Laying the foundation for a successful partnership
The perfect analogy of a successful partnership is a successful marriage. It takes compromises and adjustments but the end results are so fruitful that the efforts taken don’t matter.
Just like choosing the right partner makes a marriage successful, so is the case for a successful company. It is one of the most important decision which drives growth of the company. A successful partnership lets you recognise your weaknesses and draw on your partner’s strength without feeling vulnerable. At the same time, you are free to focus on your core competency. It is a mutually beneficial involvement which opens new avenues of achievement for both parties.
Successful partnerships in pharma industry are not uncommon. All it takes is to keep in mind few guidelines.
Shared vision and mission
Defining a clear mission and vision at the first step itself between the stakeholders/partners helps in making sure all are in the right direction and aware of final outcome expected. Also clearly defining the responsibilities and expectations from each party helps them to contribute to the joint mission in the best way possible.
Focusing on your core competency
By focusing on our own complementary skills and trusting the partner for their part, we can achieve maximum success. This will help us to effectively utilise the strengths of each partner to get maximum benefit from the partnership.
Good, frank and clear communication
Communicating effectively is the key to keeping the relationship in a balanced state and the partnership in good order. It is always healthy to handle disagreements and disappointments if any, early on, so as to avoid making the situation worse at a later stage.
Culture of the company
Outsourcing work is an extension of the business and it is important that the partner holds similar values. It is often after a culture clash that companies realise the importance of it. Seeking references, conducting face-to-face meetings and on-site visits helps in determining if the wavelength of the companies’ match. Disappointments at a later stage can be avoided in this manner.
Avoid premature conclusions
Usually, keeping in mind pharma development, it takes a lot of time to see definitive results and for the project to reach completion stage. Often, prematurely determining that the partnership may not be working, instead of clearly defining the issue can spoil the relationship and also risk the investment made by both parties.
Defining clear success metrics, effective communication and addressing potential issues can avoid negative situations and pave the way for a successful partnership.