Virtually every company in the pharmaceutical space has been hit by the patent cliff -- and Eli Lilly (NYSE:LLY) is no exception. The company's top line recently took a major hit when its anti-psychotic drug Zyprex lost patent protection, and Lilly will soon face the loss of exclusivity for its multibillion-dollar anti-depression medication Cymbalta.

The best way to offset losses from patent expirations, of course, is to quickly find better drugs through a more efficient process. One way Lilly is trying to accomplish this is by leveraging "open innovation" platforms. In this video, our health care analysts discuss what "open innovation" is and how it can impact Lilly's R&D process over the long term.

David Williamson and Max Macaluso, Ph.D. have no position in any stocks mentioned. The Motley Fool recommends Procter & Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.