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    Dancing titans: Dual orchestration and governance in industrial digital platforms for B2B value co-creation
    (Elsevier BV, 2025-12-07)
    Aagaard, Annabeth
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    Vanhaverbeke, Wim
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    The digitization of industrial ecosystems positions B2B industrial digital platforms as central to value co-creation and co-capture. While B2C platform governance is well-researched, few studies examine how manufacturing firms and platform providers collaboratively govern digital business models (DBMs) in B2B platform settings. Our study addresses this gap through a multiple case study of five platform providers and five B2B manufacturers, drawing on 33 semi-structured interviews and document analysis. We introduce the concept of dual orchestration-a governance approach in which platform providers and manufacturers jointly assume and adapt orchestration roles across DBM phases. We develop the Platform DBM Process Model (Figure 1), which illustrates how governance dynamics and relational mechanismstransparency, reciprocity, commitment, proximity, and coopetition-enable dual orchestration through joint role adaptation. We present the Dual Orchestration Governance Framework for Industrial Platform DBMs (Figure 2), integrating DBM phases, relational issues, and governance mechanisms to theorize dual orchestration as a dynamic co-governance process. The study contributes to platform governance theory by specifying the structural and relational features of dual orchestration and by providing an empirically grounded account of its evolution.
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    Scopus© Citations 4
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    A case study assessing the impact of M&A and licensing on FDA drug approvals of leading pharmaceutical companies
    (Elsevier, 2025) ;
    Grinchenko, Kyrylo
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    Hartl, Dominik
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    Hinder, Markus
    Despite a recent increase in FDA new drug approvals, leading pharmaceutical companies continue to face R&D productivity challenges. This highlights the need to better understand the context of their R&D concepts and related R&D outputs. Consequently, we conducted a systematic assessment of the impact of R&D expenditures, R&D intensities, mergers & acquisitions (M&A) deals and licensing agreements on new drug approvals of leading pharmaceutical companies between 2012 and 2021. Our analysis provides key insights into differentiating R&D factors: whereas R&D expenditures and the number of M&A deals correlate with the number of new drug approvals, our analysis shows no correlation with R&D intensity or the number of licensing agreements.
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    Benchmarking R&D success rates of leading pharmaceutical companies: an empirical analysis of FDA approvals (2006–2022)
    (Elsevier, 2025-02) ;
    Hinder, Markus
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    Hartl, Dominik
    Previous analyses provide an industry benchmark of 10% for the success rate in clinical development. However, prior analyses were limited by a narrow timeframe, a diverse research focus, biases in phase-to-phase transition methodology or a focus on specific use cases. We calculated unbiased input:output ratios (Phase I to FDA new drug approval) to analyze the likelihood of first approval using data from clinicaltrials.gov, encompassing a total of 2092 active ingredients, 19 927 clinical trials conducted by 18 leading pharmaceutical companies (2006–2022) and 274 new drug approvals. Our study reveals an average likelihood of first approval rate of 14.3% across leading research-based pharmaceutical companies, broadly ranging from 8% to 23%.
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    The R&D productivity challenge: transforming the pharmaceutical ecosystem
    (2025) ; ;
    Kwisda, Sebastian
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    Kremer Malte
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    Hinder, Markus
    The persistent decline in pharmaceutical R&D productivity has been extensively analyzed and debated for over two decades, with profound implications for the structure and strategy of the pharmaceutical industry. This systemic challenge forced many leading companies to adapt their R&D models, influencing internal capabilities and external innovation strategies. In response, the industry has evolved into a complex, interdependent biopharmaceutical ecosystem encompassing large pharma-ceutical corporations, biotech innovators and specialized service providers. Although R&D productivity affects all research-driven companies, its consequences are particularly pronounced for large pharmaceutical firms, because the scale and capital intensity of their R&D activities make productivity a crucial determinant of long-term competitiveness and sustainability. By contrast, other stakeholders are only partially adversely affected, whereas some can even obtain value from it.
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    Less trust, more truth: Implications and design choices for business models and platform ecosystems in the age of Web3
    (Elsevier BV, 2025-02) ;
    Magnus Schückes
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    Tobias Gutmann
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    Business model literature, while insightful, primarily focuses on the Internet and Web 2.0 contexts. The emergence of pioneering digital technologies, especially the Web3 anchored by blockchain, necessitates reevaluating business model paradigms, particularly those of platform business models within related ecosystems. This study delves into blockchain's unique affordances, investigating how they mold novel Web3 business model patterns and integrate into specific platform ecosystems. We scrutinize the characteristics, trajectories, and synergies of value creation and capture. Using a mixed-methods approach involving 171 interviews and a subsequent sample of 126 Web3 ventures, we delineate a taxonomy of Web3 business model dimensions, clustering emergent decentralized platform ecosystems into pertinent archetypes. Our theoretical model delineates how blockchain affordances influence these configurations, emphasizing the dynamic between a platform's nucleus and its fringes. We highlight Web3 platform design choices leaning towards data sovereignty, emphasizing how the degree of blockchain integration within platform governance—leading to information symmetry and platform disintermediation—transitions digital trust to what we term as digital truth.
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    Scopus© Citations 12
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    Does pharma R&D need a strategic reset? Adapting to a changing US landscape
    (Elsevier, 2025)
    Kwisda, Sebastian
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    Kremer Malte
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    Sievertsen, Niels
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    Hartl, Dominik
    R&D productivity has long challenged research-based pharmaceutical companies, raising concerns about the sustainability of their research-driven business models. These firms have traditionally relied on the U.S. as a stable hub for biomedical innovation, skilled talent, and high-price markets— supporting the biotech-leveraged pharma company (BIPCO) model However, recent geopolitical shifts—especially under the new Trump administration, including FDA budget cuts, reduced U.S. research funding, and pharmaceutical tariffs—are destabilizing this foundation. The once-reliable “safe harbor” is no longer secure. As a result, pharma R&D now faces strategic risks beyond its prior scope. With the weakening of the U.S.-centered innovation model, companies must rethink R&D pipelines, secure key technologies, maintain global clinical networks, and adjust supply chain and tax strategies. The viability of the current R&D model—rooted in U.S. leadership and premium markets—is now uncertain, requiring urgent strategic realignment.
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    The Non-Human Enterprise: How AI Agents Reshape Organizations
    Artificial intelligence (AI) is laying the groundwork for agentic enterprises—organizations in which autonomous AI agents handle decision-making, optimize operations, and drive growth with minimal human intervention. In 2025, most of the AI discussions are addressing agent-based AI, characterized by autonomous systems that can interact, plan, and execute complex tasks independently. While agent-based software per se is not new ,the rise of generative AI enabled a new direction: agent-based AI became a fast-evolving research topic, its emergence as a practical application gained momentum around 2024,with large language models such as AutoGPT and Google’s Gemini agents demonstrating autonomous problem-solving capabilities.
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    Audit Committee Quarterly
    Immaterielle Vermögenswerte (Intellectual Assets) gewinnen für den Erfolg von Unternehmen zunehmend an Bedeutung, insbesondere in dem Maße, in dem Innovation und Wissen zu Wettbewerbsfaktoren werden. Geistiges Eigentum (Intellectual Property, IP) spielt dabei eine Schlüsselrolle: Handlungs-freiheit bei neuen Produkten und Prozessen sowie nachhaltiger Schutz vor Imitatoren geben dem Unternehmen Sicherheit in der Kommerzialisierung. Dennoch klafft in vielen Unternehmen eine Lücke zwischen der übergeordneten Unternehmensstrategie und dem Management von Intellectual Property. Diese Lücke stellt ein bedeutendes Führungsvakuum dar, das Aufsichtsräte und Führungskräfte nicht ignorieren dürfen.
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    Digital‐sustainable business models: Definition, systematic literature review, integrative framework and research agenda from a strategic management perspective
    (Wiley, 2024-09-03) ;
    Andreas Aebersold
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    Pejvak Oghazi
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    Natallia Pashkevich
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    The era of digitization coincides with a growing interest in social and environmental sustainability. Management scholars, therefore, turned their attention to the intersection of both trends, seeking a better understanding of how firms can manage digital sustainability. Business models are a central element in the strategic management of digital sustainability. Due to the diverse roots in the digitization literature, the sustainability literature and the business model literature, previous work on digital-sustainable businessmodels is highly fragmented. We, therefore, develop a strategic management framework and conduct an integrative literature review to synthesize fragmented insights, covering 134 studies published between 2007 and 2023 in leading academic journals. Examining the synthesized body of knowledge fromthe lens of affordances and our framework’s inclusive strategic management perspective, we then identify promising avenues for further strategy research. Among others, future research should examine complementarities and conflicts between the three business model dimensions (value propositions, value creation and delivery processes, value capture mechanisms), between multiple options within each dimension, between different digital technologies, between various digital affordances, between digitalization and sustainability and between the outcomes of the triple-bottom-line. More efforts should also be directed towards the antecedents and boundary conditions of digital-sustainable business models and towards questions of generalizability, especially towards generalizable theoretical mechanisms. Our framework, synthesis and research agenda support strategy scholars in advancing our understanding of business models for digital sustainability.
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    Scopus© Citations 39
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    Scopus© Citations 47