Big Pharma’s Open Innovation Initiatives Zoom In on Discovery
For biotechnology and pharmaceutical businesses, the open-source model holds potential for advancing drug discovery faster and at lower cost than the model now in place. The current system emphasizes developing and protecting proprietary intellectual property, then spending years and additional dollars undergoing reviews with the aim of securing an FDA approval. The cost of developing a new drug has escalated to an all-time high of $1.3 billion, the Tufts Center for the Study of Drug Development said in January. Hence pharma giants are trying to embrace not only more partnerships but more so-called open innovation efforts. These include less profitable disease indications that have struggled with attracting investment.
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