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Trust and Incentives in Driving a Collaborative Innovation: South Korean Life Science Industry

In: Life Science Management

Author

Listed:
  • Juyeon Kim

    (Hochschule für Technik und Wirtschaft Berlin (HTW Berlin)
    binnobase LLC)

Abstract

The unique characteristics of the life science industry sector are generally the needs of a high-technology industry, highly skilled human resources, highly regulated environment, vast amounts of capital investment, long product/service development times, and collaboration/partnership /distribution channels for global markets. This high-risk industry sector needs a collaborative innovation environment to reduce risks and maximize benefits to each actor, especially in the research translation process. South Korea is an emerging innovative country who comparatively lack resource but can be a valued actor in global life science innovation. However, the current open innovation system in South Korea has shown notable challenges in international collaboration. This challenge would be fundamentally based on problems regarding trust and incentives. Such issues are challenging due to the subtle nature of distributing contributions and incentivizing each actor according to their multilateral interests. This chapter suggests the solution by introducing the conceptual space model of the life science innovation that details the engagement process for connecting actors, named as a “cyclic channel.” The model would enable an open innovation ecosystem to set forth a virtuous cycle in maximizing capacity and accelerating impact-driven innovation in the Korean life science industry.

Suggested Citation

  • Juyeon Kim, 2022. "Trust and Incentives in Driving a Collaborative Innovation: South Korean Life Science Industry," Management for Professionals, in: Avo Schönbohm & Hans Henning von Horsten & Philipp Plugmann (ed.), Life Science Management, pages 123-143, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-98764-0_9
    DOI: 10.1007/978-3-030-98764-0_9
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