Why Open Innovation?

Closed Innovators pay for failure

istockphoto_14047443-arrows-missing-target.jpgAs those engaged in the process will testify, drug discovery is defined by attrition. This does not highlight a generalised failure to innovate, but rather it highlights the extreme difficulty of the challenges faced. Put simply, the discovery of a new drug is a highly improbable event.

The current pharma business model (closed innovation) aims to overcome the adversity and cost of failure by capitalising on occasional blockbuster innovation events – $1 billion+ drugs which more than compensate for the underlying attrition of drug discovery. As the market has evolved, with increasing pressure from payers and higher regulatory hurdles, blockbuster medicines are becoming rare and so the pharma R&D model is failing.  

 

Open Innovators pay for success

istockphoto_8963147-on-target.jpgOpen innovation presents an opportunity to expand opportunities to innovate exponentially without expanding your payroll. OI allows your organisation to pick from the best innovators around the world, in many cases bridging multiple disciplines, leaving you to focus your resources on paying for successful solutions.

The OI approach allows organisations to respond flexibly to new technological advances, accessing cutting edge external innovation and talent in key areas, without major internal investment.

At OI pharma partners, we can use our extensive professional network to access the best innovative thinkers, intellectual property and technology from Academia, Biotech and other Pharma. By building partnerships for innovation, the world is your R&D organisation, leaving your company the freedom to focus on its core business.

You're not the first to make OI part of your business strategy...

The practice of open innovation already has some high profile proponents, such as Procter & Gamble, Philips, the BBC, Nokia and Apple. Increasingly the pharma industry is looking at how OI can address the unique complexities of drug discovery.  


"Pharma need more collaboration... That’s where the innovation will come from. A lot of drugs over the last two decades have been fueled by serendipity, now this has stopped."

Mike Mentesana, Price Waterhouse Coopers

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