Early-stage life science companies: Three tips to partnering and success

By Imran Nasrullah, M.S., J.D., Director, Innovation Sourcing, Business Development & Licensing/Prescription Medicines, Boehringer Ingelheim Pharmaceuticals

Partnerships with early-stage companies often spark some of the most innovative research and development collaborations in the healthcare industry.   By connecting with these innovative organizations, the full scientific community can keep its finger on the pulse of the latest cutting-edge thinking. This allows Boehringer Ingelheim to enhance and speed up the bio-pharmaceutical discovery process for all our stakeholders, and most importantly, for patients.

But what makes a successful partnership? Since launching our full-scale outreach at Boehringer Ingelheim last year, we have coached over 50 early-stage companies to help take their business and research to the next level. Below are the three most important lessons that we have learned on this journey, and that I think early-stage companies should bear in mind when searching for a partner to support their discovery and development work as they build their companies:

Decode the pharma ‘black box’

So many of the organizations that we work with say that they think of big pharma as being an impenetrable ‘black box’ that they have no idea how to navigate. One of the most important tools that early-stage companies should look for from a partner is the chance to lift the lid on how big pharma works, for example, explaining  the complicated  process  for bringing a drug to market, or thinking about research or what the industry standard is for deal terms. Our BI Office Hours program was created to provide an opportunity for companies to discuss these important questions and others with a group of executives from Boehringer Ingelheim – whether their business is strategically aligned with our own research interests or not.  It’s similar to when you were in college and you could meet with your professor to get guidance and coaching.  The BI Office Hours program is currently available in Boston and New York, and is launching in San Diego on March 1st.

Seek networking opportunities

As much as big pharma can play an important role in the journey of an early-stage company, sometimes you just can’t replace hearing advice and lessons from your peers. It’s for that reason that we established BI Academy, which holds regular panel events and workshops. We invite successful early-stage companies to come in and share their experiences alongside Boehringer Ingelheim executives.  It’s essentially an educational and networking opportunity for entrepreneurs to get together and share learnings, best practices and some great thinking.  Going to events like these can be a great way to pick up tips and advice about growing your own business, as well as to meet influential people in the industry who may be useful to you down the line.

Look for resources beyond funding

Partnerships can’t just be about writing a check. Early-stage companies should think about what other resources they need to get their business off the ground – whether that be scientific insight, business expertise, looking for lab space, or seeking a mentor to help answer any questions you may have along the way. Our partnership programs are centered around developing a personal relationship with the companies we work with. We believe it is only by taking a holistic approach to partnering that we can get the most out of the relationship for us, for the early-stage company, and ultimately, for patients. We encourage early-stage companies to continually come back to us to take advantage of all the elements of our organization – whether that be mentoring and feedback through our Office Hours program, meeting with our BD&L team at our BI Partnering Days, funding through our Venture Fund, the opportunity to access lab space through our Innovation Prize, or the opportunity to hear from and network with other companies at the BI Academy.

The ecosystem is complex, and the challenges not insignificant, but we believe that by taking a 360-degree approach to partnering, we as a company and the early-stage companies we work with can benefit and truly advance science and bring great products to market to meet unmet medical need. Establishing this open and transparent exchange of ideas makes us partners in the healthcare process with other stakeholders and our patients.

If you are an early-stage company interested in learning more about partnership opportunities with Boehringer Ingelheim, visit: https://www.boehringer-ingelheim.us/partnering/overview

We are also currently accepting submissions for our Innovation Prize in San Diego until February 20.