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Chicago Innovation Award Winner

Ovation Pharmaceuticals Inc

Winner in: 2007
Winning Product: Innovative Business Model
Winner Category: Chicago Innovation Award
Industry: Healthcare

Drugs developed by big pharmaceutical companies are not always brought to market due to the fact that the size of the market for the drug is not big enough for their business models. If they are fully developed, they may not be cost-effective enough to serve the small universe of users who need them. Ovation’s business model is dedicated to offering hope to these patients by further developing and marketing those drugs for the small number of patients who desperately need the treatment. Ovation was acquired by Lundbeck in 2009 for $900 million, after having gathered more than 24 drugs in its medicine chest – both approved and in development – and expanding its product reach to more than 85 countries.

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