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28 Best Practices
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In light of the changing deal landscape and these critical alliance management issues, business development organizations at large Pharmaceutical and biotech companies alike seek to improve their own business development efforts to successfully negotiate strategic alliances that are most valuable to their goals. This study looks at the most critical factors in managing the deal-making process. Specifically, this study examines the areas of:
Aderis; Atherogenics; Atrix; Bristol-Myers Squibb Medical Imaging; Cardiome; CV Therapeutics; Micrologix; GlaxoSmithKline; Astellas.
1. Exhibit transparency throughout the alliance to build trust and maximize efficiency.
Displaying openness during and after the negotiation phase of a deal is an element that most interviewed executives cited as necessary to ensure success.
2. Manage the natural tension between large and small companies during negotiations to facilitate alliance progress.
Cooperation usually is not a natural act for companies in the same industry – best-in-class companies recognize this tension and work to openly resolve conflict and encourage cooperation.
3. Openly discuss scenarios in risk-taking to make sure expectations are clear.
Interviewed executives cited frequent disappointment with issues of risk-taking when dealing with partner companies.