The pharmaceutical industry confronts the hazard of patent expirations, withdrawing rising competition, adverse regulatory laws, new drug breakthroughs, and also a brutal economic atmosphere. Merck & Company felt these growing pressures and had turned into gradually more reliant on the blockbuster drugs. With its innovative drug pipeline running dry, Merck assented the biotech industry is too complex in order for it to browse alone. It was creating only 1% of the biomedical research in the whole world, as it stood.
Thousands of new ideas were emerging round the world, both within and outside the company. An innovation strategy that is open would permit the organization to source new ideas externally and at a more rapid speed. This came with severalo risks together with the condensed competitive advantage of secure intellectual property. While Merck had been moving toward an innovation strategy that was open, its history of internal research and development had created a culture bouncy to working. If so, how?
PUBLICATION DATE: January 06, 2012 PRODUCT #: MH0009-HCB-ENG
This is just an excerpt. This case is about INNOVATION & ENTREPRENEURSHIP
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