Financial Services Industry
Industry: Email Alert RSS FeedStrategic alliances, with care and creativity. (Management Strategy)
Financial Executive, March, 1993 by Spiegel, Francis H., Jr.
Merck & Co, Inc has found establishing strategic alliances as a cost-effective approach to accessing new technologies. Such arrangements are in line with the pharmaceutical company's plan of cutting costs and reducing the risks of its external growth program. When selecting prospective partners, Merck considers firms that can help it meet its strategic objective of gaining access to more research, more products and more global presence. The firm has found that choosing the right partner, having a partner that shares the same goal, having good communications at the highest levels, and exercising patience can help ensure the success of a strategic alliance. Creativity, the 'venture mentality' and the participation of key people such as the CEO also help make a strategic partnership...
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