“The common-pool resources” in the open innovation process
AbstractIn this article the change in attitude to the innovation process is described. The growing importance of knowledge and information causes modifications both in the type of innovation and the innovation process. Linear or closed innovation models are no longer appropriate with respect to knowledge-based products. At present, scientific discovery becomes the first step to new product development. Costs of such an activity often make the product development impossible, because companies do not undertake too risky ventures. The open innovation process is a model of innovation that uses ‘common-pool resources’ like knowledge, in order to lower costs and risk of developing a new product. The pharmaceutical industry is a knowledge-based industry, and new drugs development is a costly and risky activity. It usually takes 15-20 years to introduce a new drug to the market. Only about 5% of new molecules discovered in the pre-discovery phase reach the market as a new drug. And the cost of a new drug development is more than 800 million USD. In order to lower the costs and risk of innovative activity pharmaceutical companies use the open innovation model. The results of such an activity are presented in the article.
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