Maximizing Pharma Partnerships: Dos And Don’ts From Industry Experts
In the life sciences industry, the most common type of partnership is pharma partnering with pharma. Life Science Leader assembled a panel of experts at the Outsourced Pharma West Conference & Exhibition to answer how these partnerships should be executed. Panelists agreed that the greatest advantage of partnering with Big Pharma is the credibility it brings to the smaller company. Big Pharma partnerships also reduce risk, help fund R&D, and provide resources for the smaller company
Structuring these deals takes negotiation and many small companies may be lacking in negotiating experience. This means trust between the two companies is important, a point that came up many times amongst the panelists. It is best to be as knowledgeable as possible when starting the negotiation process. The experts advised to do your research and talk to companies that have been through the same process.
Finally, the experts claimed that having a shared vision is critical. Both sides need to prepared for the pros and cons of the partnership and have a unified development plan.
