Executing an Open Innovation Model
A report by the leading consulting and research firm Deloitte noted that many biopharmaceutical companies are facing a challenging research and development environment and increased competitive pressures. Their heavy reliance on a closed, traditional model of product development might stifle true innovation and may cause biopharma companies to lag behind their more creative peers. Companies in other industries have turned to open innovation as one way to successfully overcome many R&D and marketplace challenges by sourcing innovative ideas, knowledge, and new skills/technologies from outside their organization. Deloitte’s analysis of the current state of OI in biopharma reveals a higher success rate for OI pursuits than for closed-model product development. “Drugs sourced via open innovation are three times more likely to achieve late-phase clinical success versus those cultivated under an in-house, closed-model approach.”
Click here to read the full report.