Enterprise Europe Network explains how collaboration is the key to innovation in pharma and how businesses should collaborate to grow.
Successful business in the pharmaceutical industry depends on innovation. Without this, it’s difficult for companies to propel forwards and grow.
However, in order for businesses to innovate, there needs to be collaborative thinking.
So, just how integral is it to find the right people to work with? Here’s an insight into how collaboration is fuelling innovation in the pharmaceutical industry.
Secures new funding
Collaboration is key to a variety of sectors and industries but is particularly important for pharmaceutical companies. One of the main reasons is that it can help secure access to finance, or attract new investors.
This is hugely important in the pharmaceutical industry, where the cost of innovation can be an obstacle. Drug development, for example, can be hugely costly. Small companies can struggle to finance their discoveries, while simultaneously keeping up with business costs.
However, growing a network through collaboration can help companies to secure the funding they require.
Provides access to new technologies
Innovation requires businesses to embrace new technologies. However, particularly for small businesses, accessing this technology can be a barrier that’s difficult to overcome. One solution would be to collaborate with a company that has the technology at its disposal.
Technology is helping to propel the pharmaceutical industry forwards. For example, artificial intelligence (AI) is being used to process existing drugs, finding new uses for them to treat rare diseases. AI can process and collect the necessary information much quicker than humans, reducing the time it takes to make sense of drug data.
If leaps like this are already taking place, enabled by collaboration, what’s next for the pharmaceutical industry?
There are many barriers the pharmaceutical industry has to overcome, such as the cost of output and staff training. Collaboration can help industry find solutions quickly and easily. After all, the more minds working towards the same goal, the better.
Collaboration also enhances the implementation of innovative ideas. The more thinkers, the more chance an idea has to grow – and become reality.
This isn’t to say there needs to be complete harmony. For example, businesses may have a common goal in mind, such as reducing the cost of a particular medicine, yet differ on their belief on how to make it happen. In these cases, discussion can give way to intelligent, forward-thinking and fresh ideas.
Strengthens areas of weakness
Every business, but particularly small ones, will have areas of weakness. Collaboration can help to strengthen these. One company may be struggling with distribution, for example. Another may have a cost-efficient method, or new technology, that provides an innovative solution.
It makes sense for businesses to acknowledge any areas in which they’re lacking, as addressing them is the first step to solving them. Never underestimate the importance of finding a business partner when it comes to growing and propelling forwards.
The Enterprise Europe Network provides support for Small and Medium-sized Enterprises with international ambitions.