Today’s passionate pharma/biotech entrepreneur often commits to working agreements with various service providers without understanding their knowledge, reach and commitment to deliverables. With greater connectivity, thanks to social media and global partnerships, more information/knowledge is being demanded of the small guy in order to quickly move projects forward.
It’s important that today’s entrepreneur does his or her own due diligence before diving into any relationship with a service provider. The collaboration can bring greater visibility and notoriety to your company, but it can also stifle your progress if you are not keenly aware of the relationship’s deliverables.
“When you’re working by yourself and dealing with large institutions or companies waiting for bids, etc., you can begin to think there is no next step – the death mantra of an entrepreneur,” said Jim New, Client, Sales-Link Network, Inc.
Unfortunately, once the entrepreneur fully understands the roles of himself and others in his strategic relationship, his company’s progress may already be stalled. Sales-Link is diligent at our strategic lead generation work, and we are often called on to act as liaisons for entrepreneurs who feel backtracked by unforeseen setbacks. In recent years, our work has extended far beyond the database with daily correspondence that has helped industry leaders and their teams get ahead when faced with challenges stemming from a lack of partnership communication.
For example, Sales-Link may be able to match drug developers with testing companies to expedite the development process. We’ve been able to identify more than enough investigator locations with appropriate patients for client studies. We have also helped our clients to move molecules off the shelf that are waiting to be recognized by the industry, as well as to assist companies to prepare for conferences where they are ready to announce new strategic partnerships or marketing campaigns. We can align your team with the experts who move your drug along, garner more recognition, help with marketing and circulation, and sell your product.
4 TIPS FOR THE PHARMA/BIOTECH ENTREPRENEUR FROZEN BY A STRATEGIC PARTNERSHIP
Save time, energy and resources by asking the right questions and knowing your responsibilities along the way.
1. Ask the right questions. Does this potential partner cover all the areas you are going to need? Think about the small points; make sure your service provider will be available for questions and feedback along the way. Keep in mind, they are focused on their expertise and you will need to advocate for your own company. Be prepared to bring in other types of companies to help you. Know the services your provider does and does not offer. Be aware of the grey areas, and don’t be afraid to ask for help.
2. Don’t assume someone is taking care of the grey areas. Do pricing surveys early on in the process to become familiar with the true budget. You could also do your own surveys to know where patients and investigators are available. New generation resources like Sales-Link can help you to gather information and educate your investors.
3. Be prepared to present compelling information to investors. You will need to justify the funds allocated for your project so do it timely, butsurround yourself with experts in all areas from strategic planning to marketing. We have seen many instances where an entrepreneur will need to go to back to investors for additional funds. Further, your path to success will engage you in more costly phases that can result in setbacks in funding up to one million dollars a day, and, more importantly, delay the cure for disease. Therefore, your partnership must be conducted efficiently to optimize drug development.
4. Allow enough time to plan effectively. In business, understand the 80-20 rule or Pareto principle. It’s used to help managers identify problems and determine which operating factors are most important and should receive the most attention based on an efficient use of resources. Resources should be allocated to addressing the input factors that will have the most effect on a company’s final results.
The pharma/bio world may be highly competitive for time and resources, but overall there are many ways to work together and tap into its vast pipeline of experts. At Sales-Link, we discover new and exciting ways every day to match our clients with strategic partners at various stages of drug research, development, marketing and sales. It’s essential that your marketing and lead generation company understands and targets the appropriate partners to move your project along. It is also essential that you understand and plan for your role as a strategic partner.