Competitive markets encourage innovations that lead to the rapid evolution of business models. For instance, Pharmaceutical firms searching for operational efficiencies are now using ‘open innovation’ to source cutting-edge new therapies from SMEs that focus solely on drug discovery. Such innovative biotech SMEs have been leading the development of more proactive and patient-centric healthcare delivery models. When governments are better equipped to understand how these markets are evolving, they will be better prepared to respond with specialized policies that contribute to growth, inclusion and sustainability.
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