Innovation in the Biopharmaceutical industry is faster and more complex than ever, driven by large data sets, new tools like CRISPR gene editing, and more complicated drug modalities. Innovation is increasingly driven by extended collaborations with stakeholders including life science companies, academia, non-profits and government entities. This “hyper-collaborative” or “ecosystem” project approach brings multiple benefits such as shared risk, reduced cost, greater utilization of unused IP, better access to funding and talent networks, more innovation capacity, and improved transparency and trust with patients. It also creates challenges that life science project managers are well positioned to address. Some of these challenges include: Setting goals and expectations, communication and leadership buy-in.
- Setting goals and expectations: Holding project team members accountable is a basic project management responsibility, but when collaborating with external partners it is more critical than ever. The PM must ensure that all players understand their role and what each is expected to contribute in terms of human resources, cash, knowledge, IP, and equipment.
- Communication: While information flow within a business or industry is often well established, segments such as non-profits, academia and government may have very different communication tools and styles. The PM needs to give this area extra attention to avoid silos and ensure that all team members are getting the answers they need.
- Leadership buy-in: In an ecosystem-level project, an entire organization may be represented by 1 or 2 team members. The PM must have confidence that these team members are supported by their own management, can accurately represent their organization and are empowered to deliver on that organization’s commitments.
None of these issues will be new to experienced project managers, but broadly collaborative projects make all of them more challenging with more potential to derail your efforts. However, recent examples of big pharma players being sidelined by smaller biotechs with strong collaborations show that the approach will be necessary for future success. Life science PMs should welcome this development and be alert for the opportunities it creates.
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