Customer Case Study
Théa Open Innovation Uses Inova as Their Single Source of Truth for Partnering
Théa is the leading independent pharmaceutical group in Europe specialized in ophthalmology. With products in all eye care therapeutic classes, the family company is present in 75 countries, and is posting a turnover close to €600 million.
Théa Open Innovation is a sister company of Théa. It aims to identify, evaluate and develop innovative ophthalmic solutions in partnership with biotechs, start-ups and universities through licensing agreements and/or shareholdings. Théa offers its partners a unique expertise and ability to manage and develop innovative solutions in ophthalmology and provides the funding its future partners require to conduct proof of concept in humans.
The key to success lies in the addition and multiplication of innovative approaches. Partnering is thus key to Théa’s strategy as they rely on partners to nourish innovation in their pipeline. A collaborative and open innovation approach is the bottom line. Identifying, assessing, setting up and managing those partnerships is the mission of Théa Open Innovation.
The increasing number of projects, along with the expansion of the Théa Open Innovation team led the company to look for a system that would efficiently centralize and interconnect projects.
Inova provides a single place where strategic information on prospective and on-going partnerships and deals can be easily stored, triaged and shared with the entire team. As the unique, intelligent repository they were seeking, Inova was an easy-to-adopt solution for the Théa Open Innovation team.
Lightweight and out-of-the-box-ready with minor customizations, implementing Inova at Théa Open Innovation was a breeze. Inova is easy to use but sophisticated in its ability to capture the intricacies and specificities of the scientific and biopharmaceutical world.
Every team member was able to configure Inova quickly and smoothly to their own specific vision and responsibility. For example, the scientific team specified how the molecules should be categorized and the medical team stipulated how the indication could be simplified to be clear to all.
Not to mention that implementing Inova at Théa took less than two months, to the satisfaction of Théa’s IT requirements.
“Inova is our corporate memory. No matter who attends a partnering conference, they have all the information they need to interact confidently and professionally with prospective partners. We finally have a way to easily find what was said and we never have to re-start from scratch.”
The Need for a Collaborative Digital Platform
In less than two years of existence, Théa Open Innovation signed several promising partnerships in new therapeutic areas. At the same time, the arrival of many new collaborators in a very short time created the need for a collaborative platform.
Inova is the ideal tool for their needs. It keeps everyone informed about the progression stages with potential partners, the history of interactions at biopharma partnering events and the onboarding of new assets.
Furthermore, it was crucial that the entire team-Scouting & Scientific Evaluation, Medical Evaluation, Analysts, Business Development to Alliance Management-be involved in the adoption of Inova to tailor it to diverse needs, perspectives and objectives. This was easily accomplished with a series of efficient meetings between Inova and Théa Open Innovation.
Simplicity and Flexibility
Inova provides the entire team at Théa Open Innovation a single, straightforward and transversal partnering tool. It gives everyone a broader view and ensures all are aware of potential and on-going projects and partnerships. Another advantage for Théa is that Inova represents a single source of truth for these activities and deals.
During bi-monthly portfolio meetings, the team scrutinizes and triages new partnering and licensing opportunities in Inova and follows up on current projects. Coordinators are appointed to approved projects and updating Inova with these projects’ information and advancements.
This is easily accomplished thanks to Inova’s ergonomic functions like the workflow update and opportunity status parameters. Subsequently, everyone on the team can quickly check the status of the pipeline from a bird’s eye dashboard view of deal phases down to the fine details of the breakdown of indications for a particular asset.
A Single Source of Truth
The synergy between Inova’s One-on-One Partnering™ platform and Inova’s partnering platform is key for Théa Open Innovation. They can easily import past partnering meeting details (including contact details and relevant documents) from conferences, like the BIO International Convention, into Inova and follow up with new strategic contacts.
This allows everyone on the team to know who met whom and what was discussed at key life science conferences. By exploiting the full potential of Inova’s products to track and pursue deals and partnerships, Inova is Théa Open Innovation’s indispensable partnering sidekick.
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