DOHA: GCC chemical producers are increasingly opening their doors to innovative insights and ideas from research institutions, academia, customers, suppliers and technology providers to identify new business opportunities and maintain their competitive edge, says a new survey by the Gulf Petrochemicals and Chemicals Association (GPCA).
The report Unlocking Open Innovation in the GCC chemical industry, is based on a survey amongst GPCA member companies and measures perceptions, challenges and opportunities in fostering Open Innovation in the chemical industry in the region. The clear majority of the GPCA member companies surveyed support Open Innovation and practices it.
“Open Innovation has a key role in maintaining the global competitiveness of the chemical industry in the Arabian Gulf,” said Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA. “The broadening of research beyond traditional R&D boundaries and the increased collaboration with external parties has become a crucial component in the race for new, innovative technologies.”
Investments in research and development (R&D) were estimated at $529m in 2014, according to the GPCA. This figure is nearly double from the $368m expenditure in 2013 and is notable for being the highest increase in R&D spending in petrochemicals globally.
“Open Innovation enables GCC chemical producers to access external solutions, experiences and competencies relevant to their innovation agenda faster, cheaper and often at a higher level of innovativeness, ” continued Dr Al Sadoun.
“There are positive developments: more than half of all respondents have indicated that this attitude has been employed within their organisations, and there is a strong indication that this trend will continue into the medium term.”
An estimated two-thirds of the sample has been practicing Open Innovation within the last five years, with a further 24 percent indicating that these policies are or will be implemented within their companies. These activities include collaborating in R&D with academia, integrating customer networks in the production cycle and joining forces with competitors through sharing best practice.The Peninsula
DOHA: GCC chemical producers are increasingly opening their doors to innovative insights and ideas from research institutions, academia, customers, suppliers and technology providers to identify new business opportunities and maintain their competitive edge, says a new survey by the Gulf Petrochemicals and Chemicals Association (GPCA).
The report Unlocking Open Innovation in the GCC chemical industry, is based on a survey amongst GPCA member companies and measures perceptions, challenges and opportunities in fostering Open Innovation in the chemical industry in the region. The clear majority of the GPCA member companies surveyed support Open Innovation and practices it.
“Open Innovation has a key role in maintaining the global competitiveness of the chemical industry in the Arabian Gulf,” said Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA. “The broadening of research beyond traditional R&D boundaries and the increased collaboration with external parties has become a crucial component in the race for new, innovative technologies.”
Investments in research and development (R&D) were estimated at $529m in 2014, according to the GPCA. This figure is nearly double from the $368m expenditure in 2013 and is notable for being the highest increase in R&D spending in petrochemicals globally.
“Open Innovation enables GCC chemical producers to access external solutions, experiences and competencies relevant to their innovation agenda faster, cheaper and often at a higher level of innovativeness, ” continued Dr Al Sadoun.
“There are positive developments: more than half of all respondents have indicated that this attitude has been employed within their organisations, and there is a strong indication that this trend will continue into the medium term.”
An estimated two-thirds of the sample has been practicing Open Innovation within the last five years, with a further 24 percent indicating that these policies are or will be implemented within their companies. These activities include collaborating in R&D with academia, integrating customer networks in the production cycle and joining forces with competitors through sharing best practice.The Peninsula
