Collaboration is not new in the Pharmaceutical industry as it had started few years back. It involves the association of Pharma industry strategists; decision makers’ etc where great things can be accomplished. Collaborating with Pharma officials not only generates recommendations, guidelines, and best practices, but also fosters new models and pushes the whole sector towards faster progress.
And today, faster progress is what we require to deliver more affordable, safer and more effective medicine to patients. Pharmaceutical collaboration improves productivity and efficiency and this approach has been adopted to solve problems in terms of lack of productivity and innovation.
Build Right Strategies around Pre-competitive Collaboration
Right strategies help to build right strategies around pre-competitive collaboration. Many large pharmaceutical companies are now espousing the virtue of collaboration. Pharma officials/strategists can create new innovations and generate new products while promoting both internal and external sources and thrives in Pharma environment. In order to create this environment, strong management support, a culture very different from the controlling, hierarchical R & D culture is required. It also requires much more proactive management involvement.
Many companies, organizations have begun participating in collaborations, which gives us a clear idea that such a radical new approach would require more time, effort and resources.
However, the major advantages of adopting these different ways of collaborating could be extensive in both tangible and intangible ways.
The benefits of adopting certain ways reduce cost of failure through predictive biomarkers, extensively funding mechanism, and access to networks of talent and innovation, increased trust and transparency with patients and other stakeholders. These advantages will be realised not only for pharmaceutical companies but also for other collaborators. This helps to achieve ambitious, yet essential, eradication goals.
On the other hand, broad-based, multi-company partnerships are crucial to achieve real progress on topics such as health system infrastructure, availability of treatment, awareness and prevention, and research and development (R&D).
Why should companies collaborate with each other?
At first sight, it helps to potentially give competitive advantage as companies want to share data. However, this assumes two things: Firstly, the data indeed gives a competitive advantage and, second, such a closed operating model is financially sustainable. To decrease the cost of failure and enhance success rates, it is essential to collaborate. Many companies have collaborated but there is need to co-ordinate and integrate multiple efforts within companies to gain the maximum possible benefits.
Collaboration in Pharma industry helps to:
Strengthen commitments with companies by providing access to healthcare.
Advise and support Pharma industry members on impactful stakeholder engagements, access to medicine strategies, and other projects based on collaborative efforts.
Deriving these solutions/challenges within and without the pharmaceutical industry has shown that the more precise the question is, the more likely a superior response will be impending.
Furthermore, companies that excel in the development of these new collaborative models will have a considerable competitive advantage in being able to work across various sectors to deliver more innovative healthcare solutions.
So, come on, Pharma folks: Collaborate for the greater development of Pharma industry!