This book investigates and highlights the most critical challenges the pharmaceutical industry faces in an increasingly competitive environment of inflationary R&D investments and tightening cost control pressures. The authors present three sources of pharmaceutical innovation: new management methods in the drug development pipeline; new technologies as enablers for cutting-edge R&D; and new forms of cooperation and internationalization, such as open innovation in the early phases of R&D. New models and methods are illustrated with cases from Europe, the US, and Asia. This third fully revised edition was expanded to reflect the latest updates in open and collaborative innovation, the greater strategic importance of venture capital and early-stage investments, and the new range of emerging technologies now being put to use in pharmaceutical innovation.

Prof. Dr.Oliver Gassmann is professor of technology management at the University of St. Gallen (Switzerland), and managing director of the Institute of Technology Management. After completing his PhD in 1996, he was head of corporate research at Schindler. He published over 400 papers in leading international management journals. In 2014, he was awarded the Scholary Impact Award by the Journal of Management, and in 2015 with the Citation Excellence Award of the Emerald Group. He also serves as a founder and advisor on several boards.

Prof. Dr.Alexander Schuhmacher is professor at Reutlingen University (Germany). He teaches in business management and medical science. He officiates as Senator of Reutlingen University and he also serves as managing director of the Knowledge Foundation @ Reutlingen University. He worked for 14 years in various R&D positions in the pharmaceutical industry. As member of Nycomeds senior R&D management team, he headed the StrategicPlanning& Business Support function and co-headed the R&D integration team following the merger of Nycomed and ALTANA Pharma.

Prof. Dr.Max von Zedtwitz is professor at Kaunas University of Technology (Lithuania), and director of the GLORAD Center for Global R&D and Innovation. Previously he was a professor at Tsinghua, Peking University, Skoltech, and IMD, and a vice president at PRTM. In 2009 he was recognized by IAMOT as one of the fifty most influential innovation scholars worldwide. A frequent public speaker, he has appeared on television, and has been cited in the Economist, China Daily, the South China Morning Post and the New York Times.

Dr.Gerrit Reepmeyer is co-founder& COO of Guardhat Inc., a startup based in Detroit (USA). Prior to that, he held various executive leadership positions in industrial and technology companies. He started his career in management consulting with McKinsey& Company. He has a PhD degree from the University of St. Gallen and was a research scholar at Columbia University in New York. He co-authored several books and publications on technology management, and he is co-inventor of five patents.

Innovation: Key to Success in the Pharmaceutical Industry.- The Industry Challenge: Who Would Want to Be in This Business?- The Science and Technology Challenge: How to Find New Drugs.- The Pipeline Challenge: How to Organize Innovation.- The Make-or-Buy Challenge: How to In- and Outsource Innovation.- The Open Innovation Challenge: How to Partner for Innovation.- The Internationalization Challenge: Where to Access Innovation.- Future Directions and Trends.