The question of whether to partner with another company is critical to the long-term development of a biotech. Nonetheless, it can be easy for a small company to underestimate the resources it needs to put into a successful collaboration. Here, we’ll go over some expert advice on what to do and what not to do to set up a partnership, keep it up and running and make it successful.
Partnering with big pharma or another biotech can bring many benefits to a small biotech company. Beyond a flow of cash, the right partners can increase the chances of success of a development program and reduce the time it takes.
“I think partnerships bring a lot of good things, the cash is really important, the validation, learning from big pharma – they have got a lot to teach biotech,” noted Edwin Moses, previous CEO of Ablynx.
I asked experts in the biotech industry to give us their advice for biotechs seeking to enter and maintain successful partnerships. This is what they had to say!
1. Think about what you want to accomplish
“Rather than just looking for someone who can help you, approach it from a point of mutual benefit,” recommended Julia Schoelermann, Associate Director of Business Development & Partnering at BerGenBio,