Minimizing leakage of value from R&D alliances.

Alliances, which are a key component of the research and development (R&D) strategies of most major pharmaceutical companies, demand significant management time and resources. There is no doubt that considerable value can be derived from R&D alliances, and much has been written about how companies can maximize such value, but the issue of how the associated risks can be minimized has been neglected in comparison. Here, we summarize recent trends in alliance formation and discuss approaches to minimize risk in alliances, which are growing in importance as alliance activity increases.