As a 68-year old company, Ferring has undergone a lot of transformation — from a small family business focused primarily in Europe, to a mid-sized global player in the Top 50, with strong presence in the US and Asia. Since 2015, Ferring has been using Inova as its unique partnering solution for managing all external opportunities, which led to the R&D, BD and Alliance Management teams working more in synergy. In 2016, the company decided to create a central function for scouting drug delivery technology, which was done previously in a more unstructured way.
As part of the Global Pharmaceutical R&D division, the External Technology department drives the scouting and evaluation of drug delivery technology. Before the transition, this was managed by the Business Development team who were looking at it on a project basis, more than on a technical level.
To properly launch the department, External Technology Vice-President Janet Halliday spearheaded workshops that led them to agree on the following priority initiatives:
- Decide on a process on how to gather and screen for technologies
- Ensure the capture of partnering information effectively
- Communicate on their department's expertise and know-how
When Ferring knew how they needed their new business process to work, they started looking for solutions that could address these initiatives. They looked at 5 different solutions, including Inova. However, other tools didn't fit their unique needs for several reasons. These solutions either required a lot of customization to meet their specific tech scouting needs, or demanded a lot of time spent on infrastructure set-up and deployment.
Inova: a tailor-made solution for Ferring's Technology Scouting team
Inova was clearly the best choice for Ferring. First, Inova was already being used by the R&D, Business Development and Alliance Management teams at Ferring. This not only minimized implementation and infrastructure set-up, it also gave the External Technologies team a good overview of projects the BD and R&D teams were working on.
Janet said: "I wanted a solution for my Technology Scouting team that required minimal IT involvement. The BD and AM teams were already using Inova and happy with it. I am very glad we also chose Inova, it’s intuitive and easy-to-use.”
Similarly, Inova's knowledge of the industry made it easier for the Technology Scouting team to develop a workflow that they could easily implement in the team that is very well adapted to the process her team created.
It has also given them a good reporting mechanism, as they are able to track the team's performance through the system. This proved to be really helpful for senior management to gain insights on a project’s progress. Some of the Key Performance Indicators (KPIs) they track using Inova are as follows:
- Time to process leads
- Time to decide on an opportunity
- Time to carry out further work on an opportunity
- Conversion time from opportunity to contract
They then extract insights that are useful not only for the assessment of technologies but also throughout product development.
Overall, Ferring considers Inova as a partner not just in implementing a solution, but in ensuring there is compliance in their process. Janet mentions, "Inova is not an IT project, it is a 'process' project. We worked with Inova on a workflow that is integrated in our actual process. The system adapted to our process and not the other way around, as is the case with other providers. I would highly recommend Inova to other businesses who do Technology Scouting."
Better External Technology Sourcing with Inova
An effective partnering software dedicated to pharma companies supports the entire process – from sourcing external technology to managing the resulting alliance. Using Inova’s solutions, users can store contacts, company information, and information about external assets, including molecules, assets, compounds, platforms specifically for external technologies projects, while at the same time tracking its progress and sharing with colleagues.
Over 100 life science companies, including 50% of the top 50 pharmaceutical companies and many midsize pharma and innovative biotechs already use Inova.