新藥研發的特性是「費時」、「燒錢」、「高風險」，新藥公司在未取得藥證之前，沒有營收的挹注，如何取得投資人信任，並籌集資金持續投入研發與臨床試驗，屬於非科學，但卻是重要影響新藥開發的關鍵。
本個案以對台灣新藥研發具有指標意義的公司-台灣浩鼎生技股份有限公司為探討對象，創辦人張念慈博士具新藥研發背景，熟稔生技產業經營策略。自OBI-822解盲失敗後，浩鼎不改初衷，仍舊堅持開發尚未被滿足的抗癌藥物，考量資金的取得日益艱困，張念慈靈活調整商業模式，不再單打獨鬥，轉而透過授權、成立子公司、與策略夥伴共同開發作為商業策略，帶領浩鼎繼續開發抗癌新藥。
本研究以哈佛教學個案方式撰寫，分為個案本文與教學指引兩部分，以個案公司為研究對象，探討資源基礎理論、開放式創新、商業模式與公司治理四項管理議題。此研究透過資源基礎理論盤點內部資源，找出浩鼎公司持續性的競爭優勢。藉由活化智慧財產權開創開放式創新的商業模式，過程中也反映浩鼎透過不斷成立子公司的經營模式，除了成功引入外部資源，呈現長期新藥研發過程的經營靈活性外，也讓人省思當新成立的子公司，在逐步走向獨立經營後的公司治理議題。

The traits of the new drug development industry include being "time-consuming," "costly," and "high-risk," with no generated revenue until FDA approval is secured. Therefore, gaining investor confidence and securing funds for R&D and clinical trials are crucial. These non-scientific factors significantly impact the success of new drug development.
This case concerns OBI Pharma, a company that serves as a benchmark for new drug R&D in Taiwan. Dr. Michael Chang, the founder, has a background in developing new drugs and is knowledgeable about the biotech business strategy. Although OBI-822, a prominent new drug, failed during the unblinding process, OBI has decided to continue developing unmet oncology new drugs. Michael encountered growing hurdles in raising funds, requiring him to adapt his business strategy with flexibility and do not alone in the lengthy process of developing new drugs. He turned to utilize licensing, spin offs, and co-development as a business strategy will enable OBI to continue advancing the development of new drugs.
This study is written by the Harvard case study methodology. There are two parts：Case Text and Teaching Guide. Using a case company as a research object. Four management issues are discussed, including Resource-Based theory, Open Innovation, Business model, and Corporate Governance. Through Resource-Based Theory to assess OBI's internal resources for sustained competitive advantage. By leveraging intellectual property rights and implementing an Open Innovation Business Model, OBI has spun off new subsidiaries. Not only does it integrate external resources and showcase operational flexibility in the long-term R&D process for new drugs, but it also prompts us to consider Corporate Governance issues related to the transition of newly-formed subsidiaries towards independent operation.

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