Seeking Life Science Inno-vation Opportunities and Beyond: The Art of Blending Science, Medicine, and Business

Abstract

This update on life science innovation extends Boni's 2018 works1,2 to include industry stakeholder expert opinion. This paper’s focus is to address three research questions relevant to innovation within the biopharmaceutical industry concerning 1) its current state, 2) challenges, opportunities, and frameworks, and 3) existing examples in the extant literature and practice relevant to progress and challenges. It utilizes mixed methods involving a 1) narrative review to establish a current understanding of the extant literature and frameworks and 2) qualitative interviews to coalesce themes around the core research questions. The first section summarizes current industry challenges, successes, and best practices that support sustained and disruptive innovation in the biopharma industry. It charts a brief overview of proven models for innovation, entrepreneurial thinking, and for development of open innovation as applied to this complex, challenging, continuously evolving industry. This initial discussion advocates the pursuit of commercialization that 1) incorporates a phased, interdisciplinary, collaborative approach and 2) blends the principles of business, science, and technology through diverse, collaborative teams, networks, and alliances. The paper transitions to a second section. This effort builds on these concepts and provides insights and alternative perspectives from a cohort of leading experts within the biomedical investment, development, and commercialization space. It also illustrates and leverages collective intelligence through interdisciplinary perspectives across the life science landscape and reinforces trends for pursuing innovation.