Open Innovation for the Korean Pharma Industry

May 11, 2018 By IdeaConnection

Delegates at the recently held Korean Pharma Associations Conference (KPAC) 2018 spent part of their time talking about the importance of open innovation to improve public health and for the growth of local and foreign pharmaceutical companies.

And one of the key topics was how to facilitate open innovation for new drug development.

“As research and development activities for new drugs are becoming open innovation-based ones, innovative ideas, knowledge, and know-how are being shared without boundaries,” said Lee Jung-hee, board chair of the KPBMA.

“Korea will be able to become a pharmaceutical powerhouse if the aggressive efforts of the pharma industry are combined with bold open innovation and the government’s practical support.”

Open Innovation Approaches for New Drug Development

Government and pharmaceutical experts from business, academic, research and hospital sectors who attended the conference discussed a number of ways to engage with open innovation. They included:

A patient-centered approach that would entail the involvement of the medical community from the early stages of a new drug’s development.

Research-driven hospitals that don’t just rely on in-house research but provide open platforms for open innovation.

An ecosystem where domestic and foreign pharmaceutical firms can cooperate.

Open Innovation is a Must

Choi Tae-hong, CEO of Boryung Pharmaceutical, echoed the thoughts of many when he said that open innovation was a must not an option for new drug development.

The country’s government is making growth in the pharma industry a priority and to that end will also be building an infrastructure to support AI-based drug development.

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