Biotechnology is a notoriously difficult business. It requires a tremendous amount of capital and expertise. There are no guarantees except a long list of challenges. The risk of failure is high while the rewards are often unrealized for many years after inception. Biotech business development specialists, like LifeSci Advisors, need to have an unquestionable depth of experience to design and execute a plan that could yield long-term success for a company. The market is constantly changing so planners must be constantly on the lookout for opportunities as they come up. There needs to be a dependable yet flexible strategy to achieve business goals.
Revenue Generation
The company must be able to find ways to generate revenue as soon as possible. Although it is a given that startups are unlikely to be profitable right away, they cannot drag their heels in improving their situation. They should come up with at least a few commercially viable products that can generate market interest and provide income for the business. It can’t rely on just one product as they would be placed in a vulnerable position should this encounter regulatory issues, challenge from competitors, or damage to its reputation. They could also consider licensing agreements if they have valuable intellectual properties.
Robust Pipeline
A company cannot rest on its laurels no matter how established it becomes. It needs to continue to develop new products and explore other opportunities for growth. The best biotech companies have a robust pipeline that includes a considerable number of programs in the preclinical, early clinical, and late clinical stages. There is always something to look forward to in the future. Not all of these may reach commercial distribution but the few that do can make up for the cost of developing the others. Given the long timeframe for testing and approvals, scattered development avoids a length lull in new product launches.
Talented Team
Business development planning cannot neglect the need for serious talent that can deliver the goods in this highly regulated industry. The standards are high so the work cannot be entrusted to just anyone. Companies often employ a stellar team composed of MDs and PhDs to guide their work. These are usually the most respected experts in their respective fields. They leads various projects in the labs and in the testing sites. They also have teams with business development professionals and manufacturing professionals to oversee the operations on the ground.
Strong Investor Relations
Lastly, business development cannot be sustained without strong investor relations. The company needs to be able to target people and firms that would be a great fit for what they are trying to accomplish. They should find investors that believe in their programs without any doubts. They should also find ones with enough of a risk appetite that they would be willing to find programs with millions of dollars even if the returns are likely to be many years away. Keeping them in the fold and calming their nerves requires incredible skill that only experienced executives possess.
