To replenish depleted pipelines and bolster internal R&D, life science companies must source external technology. Recent articles have gone so far as to argue that M&A may be replacing R&D in pharma. Others argue that external technology is a force multiplier for internal R&D. Both arguments reinforce the fact that external technology sourcing is a critical capability for pharmaceutical companies today.
Unfortunately, many companies lack the ability to effectively share partnering information, both within their own company and with potential partners. All too often, companies rely on outdated tools such as excel, emails or e-rooms to share and track their discussions regarding external technologies. To effectively acquire external technology, life science companies need an effective CRM dedicated to pharma.
Better External Technology Sourcing with Inova CRM
An effective CRM software dedicated to pharma supports the entire process, from sourcing external technology to managing the resulting agreement or alliance. Using Inova’s solutions, users can store everything they know about external technologies, tracking and sharing discussions with their colleagues. Inova CRM stores key data such as contacts, company information, and information about external assets, including molecules, assets, compounds, platforms and more. Users can also leverage Inova’s connector to Expernova to uncover even more sources of innovative external technology. Expernova’s profiling engine includes millions of scientific documents, including publications, patents, thesis, conferences and collaborative projects, in order to create complete, up-to-date profiles for scientists, R&D labs, innovative companies, academics and more.
By keeping all partnering data in the same secure place, companies develop a corporate memory. This complete, centralized history of partnering activities helps the entire team stay on the same page and eliminate duplicate efforts, including evaluations. Further, if a rejected external technology resurfaces later, the business development team can quickly review why it was rejected and determine if that decision should be reevaluated. Ultimately, a CRM software enables life science companies to source external technology more efficiently to find the right partners faster.
Driving Innovation with External Technology Sourcing
To overcome the challenges of today, scientists need access to external technologies. By sharing and collaborating on innovations, ideas, and technology, researchers can create treatments and solutions faster. External technology sourcing is one important way to do exactly that.