Sung-Joo E. LEEDeputy General Manager, R&D Strategic Planning, LG Life Sciences, Ltd.

The pharmaceutical industry is facing challenges such as the needs for R&D productivity, pricing pressures in healthcare market, quests for improved margin and growth, and patent expiration.

To cope with such challenges, pharmaceutical companies change their strategy to seek and make a early networking with external partners in all areas of the business.

This strategy helps companies to strengthen areas of focus and expertise while enhancing/leveraging their areas of opportunity.

In addition, early collaboration enables them to share risk/reward opportunities in the execution of innovative portfolio of discovery projects.

Collaboration becomes the primary driver of global R&D organization and LG Life Sciences is also preparing key elements for open innovation to pursue R&D collaborations and seek licensing-out opportunities.