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

By • on September 29, 2021

The website reported that a recent example of a comprehensive approach to open innovation strategy is the Pfizer COVID-19 vaccine. Pfizer issued its five-point plan, which embraced open innovation in all areas of development, and provided open access tools with the scientific community, access to its clinical trial, and regulatory expertise to support smaller biotech companies in development efforts. It also fostered communication and alliances with regulatory agencies to facilitate a rapid response team. The result? Pfizer developed the first FDA-approved vaccine to market by utilizing the Illumina genomic sequence of the virus within 48 hours to begin research.

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