McKinsey January 9, 2025
Top-performing pharma companies over the past decade have relied on a short list of critical dealmaking behaviors that drive high external innovation productivity.
The competition among biopharmaceutical companies for externally sourced assets is heating up. Despite recent successes delivering innovative therapies at a faster pace and achieving solid returns for shareholders, demand persists across a range of unmet needs. And yet, companies are increasingly pursuing the same disease areas and targets. This “herding” behavior makes it less likely that any company can outperform. Further, the breadth and complexity of all available targets and modalities make it impossible for any given company to rely solely on internal R&D innovation.
Our analysis reveals that external innovation—which we define as assets that were...
Today's Sponsors
Today's Sponsor