Open innovation is a hot topic in many industries, yet companies in the life-sciences and health-care sectors have not yet fully embraced this new way of doing business. Organizations have adhered to a “closed” model for drug discovery for many years, and continue to plough millions of dollars into in-house R&D in a bid to discover the next blockbuster drug, device or service. This trend is slowly changing, as the industry discovers the benefits of working collaboratively in an open innovation approach. Despite the strong arguments in favour of collaboration, many logistical challenges lie ahead.
This white paper discusses the barriers; including management of IP, conflicts of interest, administration of rewards, publication policies, insufficient funding and even the overall innovation culture and lack of leadership. The whitepaper further describes Pfizer Canada‘s view on the topic, describes the success of Toronto-based Structural Genomics Consortium in pre-competitive research, along with plans to use open innovation by other public institutions such as the newly formed Centre for Commercialization of Regenerative Medicine. Finally, health-care IT start-up Infonaut Inc. explains how open collaboration with global established players has benefited their technology and product development efforts.