Drug repurposing is the process of developing an existing approved drug to identify new medical indications. This process involves drug identification and efficacy in the preclinical phase for moving to Phase II of clinical trials. This can be done to optimize new doses, novel formulations, new combinations, and methods intended for patient benefits. The pharmaceutical industry and academic collaborations in the research and development of drug repurposing are actively exploring this as a driver for cost- and time-efficient pharmaceutical product development. The other paybacks of collaborative drug development include fewer risks, lower costs, and shorter timelines. Under industry and academic partnerships, each partner can contribute a unique set of technical and skill expertise that may be beneficial for both collaborators and end users. Further, with domain-specific expertise, industry scientists can contribute through highly product-focused process strategies, and high-risk, manpower-enabled academic research with low financial rewards can present a product-specific avenue for innovations. The very first example in the category of drug repurposing is a phosphodiesterase-5 (sildenafil) inhibitor, which was initially explored for angina pectoris and hypertension therapy by Pfizer but was successfully used for other indications. However, drug repurposing under the umbrella of industry and academic collaborations may face some challenges; for example, many academic institutions may not manage to engage a research consortium and establish an open innovation ecosystem. This book chapter review emphasized the current trends that lead us to have an essence in industry–academia collaborations for drug repurposing for various therapeutic indications, driving a time- and cost-effective product development for patients.