HCM550 Module 6 Written Assignment Pharmaceutical and Biotechnology Industry Strategic Alliances

HCM550 Module 6 Written Assignment Pharmaceutical and Biotechnology Industry Strategic Alliances

Strategic Alliances between Pharmaceutical & Biotechnology Companies 2 Background on Strategic Alliances Within the Marketplace The pharmaceutical industry is on the rise with all the medical advances to include the push from the biotechnology market. There has been a rapid increase in the formation of strategic alliances between the pharmaceutical and biotechnology firms to face current obstacles within the marketplace. According to Danzon, Nicholson, and Pereira (2005), there is a direct correlation between successes of products developed from the formation of a strategic alliance as opposed to an independent partnership. Biotechnology firms have the ability to offer pharmaceutical firms access to more innovative technology, while allowing the biotechnology firms to gain access to money, clinical trial experience, and marketing abilities. Approximately one-third of these strategic alliances involve genomics which makes these alliances crucial to one another to support the breakthrough technology that is happening. The one-third of companies are also relatively small companies that have built an alliance to be able to compete and perform against the larger companies within the marketplace. The alliance between the Big Pharma companies and smaller Bio-Tech companies seems like a no-brainer, but in reality all the pieces need to fall into place. The companies need to be able to understand one another’s strengths, weaknesses, opportunities, and threats within their individual marketplace. If they don’t they are potentially susceptible to sabotage from other strategic alliances within the marketplace that were able to do so. You can’t have a strategic alliance without looking at all the pieces that make up the companies individually. Otherwise you are heading blindly into a possible situation where you don’t really know what the foundation is for either company. Possible Tensions, Challenges, & Maintaining Alliances It is no secret that pharmaceutical and biotechnology firms both produce medicine, pharmaceutical firms’ medicines are chemically based, while biotechnology firms’ medicines are
Strategic Alliances between Pharmaceutical & Biotechnology Companies 3 biologically based (Investopedia, 2015). Pharmaceutical firms generally use artificial materials to manufacture drugs, while biotechnology firms use living organisms to manuf

HCM550 Module 6 Written Assignment Pharmaceutical and Biotechnology Industry Strategic Alliances
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