The benefits of Open Innovation for the Pharma Industry

The benefits of Open Innovation for the Pharma Industry

The model of Open Innovation is hugely beneficial in Pharma industry. Many of the reasons for this are highlighted in this article, written by Roy F. Waldron, a pharmaceutical executive. Let’s consider the benefits of Open Innovation in Pharma.

Think on two companies scrambling to be the first to get a new drug to the market. They will be able to achieve this goal by simply joining forces. Another case. Two parallel investigations which reach the same conclusion. How much time and investment could collaboration save?

Additionally, Waldron highlights how Open Innovation would solve another major sector issues: the access to useful private information.

Companies using Open Innovation in Pharma

Moreover, Pharma companies often need information about treatment outcomes or patient studies. They usually belong to other Pharma or insurance companies, traditionally, worrill speed up the development time of new drugs and therapies. Many companies are doing it. The Structural Genomics Consortium is a joint effort between Pfizer, GSK, the University of Toronto, NIH, Oxford, Umeå University, the Asian Cancer Research Group and other laboratories.