Global drugmakers seek to join hands with startups

Monday, March 13, 2017

Global pharmaceutical companies are seeking to join hands with local startups as part of their effort to increase research and development (R&D) productivity, industry officials said Monday.

The move is part of their effort to adopt “open innovation,” a network of collaboration with external institutes and individuals, as opposed to centralized R&D facilities to reduce costs, sources said.

According to the industry officials, French drugmaker Sanofi is currently looking for South Korean startups to attend Viva Technology scheduled to be held in Paris in June.

The program is one of France’s biggest startup events where more than 5,000 startups collaborate with top global venture capital firms and corporations to grow their business ideas.

Source: Yonhap News Agency (link opens in a new window)

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