Quirk, Robin A
(2015)
Creating Value Through Alliances: Can Strategic Management of Partnerships Build a World-Leading UK Regenerative Medicine Industry?
[Dissertation (University of Nottingham only)]
Abstract
Regenerative medicine (‘regen med’) is a growing sector that holds the promise of transforming patient care. Unfortunately, the regen med industry within the UK risks losing ground on international competitors. In terms of basic research, outputs are second only to the US. Commercially however it is much less competitive with the US, falls also behind Germany in terms of size, and is facing threat from countries such as Japan and China. There are many contributing factors (e.g. limited venture capital and public funds, poor NHS technology adoption, fragmented EU regulations). That said, many key components, such as cutting-edge research, clinical expertise, and Centres of Excellence, are in place.
Life sciences companies are increasingly moving away from fully integrated business models to operate within alliances and networks. The aim of this work is to find if UK regen med companies can, in adopting this approach, make better use of existing resources and relationships, and advance to market in a more efficient manner. The question is then whether this tactic for value creation/capture at firm level can collectively strengthen the UK industry’s position globally.
To answer this, raw data was generated through interviews with industry leaders, in order to frame sector-specific experiences in the context of previous wider strategic alliance research and theoretical models. Analysis shows that alliances are already commonplace. However, whilst there are many growth opportunities for firms within collaborative programmes, regen med companies are not presently sufficiently structured or skilled to fully capitalize on them. As such, there are some heavy losses in value generation and capture relative to inputs.
From emergent themes, three main policies for firms to improve alliance-based commercialisation models are identified (namely, building and formalising alliance management practises, developing absorptive capacity, easing IP access). The highly influential role of the UK state is also apparent. Here, possible changes to grant funding scheme rules and an extension of roles in educating and facilitating successful collaborative programmes are identified. In conclusion, improving value capture through strategic alliances does appear to provide a means to elevating the UK industry on the global stage. The extent of this is undetermined, in part due to heterogeneities within the wider research literature and the interrelatedness of proposed strategies. A number of limitations within the presented research are discussed, and opportunities for future investigation provided.
| Item Type: |
Dissertation (University of Nottingham only)
|
| Keywords: |
Regenerative medicine, Biotechnology, Alliances, Partnerships, Collaboration, Networks, Absorptive Capacity |
| Depositing User: |
Quirk, Robin
|
| Date Deposited: |
25 Apr 2018 13:51 |
| Last Modified: |
26 Apr 2018 01:33 |
| URI: |
https://eprints.nottingham.ac.uk/id/eprint/29909 |
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