Bilateral partnering is a collaborative process in which two or more countries partner with each other in an effort to create a product or service. The two parties make promises to each other – the seller will provide the bike and the buyer will provide the money. Each party must fulfill their promise, but the result of this process is often more than a product or service. This type of collaboration is important in biomedical research, where the pace of discoveries is accelerating.
The traditional model of health care collaboration is bilateral. Traditionally, pharmaceutical companies partner with scientific institutions and principal investigators to develop new treatments and improve public health. The foundation for such partnerships is often the scientific reputations of the two parties. Open innovation is a form of collaboration that makes the innovation process more transparent. Henry Chesbrough defined it as the practice of leveraging internal and external ideas to improve the effectiveness of a product or service.
Most of the partnerships that have emerged in the health sector have been bilateral agreements. Historically, pharmaceutical companies have partnered with principal investigators and scientific institutions. These collaborations have typically been formed by scientific reputation. However, there is a new kind of partnering that promotes more openness to new ideas in the innovation process. Innsbruck Medical University and the UK Science and Innovation Network (UKSIN) are implementing an initiative called the UK-China Technology Partnership Programme.
ICUK, a partner in the Knowledge Transfer Center West, is a leading partner of the Knowledge Transfer Center West. The UKSIN, and Life Sciences Tyrol Cluster, collaborated to organize the first-ever ICUK-China Technology Partnering Day. The programme included keynote lectures, pitch sessions, and partnering sessions. The event was held for the fourth time in Austria and brought together over 70 participants from universities, research institutes, networks, and companies.
Whether a partnership is made through a bilateral collaboration or a multilateral agreement, NAR has established over 100 partnerships in 85 countries. In the U.S., foreign investment in real estate is high, and nearly $250 billion dollars in assets is invested in the country. The United States continues to attract a large number of foreign investors. In fact, more than ten percent of U.S. commercial real estate is owned by foreigners.
While bilateral contracts are mutually beneficial, the terms of these contracts can also be ambiguous. In contrast, unilateral contracts usually involve one party issuing a payment if the other party completes the task. Similarly, a unilateral contract may involve the first party issuing a payment on completion of the task. In this case, the second party is not legally obligated to perform the task, while a bilateral contract may require both parties to fulfill their promises.