“For many years the R&D spending in pharma has been growing, while the number of drugs approved has been diminishing. The good news is that R&D spending is now reducing ($35 billion worldwide in 2009–2010) and the pipeline of new drugs is growing. I believe there is a link between those pharma companies that are becoming more outward-facing and their increasing productivity,” comments Patrick Vallance, president, pharmaceuticals R&D at GlaxoSmithKline, speaking at the recent “Open Innovation in Action” Summit at Stevenage Bioscience Catalyst (SBC).
According to Clare O’Neill, Ph.D., founder of innovation consultancy, Original Ventures, open innovation is a form of collective intelligence. O’Neill explains, “Those in companies who are more connected have a higher risk of having a good idea. If you are connected to people, then ideas can be challenged from multiple angles.”
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