Event
Open Innovation in Pharma & Biotech, 17th - 18th November 2016, Vienna (Austria)
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- 01 January, 1970
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Event description
Recent analysis of the current state of open innovation in Pharma & Biotech has revealed a higher success rate for open innovation than for closed-model product development. However, companies have admitted that around 80% of their R&D pipeline comes via the more closed-end of the open innovation spectrum. Adoption of open approaches is still infrequent and slower, mainly due to concerns about intellectual property rights, cultural and management changes as well as adopting new open innovation-based R&D models. Open innovation may be the way forward, as it seems to be a more cost- and time-effective way to bring new products to market. Also, in the current business environment, where startups and universities play an increasingly important role and disruptions come from unexpected angles, embracing external sources of knowledge is a crucial issue.
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