Strategic Partnerships For Product Development: Identify Ideal Potential Partners
In previous blog posts I made a strong point to look at research institutions as potential partners for product development and encouraged life science companies to “cast a wide net” when evaluating potential partners. Just as important to “casting a wide net” is refining the information once institutions are identified to develop a list of potential partners that merit discussions.
Developing an “ideal partner profile” is critically important to targeting potential partners that will maximize success. Areas to consider when developing such a profile include:
- Articulating your business goals and objectives
- Identifying your research priorities
- Understanding the specific research capabilities you need and are looking for in a partner
- Evaluating the research institution’s commitment to the target disease-state
- Identifying relationships with life science companies and therapeutic treatments or modalities that are a conflict of interest
Once this profile has been developed and a short-list of institutions has been determined, the following are critical to ensuring that the first meeting will be both effective and efficient for both parties.
- Research the process for technology transfers and collaboration. Many institutions will include detailed information on their website. Look at this to understand how the institution wants to interact with potential partners.
- Identify the ideal entity to initiate contact with. Depending on the institution it might be an investigator or the technology transfer office. Contacting the right entity from the out-set will dramatically expedite the discussions and provide the most accurate information. Don’t waste your time going to the wrong person or department.
- Once you know the ideal entity, research the individual you will be contacting. Look at their bio on the institution’s website. Also, research them on LinkedIn so you can understand their professional background and experiences. It is important to know if you will be dealing with an individual that has life sciences experiences, or possibly experiences in the disease-state you are interested in. Alternatively, it’s invaluable to know if the point person you’ll be working with has very little life science experience. Understanding the individual’s background will help you prepare the information you should provide and frame your questions.
I often talk with top pharmaceutical executives about these issues. Please call me if you would like to discuss how to improve the way you identify your strategic partners for product development. I can be reached at 1-866-766-9489.
What are your thoughts on these points? Do you have any questions about them? Share with us what you do to evaluate potential product development partners. More importantly, are the outcomes what you want and expect?
If you’re interested in more information on unique partnerships for product development, we’ve recently published a White Paper titled “Identifying Strategic Partners for Product Development”.