The world we live in is facing many challenges: a growing population, globalization, healthcare access, climate change and more. These challenges are too complex for individual creative minds. They require a teams of minds - interlocking networks of innovators, thinkers and scientists, combining their knowledge, insights and skills for today and tomorrow. To lead the market and successfully pioneer new solutions, companies today must team up and establish strong partnerships. This is especially true of the life sciences, an innovation-intensive industry, where biotechs and pharmas are constantly searching for collaborative opportunities. Pharma’s top companies source over 50% of their molecules from partners and these molecules bring higher success rates and greater revenue. Welcome to the age of the team.
This fundamental shift has triggered a change in terms of organization: Business Development and External R&D departments now include hundreds of professionals. The number of opportunities reviewed every year has exploded and the types of partnerships and deals taking place are more complex than ever before. Today, the largest organizations evaluate thousands of opportunities in collaboration, co-research, co-development and licensing by geography or indication. However, most companies are not prepared to share information efficiently between departments or with potential partners – they simply lack the technical tools that make this possible. Tools such as email, erooms, Microsoft Office (Word, Excel, etc.) or homegrown, custom systems cannot meet the fast growing volumes and diversity of end users’ needs. Data integrity, process consistency, confidentiality and performance are just out of control. Business development professionals need a tool that will manage all intelligence related to opportunities and partnerships - a partnering place.