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The Right Prescription: Open Innovation
October 14, 2013 Editor 0
The Business Standard website reported that the rising cost of drug discovery makes it pertinent to look at alternate models to approach innovation. The ‘Open Innovation model’ has emerged as an interesting alternative. It is based upon openness and collaboration, which is in complete contrast to closely guarded and internally focused traditional R&D models typically seen in the pharmaceutical industry. An open innovation model enables organizations to exchange ideas and thoughts from outside in a structured manner, thus potentially augmenting capacity, providing massive parallel processing and improving the innovation funnel.
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