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GLOBAL BUSINESS UPDATE insights Snapshot analyses of selected companies developing new life sciences products and... LIFESCIENCELEADER.COM THE CMO LEADERSHIP AWARDS 2015 48 By E. Miseta MAXIMIZING PHARMA PARTNERSHIPS: DOS AND DON'TS FROM INDUSTRY EXPERTS BEST PRACTICES partnerships that you can offer them. "You are entering into a partnership because you need money, equipment, or other resources," said one panelist. "Your partner has cer- tain things they need. Both sides need to establish goals and make sure those goals align with each other." BANDWIDTH IS ALWAYS IN SHORT SUPPLY At start-up, bandwidth is about the only thing that's in shorter supply than cash. That means anyone in that start-up role has to take great care to prioritize their list of tasks. They then need to take on projects only in areas that can help build the company's credibility. Of course, that is easier said than done. The decision is made tougher when someone is giving you money to do something that may not be on your list of priorities. Some of this talent you may need to hire at some point, but if the skillset is niche and not core to the product itself, then you're best off trying to leverage it from your partner. MAINTAIN YOUR FREEDOM Even if you are in a partnership that is working well and giving you the resources and support you need, one issue will still consume you: freedom. Specifically, how much freedom will you have to pursue other partnerships and explore other opportunities outside of what you are doing with your partner? According to the panel, the answer to that question should be complete freedom. In fact, unless the pharma company is a fidu- ciary partner with restrictions on what you can and can't do with the technology, you should feel free to pursue any relationships you see fit. In fact, your partner should encourage you to apply your technology and skillsets to other companies as well. According to one panelist, "From the pharma company perspective, it's even better if [the smaller company grows] but you stay connected to them. If that hap- pens, you are growing your knowledge base as they grow theirs. But you need to recognize that, in the end, you will not own it all." Another added, "The earlier you are in the stage of development, the more of the ownership that should reside with the innovating company. They are closer to the technology and have more of the expertise. And most Big Pharma companies would admit that their expertise lies in doing larger, Phase 2 and Phase 3, clinical trials." Keeping more control in the hands of the innovator may also result in more doors opening. If a Big Pharma company takes the lead on a drug, they may not look at other potential uses for that drug the Built on a strong foundation of quality and a lasting legacy of dependability. Norwich stands ready to meet your solid dosage commercial manufacturing needs. 127 YEARS OF COMMERCIAL MANUFACTURING – AND COUNTING! norwichpharma.com