Open Innovation in Drug Development

By • on December 28, 2020

The Express Pharma website reported that the complexities involved in commercializing any new drug has led pharma companies to adopt a more open, collaborative approach for their research and development processes. There are several advantages to introducing open innovation for the drug creation process. Open innovations and collaborations have managed to improve efficacy and develop drugs that target diseases precisely, with minimal side effects. Several companies worldwide have successfully applied this model, among them Eli Lily, AstraZeneca, and Bayer HealthCare. Through open innovation, these companies have managed to reduce complexity and increase efficiency. They selected the appropriate external knowledge that could help them achieve economies of scale and scope and deliver the highest quality output.

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