Guest post by Ann Connolly, New Ventures, Johnson & Johnson Innovation
If I had to name one essential ingredient for building successful partnerships in healthcare innovation, it would be transparency. Bringing together the right combination of partners can mean all the difference to patients awaiting the next scientific breakthrough. For this reason it is critical for any partnering due diligence process to promote transparent communication so that every stage of scientific evaluation can also serve to build lasting and trusted relationships.
Though the transformative potential of an idea is a key consideration in every assessment, proper and effective due diligence must look beyond the data. Science is essential, but a productive, healthy relationship is key to successful partnership. Since launching in 2013, Johnson & Johnson Innovation has entered into more than 150 collaborations globally. Though each of our collaborations has unique characteristics, all are characterised by great science and a solid relationship built on shared passion for uncovering tomorrow’s healthcare game changers.
For us, every external collaboration is driven by fierce internal champions, who accompany and mentor the progression of the new innovation through clinical proof of concept and beyond, allowing us to forge real and enduring alliances. Much like any long-lasting relationship, good ‘chemistry’ in healthcare collaborations is formed on a basis of mutual-trust: the quality of communication and relationship is vital, and when evaluating competitive transactions, it can be the determining factor which will make or break partnership decisions.
Developing healthcare innovations is an unfolding adventure, and everyone on the journey should expect to hit bumps along the way. The science at this preliminary stage is not going to be perfect – nor should anyone expect it to be, but partners can only support each other effectively if everyone has their cards on the table.