Open-innovation projects turn old R&D wisdom 'on its head'

August 15, 2012 | By John Carroll The Guardian today highlights a number of initiatives underway that have been bringing biotechs, pharma companies, academic researchers, and even the general public into new "open innovation" therapeutic projects."Generally, drug development is expensive, takes a long time and most things don't work," Don Joseph, CEO of NGO BIO Ventures for Global Health, tells The Guardian. "The challenge is to create projects that are simple and allow a streamlined process for organizations to participate. (Open innovation partnerships could) significantly reduce trial and error, and lead neglected disease researchers to that 'Eureka moment' more quickly and effectively." "The prevailing logic was … if you want something done, do it yourself," adds Henry Chesbrough, the open innovation chief at the University of California. "This new logic of open innovation turns that completely on its head."