Like many of you, I am also knee-deep in last minute preparations for BIO. For many of us, this will be the first live partnering event since 2019 (I still sometimes have a hard time believing this, but never mind).
I have been thinking about what has changed in partnering and live events since 2019. I’ve come up with a few. I’m sure there are others.
Tougher to Get There
It is now far more difficult to simply attend a live event. First, companies are looking at 2019 travel budgets and slashing them to the bone. I’ve heard that some larger companies are reducing travel for non-C-level executives to 10% or less of what it was in 2019. However, judging by BIO partnering, we are still seeing Big Pharma companies with 25+ delegates, which is very 2019-like. I am curious to see what the final official attendance will be.
Second, there is the whole COVID thing. Requiring a negative COVID test prior to entry into the Convention Center is the easy part. Having a vaccine (+/- a booster) according to the published guidelines (Link) is another issue. It is likely that there are attendees who are either scrambling to get a booster this week or deciding not to get a booster and take their chances with the BIO bouncers.
Easier to meet Outside Partnering
Are you registered but not planning to physically attend?
No problem.
I am seeing a number of companies (especially ex-US) who are accepting meetings but offering to meet virtually before or after the event instead of meeting live.
This is a profoundly important trend that supports the budget cutters argument. There is a case to be made that this “no show” approach saves money (registration, flights, hotels, etc.), is better for the environment (By the way, that plane is going to fly, whether you are on it or not), and saves a tremendous amount of time for both parties. And if you are concerned about COVID (or any other respiratory disease), then staying home or in the office is a prudent choice, I suppose.
But what is the marginal value of a face-to-face meeting?
There is a case to be made that virtual is perfectly fine for introductory meetings. But developing relationships, brainstorming, and detailed discussions are obviously better suited to face-to-face meetings.
These typically do not occur during a 30-minute partnering meeting, but they can outside of partnering, as in breakfast or dinner meetings. And the physical co-location means that an immediate follow up meeting (like drinks or dinner, or having an informal follow up at a reception), becomes a reasonable possibility.
Recommendations
From an out-licensing perspective, let us assume for the moment that live events will be more challenging, in the sense that fewer prospective licensee’s will attend, and with fewer delegates per company per event. Let’s further assume that registrations and travel will all become increasingly expensive in the future. What should companies do? Here are three ideas worth considering
Smaller, Regional Conferences – As much as we enjoy the large, international conferences, there is a place for smaller, regional ones which may have some “Big Pharma” representation.
Dividing your team’s efforts across multiple conference may or may not prove more cost effective. But investigate past attendance by prospective licensees to gauge if attending a smaller, regional event may be worthwhile, keeping in mind that the number of meetings will be relatively low, and the resulting cost per meeting may be high.
Stronger Digital Presence – Have you looked at your web site lately? Does it convey key information about the candidate(s) you are trying to out-license? Or is there a lot of web page real estate spent on management profiles (where you went to school, how handsome you are, etc., etc.)? Is somebody actively promoting your licensing candidates (data, publications, etc.) on LinkedIn?
Accurate Information in Databases – Is the information in Biomedtracker accurate and correct? What about Cortellis? What about GlobalData? How do you know? These databases depend on accurate text-based information on web sites, but a poorly-designed web site, or one with inaccurate information (or information hidden behind uncrawlable images) will result in incorrect information in these databases. It only takes a moment to contact the sales representatives from these services to confirm that the information on your company is accurate and up to date.
I am quite interested in engaging with folks at BIO next week to discuss these points and to learn more about how partnering has changed over the past 3 years.