According to research conducted by Best Practices, a pharmaceutical research firm, collaboration marketing is a critical factor in the successful launch of pharmaceutical products. Thus, the power of collaboration marketing is once again demonstrated across diverse industries.
Collaboration Marketing closely tied with successful launches
On average, pharmaceutical companies begin their collaboration marketing efforts for a product five years before the anticipated launch. The collaboration is critical in identifying whether the launch, which costs hundreds of millions of dollars, will be successful and if it should be undertaken at all. Thus, many players in the industry are involved. For example, many large pharmaceutical firms employ licensing partnerships with small biotech companies, enabling significant benefits for both parties.
Critical elements of successful Strategic Alliances
In the research findings, pharmaceutical companies reported that the maintenance of strategic alliances were critical in the success of the collaboration. Thus, through the comprehensive research, three major factors were revealed that were indicative of a successful strategic alliance:
1. Business management and human resource relationship skills are fundamental to creating positive partnerships.
2. Synergistic approach to risk management will alleviate any tensions in strategic alliance partnerships.
3. Formal, clearly developed collaboration goals, along with the management of decision-making, play a large role in determining the success of the strategic alliance.
With the proper management, synergistic approach, and clearly defined goals, a strategic alliance results in effective collaboration efforts both in pharmaceutical and other industries.