Strategic Alliances as Treatment for COVID-19 and Beyond

Abstract

Novel strategic alliances have been emerging quickly in response to the COVID-19 crisis. We know much at alliance and firm-level about the benefits and challenges associated with different types of alliance configurations, however there are still gaps in our knowledge about the connection between alliances and impacts on society and the environment. In this paper, we use a novel dataset of 217 strategic alliances that have emerged between January and April 2020 in response to the COVID-19 crisis. We analyze which alliances have emerged and how these alliances are tackling different needs related to the crisis. We find that alliances focus on three main categories of needs: core healthcare, pandemic management, and underlying social needs. We explore and categorise the types of alliance approaches associated with different needs. By doing so we provide a structure for identifying the connection between alliances and systemic challenges. We also identify drivers for the acceleration of inter-industry alliances including a close connection to user needs. We provide implications for the current crisis and for the period post-pandemic when there is a global opportunity to rebuild collaboratively in ways that can foster sustainable development.

Keywords: strategic alliances, COVID-19, healthcare innovation, sustainable innovation

JEL Classification: O31, O35, O36, I15, Q01, D74