Business development: A barometer of future success

Abstract

In the pharmaceutical and biotechnology industry, an excellent barometer of potential future success is a company's ability to find and execute accreditive deals. The key factors that differentiate successful companies are: (1) visionary leadership that sets aggressive but achievable, coordinated, measurable individual business development objectives to be met by designated dates, and (2) a proactive results- versus activity-oriented corporate culture. In these companies, senior management, from the Chief Executive Officer down, are focused on business development efforts to ensure that future product line gaps are filled before they materialise. Business development is supported by systems and processes that facilitate the timely identification and execution of accreditive deals. This paper discusses how successful companies set and achieve realistic business development objectives. Failure to fill future product line gaps through in-licensing, joint ventures or acquisitions will result in many companies being downsized, acquired or merged, or going out of business.