PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Frost & Sullivan

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Frost & Sullivan Finds Open Source Innovation Increasingly Being Used to Promote Innovation in the Drug Discovery Process and Boost Bottom Lines - The completion of the human genome project generated a plethora of complex information that launched the medical community into the next era of therapeutic intervention
Frost & Sullivan Finds Open Source Innovation Increasingly Being Used to Promote Innovation in the Drug Discovery Process and Boost Bottom Lines

 

NewswireToday - /newswire/ - London, United Kingdom, 2010/11/22 - The completion of the human genome project generated a plethora of complex information that launched the medical community into the next era of therapeutic intervention.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Pharma/BioTech/Nutrition Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

New discoveries have led to the need for new ways to tap the vast amounts of information, so as to optimise its potential use. Coupled with this, the challenges faced by the pharmaceutical industry of coping with rising drug development costs and higher late-stage failure rates of drugs, have given rise to an urgent need for cheaper methods to improve drug pipeline productivity.

In this context, open source innovation, a concept that has been used in the information technology space for over three decades, is now successfully being applied in the pharmaceutical and biotechnology industries to promote innovation in the drug discovery process and boost bottom lines.

New analysis from Frost & Sullivan (drugdiscovery.frost.com), Open Source Innovation in the Context of Pharma and Biotech, finds that while pharmaceutical companies have started to recognise the power of open source innovation, the industry has to push harder in order for this concept to be optimally leveraged.

The IT field has led the way in open source innovation and revealed its power to other industries. Open source innovation is a way of collaborating in the R&D of an end product, most famously software, such as Linux. Open source innovation enables information sharing across companies, institutions, areas of expertise and platforms of research.

"The key benefits of open source innovation in pharma include creativity arising from bringing together the best minds to solve a problem, and speed due to a simpler project management framework compared to internal pharma projects," notes Frost & Sullivan Senior Research Analyst Rasika Ramachandran. "Risk sharing, greater impact due to pre-competitive nature of these projects, flexibility to discontinue non-profitable projects and finally, affordability are among its other advantages."

These benefits are in line with the current needs of the pharmaceutical and biotechnology communities. Therefore, open source innovation is set to experience wider application in the future.

Some of the main challenges of open source innovation include economic issues such as funding as well as coordination and leadership challenges. Regulatory issues, providing incentives and availability of talent are other areas of concern.

Theoretically, open source committees can apply to the government for some part of the funding. However, if a country is staking a large per cent of its GDP on funding open source, there will need to be a more inclusive, reliable decision process. Currently, the capital markets decide which companies are funded; thus, depending on the government to regulate the industry will be a big risk.

"The most critical challenge is the funding of open source innovation projects, since, at present, government agencies are the key source of funding," remarks Ramachandran. "However, if a larger sum of money needs to be allocated for these kinds of projects, the need for a broader and more reliable decision process rises which currently is not available."

Governments could possibly fund open source projects through universities. The education institution could function as the coordinating arm.

The data that is gathered through this project could be stored in a repository. The information could then be accessed by all through a membership fee, a pay-per-use or pay-per-type of use mechanism.

"The outcomes of the data use should be properly attributed," concludes Ramachandran. "Profit-sharing mechanisms should be established for innovations that are commercialised."

If you are interested in more information on this study, please send an e-mail to Katja Feick, Corporate Communications, at katja.feick@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country.

Open Source Innovation in the Context of Pharma and Biotech is part of the Drug Discovery Technologies Growth Partnership Services programme, which also includes research on the following markets: European Lab-on-chip and Microfluidics Market, Strategic Analysis of European Microarray Market and, European Biomarker Analysis Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

Open Source Innovation in the Context of Pharma and Biotech / M601

twitter.com/frost_sullivan / facebook.com/FrostandSullivan

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Pharma/BioTech/Nutrition Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Frost & Sullivan

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 

 
  Your Banner Ad showing on ALL
Pharma/BioTech/Nutrition articles,
CATCH Visitors via Your Competitors Announcements!


Frost & Sullivan Finds Open Source Innovation Increasingly Being Used to Promote Innovation in the Drug Discovery Process and Boost Bottom Lines

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Katja Feick 
+49 (0) 69 7703343 katja.feick[.]frost.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Frost & Sullivan securities in any jurisdiction including any other companies listed or named in this release.

Pharma/BioTech/Nutrition via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Frost & Sullivan / Company Profile


Read Pharma/BioTech/Nutrition Most Recent Related Newswires:

BD Expands Suite of Blood Culture Offerings with New BD BACTEC™ Standard Aerobic & Standard Anaerobic Plastic Bottles
Twist Bioscience Collaborates with Synbio Technologies to Supply Long DNA to Customers
FDA Grants Priority Review and Breakthrough Therapy Designation for Zelboraf (vemurafenib) in Erdheim-Chester Disease with BRAF V600 Mutation
Ipsen Receives Positive CHMP Opinion for Approval of Xermelo® (telotristat Ethyl)
BD Receives FDA 510(k) Clearance for New Immunological Diagnostic System
Positive Phase III Results for Genentech’s Emicizumab in Hemophilia A Published in The New England Journal of Medicine
Somatuline® Autogel® 120 Mg Receives Japanese Approval for A New Indication for the Treatment of Gastro-entero-pancreatic Neuroendocrine Tumors
OTC Topical Drugs Market Size will Grow Profitably in the Near Future 2017-2025 Finds PMR
Bioinformatics Market Size to Expand at 20.4% CAGR through 2020 Reports Persistence Market Research
Australia Nitric Acid Market Expected to Reach at Value of $1.3B by 2024 End Says PMR
Commodity Chemicals Market Projected to be Resilient by 2020 Says Persistence Market Research
Cell Expansion Market Set to Garner Staggering Revenues by 2025 Reports PMR
Soft Tissue Sarcoma Treatment Market Revenue Predicted To Go Up by 2025 Finds Persistence Market Research
Persistence Market Research Publishes Biopharmaceutical Membrane Filtration Market Forecast Over 2017-2025
Global Tablet Processing & Packaging Equipment Market to Reach USD 5,268.8 Million by 2022

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  NAKIVO, Inc.





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)