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Open Innovation is encouraging collaborative ways of creating new solutions
Pharmaceutical companies, for example, often face challenges related to making sure their R&D projects are always in line with the latest scientific findings – because these findings are changing faster than ever. As a result, Open Innovation is becoming increasingly common in this industry. Many companies are exploring ‘outside-in’ approaches that integrate external knowledge to promote creative thinking. Similarly, ‘inside-out’ approaches, in which a company shares its own knowledge with other organisations, are also gaining popularity. This short video provides further explanations of how Open Innovation works in practice:
The world of scientific research celebrated one of the most high-profile successes of Open Innovation in 2003, when the Human Genome Project published its ground-breaking results. By sharing knowledge, insights and creativity, this international team was able to achieve a feat that would’ve been impossible for any single organisation working alone. In this spirit, many pharmaceutical companies are setting up collaborative research centres that open up their R&D activities to external participants. Grünenthal recently established an Innovation Hub in Boston with the aim of exploring opportunities for collaborative innovation in pain therapy. By sharing its expertise and working with institutions ranging from universities and start-ups through to entrepreneurial science companies, it is striving to address unmet medical needs for patients and move closer to its vision of a world free of pain.
“Open innovation is a paradigm that assumes that firms can and should use external ideas to advance their technology”
In today’s fast-paced world, it’s more important than ever to share information between companies, academic institutions and other organisations. By exploring new forms of collaboration, players from across industries and around the globe can generate innovative solutions that make the world a better place. This series of articles aims to highlight how connecting smart ideas can stimulate creativity, achieve ambitious goals – and transform our lives forever.