In no other industry are alliances as vital to innovation and success as in the life sciences – effective pharmaceutical alliance management is an important strategic advantage. Under pressure from expiring drug patents, increased R&D costs and longer drug development times, the pharmaceutical industry has turned to partnerships and alliances to boost productivity, fill their product pipeline and sustain continuous innovation.
However, these deals are complicated, requiring the coordination of many teams in order to manage deal flow, conduct due diligence and perform deal closing activities, such as legal, financial, intellectual property, manufacturing feasibility, and marketing aspects. As deal complexity increases so do the cost of managing them. Worse, if alliances are poorly managed they quickly become slow, indecisive and run the risk of damaging future partnering opportunities.
Simplifying pharmaceutical alliance management
With Inova’s pharmaceutical alliance management solution, the life sciences industry has a complete, expert solution for efficient alliance management, from lead evaluation to the due diligence process and partnership development.
The Inova platform collects and stores all intelligence related to an opportunity to form a central repository of information. Doing so gives users a 360° view of all activities for each opportunity and ensures that they have constant access to consistent, up-to-date information. Thanks to standardized evaluation forms, informed decisions can be rapidly made regarding each opportunity. This type of effective time and information management is necessary to ensure that the most promising proposals become deals.
Once deals are concluded, users can coordinate and track key contractual commitments such as obligations, payments, milestones and any contractual changes or amendments.
Since all teams, including the Business Development team that signed the deal, the R&D/Commercial teams that manage the resulting alliance and the Finance team that organize payments, are coordinated, efforts aren’t wasted or duplicated and the new alliance can develop into a productive, profitable relationship.
Why pharmaceutical alliance management matters
Pharmaceutical companies that develop coordinated alliance management techniques benefit both directly and indirectly from their partnerships. Directly, these companies are able to reinforce their product pipelines, spark innovation and share the risks of new products. Indirectly, they develop a reputation as a partner of choice. Being a partner of choice means beating out the competition and securing a partnering deal for a promising new innovation because biotech companies want to work with the best. It’s no coincidence that the most desirable alliance partners also have the strongest financial results.
Learn more about our partnering solution and how it can enhance your pharmaceutical alliance management.