Understanding the potential value of a deal requires a solid assessment of the asset in question and the fit of the potential partner with your company.
However, there is always less resources than you need to conduct these assessments, leading to the need to prioritize the use of internal resources. This prioritization, when based on limited evidence, can cause tension in the team and give rise to the fear-of-missing-out.
One solution to this challenge is to leverage digital options to efficiently gather data and receive expert assessments early in the process, so your team can assess the fundamentals of the asset from the start.
Early Prioritization of projects in business development is essential
Prioritization of projects in business development is essential for success in the world of biosimilars, whether it is done by a top down or bottom up process. This is especially important when limited resources might need to be freed up for ‘priority projects’ to help manage the workload.
However, even when there is strong evidence for stopping one project and assigning its resources to another, more promising project, the fear of potentially (not actually, but only potentially) missing-out tends to mean the less important project lingers on and continues to drain resources. This is made worse by the fact that a natural response from overstretched team members is to request more and more resources, or even define their priorities based on feelings of despair, rather than objective evidence.
The problem many companies face is that evidence based prioritization requires a robust review of early business development opportunities by those with expert knowledge and experience. Something that, until now, has often been a complex and inefficient process.
At bioseet we decided this needed to change, so we created a digital solution that can massively simplify, streamline, and increase the efficiency of team conversations on genuine business development opportunities.
Additionally, bioseet not only helps facilitate early exchanges with external partners, it also simplifies relationship management across multiple business development opportunities.
Free up your team’s energy for high value opportunities. Join bioseet, the digital solution for business development in biosimilars.
