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The paradigm shift to an "open" model in drug development.
1Strategic Marketing Consultant, BioMarketing Insight, Boston, MA, United States.
Applied & Translational Genomics
|June 14, 2016
Summary
The pharmaceutical industry faces challenges like rising costs and patent expirations. Companies are shifting from a closed model to an open innovation business model to sustain drug development pipelines.
Area of Science:
- Pharmaceutical industry
- Biotechnology
- Drug development
Background:
- Increasing healthcare and drug development costs pose significant challenges.
- Patent cliffs and shorter patent protection reduce return on investment (ROI).
- Economic recession and decreased reimbursement further strain the industry.
Purpose of the Study:
- To analyze the challenges facing the pharmaceutical and biotechnology industry.
- To identify the need for a new business model in drug development.
- To highlight the paradigm shift towards an open business model.
Main Methods:
- Analysis of industry trends and economic factors.
- Review of traditional "closed" drug development models.
- Examination of the emerging "open" business model.
Main Results:
- The current drug development model is unsustainable due to high costs and low ROI.
- The industry is actively transforming its business strategies.
- A shift from a "closed" to an "open" innovation model is occurring.
Conclusions:
- The traditional "closed" model is no longer viable for sustained drug development.
- An "open" business model offers a potential solution to industry challenges.
- This strategic transformation is crucial for maintaining a robust drug pipeline.
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