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Open Innovation in the Life Science Industry

In: Life Science Management

Author

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  • Rafaela Kunz

    (International Business School, Hochschule Fresenenius University of Applied Sciences)

Abstract

Scholars from all parts of the world have studied and defined Open Innovation as an important innovation management concept. Over the last two decades the former phenomenon has become a principle for numerous organizations in different industrial sectors. In particular the life science industry is benefitting from Open Innovation on all levels of the value chain. This article sheds light on the principles and practical implications by focusing on the three core process archetypes, the power of collaboration and networking, and the role of intellectual property (IP). The early adoption of Open Innovation is introduced by providing historical evidence from the foundation of the biotechnology industry. The recent adoption and value creating opportunities of Open Innovation in global crisis, like the pandemic are demonstrated by practical examples. Here, and furthermore the role of startups and entrepreneurial spirit is illustrated by examples from the life science industry.

Suggested Citation

  • Rafaela Kunz, 2022. "Open Innovation in the Life Science Industry," Management for Professionals, in: Avo Schönbohm & Hans Henning von Horsten & Philipp Plugmann (ed.), Life Science Management, pages 169-184, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-98764-0_11
    DOI: 10.1007/978-3-030-98764-0_11
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