Creating a successful biotech business requires multiple strategies for success. You need to combine things like strategic dominance with technical excellence to really win in this industry. If that sounds like you, this guide is here to help. We look at how to create the secret sauce for your biotech start-up so that you can attract investors and bring products to market.
Build a complementary team
The first thing you’ll want to do is build a complementary team. You need a group of people who can work together but who each have different strengths, skills, and perspectives.
Biotech executive search services are helpful for this, especially at the start. Agencies can connect you with other people in the industry who might have the talents you require to drive your business forward. Prioritize finding these people early on, especially scientific individuals who can help you develop the underlying product. Later on, you can bring in regulatory experts and marketing professionals.
Check proof of concept in scientific literature
Photo by Mikhail Nilov
Another your biotech start-up will want is proof of concept in the scientific literature. This should be supporting studies that back up whatever it is you want to do. Early validation is critical because it increases the likelihood that your projects are going to succeed. If you have a prototype or pre-kit clinical results that seem to confirm what you’re aiming for, you’re less likely to fall flat later on when drugs or interventions don’t work. If you can find science that meets unmet needs, then you’re in an even better position. Not only do you have a breakthrough technology, but you could also achieve market dominance once it releases. Think of the success of weight loss drugs like Manjaro and Ozempic.
Get decent intellectual property protections
Of course you also want reasonable intellectual property protections. As a biotech business, your success depends on protecting your edge and ensuring that you have the right farmer parts. Building IP strategically should happen from the beginning. Many biotech startups see it as a foundation of their companies. It’s unlikely that you’ll be able to protect your profits.
Focus early on CMC
Photo by Edward Jenner
Another piece of advice is to focus early on chemistry, manufacturing, and controls (CMC). If you can plan this from the start, then you can de-risk the manufacturing stage of the process, which is the point at which many companies get caught out. If you don’t do this in advance, then your timelines could be off, and your development track could be extended by many months or even years. Check that the controls and manufacturing systems that you require are in place as you develop the chemistry for whatever drug you want to put out to the market. If these systems aren’t in place, work on them at the same time so you can build an ecosystem that serves you once you are ready to enter the market.
If you can map out your de-risking milestones, that’s also handy. For example, you’ll need to schedule your Phase I and Phase II trials before moving into more expensive stages of development.
Top photo by National Cancer Institute on Unsplash
