New medicines often progress from idea to regulatory approval through collaborative licensing agreements or acquisition. Deal-making has become one of the most critical skills for a biotech’s leadership team in developing products to improve patients’ lives. On February 10 BIO will provide an opportunity for executives to learn how analytical negotiators apply principles of game theory to optimize deal outcomes and accelerate medical innovation. This half-day workshop will be offered at the Marriott Marquis in New York. BIOtechNow (BTN) spoke with the instructors about what will be covered.
- Harm-Jan Borgeld, CSAP, PhD, Head Alliance Management, Merck KGaA
- Stefanie Schubert, CA-AM, PhD, Professor of Economics, SRH University Heidelberg
BTN: Stefanie and Harm-Jan, what will be covered in your workshop “Improving Negotiations and Decision Making by Applying Game Theory”?
Harm-Jan: In our workshop, we discuss biopharma negotiation cases with the goal to enhance decision making and improve the negotiation skills of the attendees.
Stefanie: We do this by applying game theory, the science of strategic decision making.
BTN: How did you come up with the combination of game theory and biopharma cases?
Stefanie: The first time that I met Harm-Jan, I realized quickly how he makes decisions and negotiates – he used game theoretic principles in practice. But he wasn’t aware he did. Thus, he was not able to fully exploit the benefits from his structured way of thinking.
Harm-Jan: After we started talking about negotiations and game theory, it became clear that the combination of the two would really enhance the outcome of negotiations. In addition, it helps in senior management because game theory is a systematic approach for decision making and negotiations.
BTN: There are loads of decision-making or negotiation classes. Why should people attend your course?
Harm-Jan: The uniqueness of our workshop does not only come from the combination of both topics and enhancing skills. We want people to achieve more – to influence in order to reach the desired goal.
Stefanie: We use game theory on a very applicable basis so that learnings can be used immediately. On top of that, we show that changing the rules of the game and applying strategic moves may change a situation completely – to one’s own advantage.
BTN: Thank you for the interview and good luck with your workshop before the BIO CEO & Investor Conference in New York!
For additional details and to register for the workshop visit here.