The PharmAlliance partners fully recognize that investment is required in order to move the relationship forward and are fully committed to providing both direct and indirect resource to the enterprise. The manner, timing and extent of that commitment has to remain flexible so as to meet the changing needs and existing financial commitments of the members. We believe that the most equitable and transparent means of achieving this is to establish a ledger that will record expenditure of all types in accord with institutional and other requirements, and that records time commitment as the Domains and visit schedules develop.
Activities can be broadly considered to be those supported by the investment fund (see below) and those associated with ad hoc meetings and interactions as well as opportunistic events. The partners recognize that some concordance needs to be reached with regard to:
- Cost of flights.
- Consideration of staff time involved in such events (and link to follow-up).
- Cost of accommodation.
- Costs of subsistence.
- Sundry costs associated with visits.
PharmAlliance Executive meetings of senior staff from partner Schools (e.g. travel, hosting, other costs etc) will be funded from recurrent operating funds of each School in order to preserve funding available for project support from the Investment Fund.
Investment Strategies to Fund PharmAlliance Projects
Each school recognizes that investment will be required to support the activities of PharmAlliance over the course of the next three or four years for the purpose of stimulating and enabling innovation, impactful collaborative opportunities that have the potential to attract external funding, foster higher levels of collaboration and enhance the functional and reputational impact of each institution. However, as each school will have to work within their own institution’s financial budgets, regulations and associated procedures, and manage financial priorities within a wider institutional context, discussions should occur early at each School to source appropriate funding.
Funding strategies for PharmAlliance projects may include institutional funds, discretionary funds within the school and external funding sources. Budgets including leverage will be highly regarded. These opportunities should be discussed with the Dean/Head of School prior to proposals being developed.
Project and Collaborative Activity Development
The primary purpose of PharmAlliance is to encourage faculty, staff, and students among the three participating institutions to work together synergistically in important and impactful areas, consistent with the Core Values of the partnership. Funding priorities will be developed and refined as the PharmAlliance evolves, but will initially focus on the following areas:
- Provide resources for members of the PharmAlliance to meet in a face-to-face meeting format, explore, and develop an important and meaningful program or project collaboration.
- Provide seed money to enable the further exploration and development of a collaborative idea with the intention of creating a significant proposal that would have the potential to impact the competitiveness and/or reputation of the members of the PharmAlliance.
- Provide development and enhancement funds to enable the maturation of significant programs or scientific concepts that have the potential to place PharmAlliance members in a unique and highly competitive position.
The Board will invite proposals for colleagues who wish to pursue a collaborative idea or project. Guidance on this can be found on the PharmAlliance website