Most Business Development (BD) departments at Biotech, Pharma, and Medical Device companies have high-level expertise in certain technologies and therapeutic areas. The BD employees are essentially tech scouts with a background in science and medicine that know the company’s areas of interest and go out looking for external technologies that have the potential to be a good fit. The goal of the scouts is to find “opportunities”. Sometimes, the scouts are not even located within the BD group. If a scientist or someone else within an organization spots a potential partnering opportunity while attending a symposium or meeting with a university or start-up, or chatting with an ex-colleague, they should be able to file a scouting report, within the BD partnering software. Without access to the partnering software, these alternate scouts are forced to send an email and then it often takes multiple back-and-forth emails to get at the crux of the opportunity. Emails also can get lost or missed.
Improving Review Processes with Internal Stakeholders
After an opportunity is identified, in every case that I am aware of, there is also a strong reliance on others within the enterprise that may have deeper domain experience in a particular therapeutic area, mechanism of action, and/or technology. All BD departments rely on subject matter experts to weigh in on the merit of a particular opportunity. Generally, these subject matter experts also include folks from R&D, marketing, manufacturing, safety, and other areas within the company to determine whether the opportunity has real commercial merit. Again, without access to the BD partnering software, the group is reliant on email to complete these reviews and if kept in email, there is the real threat of emails being lost or missed or not being part of the overall record of the opportunity. Even with an Outlook Plug-in, human error can result in lost emails or emails not being loaded into the system.
Visibility for Leaders to Business Intelligence
Reports are a key component of any good software solution and often reports need to be accessed by infrequent users of the software such as executives. Without direct access, the data gets stale in short order. Then leaders and reviewers are dependent on those with licenses to the system to provide reports which is a burden on everyone. Without access to current metrics and business intelligence, leadership and reviewers are at a disadvantage.
The way to solve all of this is to provide access to everyone listed above. Yet that often is impractical due to high user license fees. At ideaPoint, we have figured this out. Infrequent users or those that have read-only access can gain global transparency, provide a crucial review, and get on-demand reporting and visibility into your partnering pipeline across all global opportunities without needing a paid license. There is no longer a need to run processes outside the system to save on license fees.
Click here for a side-by-side comparison (no login required) that explains some of the other differences between ideaPoint and what you may be using for Partnering and Opportunity Management software.