Better collaboration leads to better innovation, but there are thousands of experts in the world – how can life science companies find the right R&D collaboration partners? Even once the right partner is found, there is an enormous amount of information to sort through and track, including IP management, contracts, obligations and more. To add to the difficulty, R&D Collaborations often require the coordination of multiple teams both internally and externally. Efficiently managing all of information and people involved is an administrative nightmare.
Better data management for better R&D Collaborations
With Inova’s partnering place, life science companies, academic research centers, government institutions and more have an end-to-end system for managing their partnering activities, including R&D collaborations.
Inova Deals puts all your partnering data in one secure place, including contacts, companies, assets and documents, including emails, presentations, agreements and more. The notes feature enables you to take personal notes on an opportunity or to start a discussion with your colleagues, whether they’re in the R&D, Business Development, Legal or Finance department. Access controls allow you to choose who sees your information. By putting your entire team on the same page, you can effectively find and engage with the right R&D collaboration partners.
Once an agreement has been signed, the collaboration is tracked in Inova Alliances module. This module enables you to accurately track contracts and obligations, including payments triggered by date or milestone. Effectively managing all of the collaboration information and enabling the teams involved to communicate easily, removes key obstacles on the R&D Collaboration’s path to success.
Creating innovative products through R&D Collaboration
Researchers today are confronting challenges that have confounded scientists for years. To find the answers, they must join forces and collaborate together. The recent initiative by the National Institutes of Health is a perfect example of this. They brought together 10 pharmaceutical companies and several non-profits to collaborate together on diabetes, rheumatoid arthritis, Alzheimer’s and Lupus research. R&D Collaborations such as this are key for unlocking the secrets of today’s scientific challenges.