Abstract

Due to its significant role in the generation of new ideas, open innovation is growing rapidly in academia. Every country opened its economy to free trade, which had an influence on the earlier focused technological trend of technology transfer within an enterprise. As a result, most companies are moving their latest technology to free innovation, which is constant with the open market philosophy. The current study adds to the existing literature by addressing the extent of open innovation practices in Malaysia's biotechnology industry. This project aims to understand current open innovation in the sense of Malaysia's biotechnology sector and to identify appropriate pathways to the success of the biotechnology industry. The focus was limited to biotechnology companies that were actively engaged in research and development. Identifying the positivist worldview, understanding the theoretical lens of open innovation, data collection, and data analysis using correlation, factor analysis, and multiple regression, the best fit for the scope of this study, are the methodological steps. The findings contribute to a comprehensive study of how biotechnology firms use open innovation to benefit their business models. The study's model includes open innovation as a dependent variable and various open innovation pathways as an independent variable. According to the findings of this study, both inbound and outbound open innovation encouraged parties to acquire technology in both directions. While significant financial investment is required for innovation, biotechnology firms can benefit from government assistance in ensuring the smooth progression of their research and development efforts. Companies can acquire technology and form inbound and outbound relationships with external parties. The path also enables technology that is not currently being used by a company to be distributed to the market via licensing without compromising the cost of innovation. The framework can be used to outline a company's strategy for dealing with situations, such as not only selecting the best innovation practices for innovation activities, but also addressing the best open innovation pathway companies can take when dealing with company growth and performance. Keywords: Open innovation; Malaysian biotechnology; pathways; firm performance

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