The software industry was a trailblazer in the field of open-source innovation. Savings to users were estimated at about $60 billion a year, according to a 2008 study by The Standish Group International. Open-source collaboration has now spread to the biopharma industry, among others.
For biotechnology and pharmaceutical businesses, the open-source model holds potential for advancing drug discovery faster and at lower cost than the model now in place. The current system emphasizes developing and protecting proprietary intellectual property, then spending years and additional dollars undergoing reviews with the aim of securing an FDA approval. The cost of developing a new drug has escalated to an all-time high of $1.3 billion, the Tufts Center for the Study of Drug Development said in January.
To read the full, original article click on this link: GEN | Analysis & Insight: Big Pharma's Open Innovation Initiatives Zoom In on Discovery
Author:Alex Philippidis
