Drug development is an inherently complex process. Risk and reward are multi-facetted, comprising a large set of specialty areas which may at first sight lie outside what is deemed to be the critical path. Often these “adjacent areas” however define success and failure in the course of development of an asset, a portfolio, or an entire company. In addition, companies undergo transformational changes of their operating models as they move along the development of their products.
Against this background, boards have a key function in transferring knowledge and best practice from experienced veterans to younger teams, and from domain experts to those to whom that expertise is vital.
- In order for this fertilizing process to work successfully, board members are as reliant on insight into the companies they work with as they are on their expertise and network.
- However, all too often a variety of hurdles dis-encourage full transparency, commitment, or focus – examples include misalignment of financial interests, personal agendas, knowledge gaps, and detachment between those “inside” the company and those “outside watching”.
- It is obvious that value creation potential exists by overcoming these hurdles and enabling productive interaction between a company and its board.
We work with board and management clients likewise to implement robust fundamentals, enabling outside expert support, sustained cooperation, and long-term value creation.