Partner Rx is a membership only site dedicated to the Business Development organizations in the Life Sciences community. L&A and M&A are such a big part of the Life Science landscape that finding a partner can be time consuming and expensive. Partner Rx focuses on the buyer identification stage of the process. Below is our interview with Diane M. Ahearn, CEO & Founder of Partner Rx:
Q: What is Partner Rx?
A: The most difficult and critical part of the Business Development process is targeting potential partners. Companies large and small have the challenging task of soliciting potential partners who are both interested and strategically aligned with their offering. Partner Rx simplifies this process by bringing together everything companies need to connect and make an informed decision. Partner Rx links buyers and sellers from the pharmaceutical, device and consumer sectors of the healthcare industry. We’ve created a virtual partnering conference on line which is both effective and cost efficient. With a few clicks of your mouse you are in contact with a community of companies and business development professionals. The site is designed to maximize your ability to partner.
Q: How Does Partner Rx Work?
A: Partner Rx is set up to be easy to set up and simple to use. Create a company profile. Set up your profile. Share your asset documents securely. Now potential partners can find your assets for partnering.
Q: Who are the primary users of PartnerRX and what are some of the key challenges you are helping them solve?
A: We have a wide array of members and users. We have U.S. and International company memberships. We have some of the largest Pharma companies in the industry now seeing the advantages of utilizing our website to increase the success and efficiency of their business development activities. Members also include smaller start up and biotech companies that are looking to partner their assets. We also have academic institutions as members. Our offerings or opportunities are diverse and offer companies seeking to acquire assets a unique opportunity to keep informed of what opportunities are currently available. The opportunities vary from pre-clinical to marketed products over many different therapeutic areas. The opportunities listings change very frequently with new offerings all the time. The biggest challenge we’ve faced is changing the mindset and habits of the business development professionals. When our members realize they can add our services to their current practices of finding new opportunities as well as seeking buyers or partners for their own assets it becomes a win-win situation for buyers and sellers.
Q: What is your main goal now?
A: Our main objective is to continue to grow our membership and continue to meet the needs of our current members by adding enhancements and services to our site and business.
Q: In terms of what you’ve learned from building PartnerRX, what advice would you give to future entrepreneurs?
A: If you have a good business idea take the time to research, invest, plan, develop and execute. Be open to listening and changing things to make them better. Be patient. It takes time to develop and make any business successful. Have short term and long-term goals. Have fun. Love what you do and you’ll be successful.
Q: What do you find most interesting and rewarding in terms of running PartnerRX?
A: It’s exciting to see the progress we’ve made as a business over the past year. It’s particularly rewarding to watch our business succeed in matching sellers to buyers. Business development is not an easy endeavor and finding the right buyer is the most challenging aspect of the process. We take great satisfaction from hearing our members’ success stories each time they conclude a transaction where we’ve enabled them to find the right buyer for the business.
Q: Can you describe some of the enhancements to the site since Launch?
A: We’ve made quite a few upgrades, enhancements and additions to the site.
We have a new Business Resources page where businesses that support the life sciences industry can advertise their services and products. We’ve recently launched this page and offer many plans that meet our advertiser’s objectives at competitive prices. The ads feature a description of the business, their logo and a link to the website and social media.
We are now offering consulting services to assist life science companies manage the complex process of deal making. Partner Rx, LLC is now is offering consulting services for business development professionals and their organizations. Our consulting staff has decades of experience in Business Development and the Life Sciences Industry.
Our experience and expertise in the Licensing, M&A and Divestiture process can provide valuable results for any small, medium or large life science company seeking to enhance their success from identification of an opportunity through transition. Allow us to assist in any or all phases of the process.
Partner Rx can provide services related to:
Developing Business Rationales
Preparing Summary Memorandums
Developing Confidential Information Portfolios
Primary or Secondary Market Research
Due Diligence Preparation
Transition planning and Project Management
Another addition to our site is the Industry News section. This news section focuses on life science companies, CEOs or a recent business transaction. We work with individuals interested in featuring an article to develop the content, post the article on our website and use our social media (Facebook, Twitter and Linked In) to circulate to the key constituents of your business.
In addition, and most importantly, we have new and flexible membership opportunities.
All subscription levels allow members to:
Create a company profile.
Post assets you are looking to partner. List your contact information and attach a non-confidential summary.
Search for opportunities currently listed by other member companies. (Detailed Search Engine allows you to target the right opportunities).
Choose between two subscription levels:
Annual Membership: $1500 Get a full year of complete access to the marketplace.
NEW Express Membership: $200 This is a onetime login to the marketplace. Allows a member to post one or more new offers. Allows a member to view all current offers in any category. Each additional login to the website in the future would require the Express Member to pay the same low $200 Express Membership rate.
This new Express membership has become very popular and many Business Development professionals are taking advantage of this new membership model.
Q: What we can expect from PartnerRX in the future? What are your plans?
A: We would like to continue to grow as a business in our core activities and are hard at work in expanding, enhancing and developing the business and the site. Follow us on Facebook and Twitter.