Chapter 2: Reinventing open Innovation in large Pharmaceutical Companies: The Case of BAYER AG

This chapter examines how a pharmaceutical company has linked open innovation (OI) to the company’s strategy by using a variety of innovation management techniques. This empirical research is an exploratory study that enables initial research on pharmaceutical companies integrating OI into the company’s strategy, showing the importance of having a clear OI approach. The research is based on a case study on Bayer AG. The findings shed light on the innovation management techniques that a company can use to implement OI as well as how different OI modes can contribute to specific strategic objectives. We discus show it is crucial for companies in the pharmaceutical industry to develop portfolio, relationship, and project management in order to implement an OI strategy successfully.