Shift Health President Dr. Ryan Wiley Shares Insights on Partnerships in Health Innovation at Techna Rounds
Said Dr. Wiley:
“Public-private partnerships (P3s) have become an increasingly pivotal—almost doctrinal—driver of R&D across the health sciences, allowing governments, academic institutions, not-for-profit organizations, care providers, investors and industry to leverage scarce resources and expertise, share risk, expand the field of viable innovation opportunities and, in theory, accelerate health and economic impact.
“But for all the advantages that have made P3s increasingly inevitable, these partnerships have not become less complex. Clarifying governance and decision-making, managing inconsistent perceptions of risk, enforcing ownership and accountability, aligning incentives, ensuring access to innovation: these are just a few of the considerations that distinguish success from failure.
“Realizing the full potential of a P3 is often impeded by the diversity of objectives, priorities and experience among partners and requires advancement on five imperatives: establish governance mechanisms that enable appropriate participation in decision-making; instill a predictable approach to communication among partners and with stakeholders; develop IP policies that balance the needs of each partner with the objectives of the partnership; align partners around the conditions, processes and timelines for making products/technologies available; and cultivate an industry mindset by applying business discipline early in technology development.”
Shift Health has planned, assembled and managed over 50 P3s in biomedical research, infrastructure development and global health, having helped clients leverage over $1 billion in financing for private and public sources.
Dr. Wiley’s presentation, Partnerships in Health Innovation: Expanding Paradigms of Private Profit and the Public Good, can be accessed here.