German drugmaker Boehringer Ingelheim will invest a total of $11.8 billion in its new research and development program over the next five years.
A key element of the new strategy is an increased focus on collaborations with external partners. BI said it will be increasing its focus on collaborations so it can strengthen its core therapeutic areas while accessing the large creative pool of global biomedical research through open innovation. Of its total investment, $1.6 billion will be allocated for collaborations with external partners.
FierceBiotech points out that on average, this announcement means a 17% drop from the $2.9 billion BI spent on R&D last year.
Read the company press release