Over the past few years, the number of partnerships between biopharmaceutical companies and digital information technology companies to develop innovative digital health products has grown exponentially. Partnership is about bridging differences to leverage the unique assets and capabilities of the partners, creating an outcome neither could achieve alone, or at least not economically. The strategic, operational, and cultural differences between biopharma companies and their “high-tech” partners are significant and must be overcome to realize the potential of digital health. This is fertile ground for alliance management professionals to ply their craft, ensuring that the risks of partnering don’t outweigh the benefits.
This article, published in the journal of the UK’s Pharmaceutical Licensing Group:
- Digs into some of the differences between biopharma and digital technology companies
- Explores the business model that is a mash-up between what is typical for each of the partners in digital health partnerships
- Suggests how alliance professionals can apply our alliance management foundation to bridge differences between the partners and create new value