To extract maximum value from their R&D programs, pharmaceutical companies increasingly rely on CRO partnerships. This reliance on clinical research organizations (CRO) partnerships is a dramatic turnaround from the days of pharma companies doing it all, from discovery to marketing and distribution. Increasing business pressures have pushed life science companies to look closely at their business processes and focus on their cores strengths. Capabilities that aren’t considered core capabilities to teams are susceptible to outsourcing. One prime example: clinical research. Pharmaceutical companies have steadily outsourced more and more research to CROs over the last several years.
However, that’s not all that has changed. Once pharma companies began outsourcing research to CROs, they quickly found that they can gain even more in terms of savings and efficiency by creating strategic partnerships with CROs. Instead of shopping around for a CRO partner every time they had a new project, pharma companies sign long-term strategic contracts, with better terms, with just a few CROs. It’s a trend that’s likely to continue, according to a recent report, 85% of pharmaceutical executives said strategic partnerships with CROs worked for them. CRO partnerships help large pharmaceutical companies be more efficient, nimble and reactive. For CROs, these partnerships are important opportunities to secure revenue, but they’ve also resulted in increased competition and consolidation amongst CROs. To stay competitive, they must find and engage with the right pharma partners and win the right deals faster.
Finding the Right Pharma-CRO Partnerships
Inova CRM improves CRO partnerships by helping pharma companies and CROs find the right partners and develop profitable alliances. Inova CRM keeps business developers coordinated, even when they’re on the move, by providing a secure place where they can share all they know about companies, opportunities, and external technologies. To put all your partnering data in one place without any manual data entry, Inova CRM seamlessly connects to BIO’s One-to-One Partnering system and Thomson Reuters’ Cortellis.
Once an opportunity moves to the deal-making phase, Inova CRM provides complete support with built-in evaluations, standardized workflows with milestones, including due diligence, and reporting. One glance will tell business developers the status of all their projects. Finally, signed deals are progressed to alliance management, which involves contract and obligation tracking, relationship history, alliance health checks and more – helping users turn new deals into profitable relationships.
Do more with CRO Partnerships
CRO partnerships are great opportunities for both pharma companies and CROs, but finding the right partner isn’t obvious. Both CROs and pharma companies must carefully evaluate what they need and what they can provide in a partnership. For example, is the pharma company looking for a CRO that’s an all-purpose partner or a niche specialist? That’s why Inova created an end-to-end partnering place that improves the partner selection process by structuring it and gathering all partnering data in one secure place.