The decision to collaborate with a big pharmaceutical company must be carefully evaluated. Due to a lack of funding and experience, numerous small firms struggle to advance their ideas beyond early clinical studies.
Usually, these little biotech start-ups often seek cooperation with large pharmaceutical resources to overcome their obstacles. These collaborations help pharmaceutical companies because start-ups de-risk innovations. This boosts the likelihood of a massive return on investment and can work well for both parties.
Hence, this post points out how to partner with a pharmaceutical manufacturing company. We’ll also give you some factors that can affect your partnership and how to find the right partner.
Factors That Start-ups Should Consider Before Partnership
Generally, partnerships between start-ups and big pharmaceutical companies are characterized by some factors. And although it might seem like an obvious advantage for a start-up, given the opportunity, it might not be that straightforward. Below are factors that can make partnership difficult for start-ups.
- Decision Speed
A factor that may be disadvantageous to a start-up is the decision speed of the pharmaceutical company. The bigger the company, the higher the chances of spending time making decisions. Hence for a start-up that needs quick support, the timeline of some pharmaceutical companies may be too long.
- Resource Requirement
Another demerit that might exist is resource requirement. Partnering with a pharmaceutical company may require more time and money invested from the start-up side than initially expected. For example, if a start-up intends to conduct autologous cell therapy manufacturing, they may not be given as much assistance in terms of resources as they anticipated. Hence, due diligence is required on which pharmaceutical company to partner to avoid high resource demands as a start-up.
The last factor that may work against start-ups is timing. The decision on the partnership can depend massively on if the start-up is in its product development stages. To optimize the payoff, start-ups may decide to wait until they reach specific milestones before soliciting partnerships. However, the longer the start-up waits, the greater its risk.
How to Partner with the Right Pharmaceutical Manufacturing Company
After considering the factors listed above, start-ups can then proceed to select the right pharmaceutical company for the objectives. Here’s how to partner with a pharmaceutical company.
- Do Your Background Research
A start-up should not pursue partnering conversations with pharmaceutical corporations that are uninterested in their technology. As a result, determining whether pharmaceutical firms are interested in investing is a critical initial stage in the partnership process. In general, pharmaceutical companies seek to collaborate with firms that they want to buy in the future.
- Use Conference Presentations
A pharmaceutical manufacturing company approaching a start-up with partnership plans would be the perfect scenario. This situation is only possible if the start-up takes the necessary steps before looking for a partner. One such step is to give a presentation at a conference that significant corporations are likely to attend. Start-ups can get discovered by good pharmaceutical companies through their technology known to a large audience in a credible context.
- Through Organized Meetings
You can also partner with a pharmaceutical manufacturing company through business development teams that organize one-on-one meetings with local start-ups. These meetings allow start-ups to connect directly with pharmaceutical representatives based in different states or countries.
Partnering with a pharmaceutical manufacturing company for a start-up, especially the bigger ones, is easier said than done. Start-ups need to research various companies to see if there is any potential for partnering. However, making firms aware of a start-up’s technology may be an effective strategy, even if they are not ready to collaborate.