BUSI 690 Group Case Study;Policy and Strategy in Global Competition

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BUSI 690 Group Case Study;Policy and Strategy in Global Competition Merck’s overall revenue has been falling the past three years, and that is partially due to the reluctance the company has had to... ward open innovation. Merck has continued to do what their founder did, which was hire the best of the best for the position and create their pharmaceuticals from within the closed innovation strategy which is no longer the way of the pharmaceutical business. With the entire business landscape evolving greatly from where it began, Merck has to be open to changing their strategies from closed innovation to open innovation in order to remain competitive in a global environment. It is in Merck’s best interest to open their business model up to open innovation, which includes knowledge sharing from outside of the confines of Merck’s building. If Merck really wants to help the people and better the pharmaceutical world they will be open and less reluctant to evolve as a company and set forth a combined strategy to not only develop pharmaceuticals from within but to share the wealth of knowledge they presently have with other companies and partner for the next and best invention of medicine which could not only provide a wealth of resources to them but also help the world in which they live. [Show More]

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