to determine the breadth and depth regarding how companies approach external innovation: (1) the company’s legacy, (2) the company’s willingness and ability to take risks and (3) the company’s need to control IP and competitors.

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