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Craig D. Shimasaki "The Business of Bioscience: What goes into making a Biotechnology Product"

In The Business of Bioscience, What goes into making a Biotechnology Product you will be introduced to many key aspects of the biotech and product development process. This includes: the characteristics of a biotech entrepreneur, how to establish an organization, raising all forms of capital, selecting development milestones, dealing with personnel issues, the significance and impact of a business model, market strategies and impact on raising money, regulatory compliance issues, and why you must manage differently at different life-stages of the organization. I have included background information at the beginning of each chapter so as not to take for granted the readers’ understanding of all subject matter; yet we quickly move to in-depth discussions of these subjects so that those more experience in these areas will also benefit. Knowledge is essential for success and most biotech entrepreneurs are very knowledgeable. However, a distinguishing difference between a good biotech leader and a great biotech leader is having wisdom—the ability to apply specific knowledge at the left time, in the left situation. This aspect is an overarching theme of this book.

As you read The Business of Bioscience, you will learn mechanics and some business strategy on how to establish and grow a life science company. You will come away with an understanding of the expectations of biotech investors, and also gain insight on how to use this information to give you the best opportunity to raise the needed capital for a company. Securing funding for a biotechnology company is a crucial requirement if you hope to have any opportunity for business success. As a result I devote two chapters to multiple aspects of the fund-raising and financing process. Since there is literally not enough money available to fund all good ideas in this industry it is important for you to understand the expectations of investors and what constitutes a fundable company.

In The Business of Bioscience I touch on development life-stages in a biotech company and the parallel to life-stages of individuals. This analogy is helpful to understand how and when to transition a management style to meet the changing needs of an organization during company development. In order to be successful, you need information specific to the precise stage of growth of an organization. A company’s needs have differing priorities based upon the life-stage of the organization. For instance, you can read books on how to set-up proper financial accounting and compliance measures for Sarbanes-Oxley which are always essential; however, if an organization doesn’t have operating capital for more than 90 days, financial accounting compliances are not a high priority at this stage. Conversely, understanding how to write an effective business plan is important, but if the organization is having morale issues because of poor hiring decisions, it is time to address these before loosing staff or having their motivation disappear.

The future of a start-up biotechnology company relies on decisions made at critical junctures and the course that is chosen. The consequences of some choices may seem subtle but may have a dramatic impact on the company. It is essential that the biotech entrepreneur have a working knowledge in all areas of company and product development in order to make wise decisions and ensure the future success of an organization. I have referenced additional materials on particular topics should you desire more in-depth knowledge on these subjects. In the future, provided that there is sufficient interest in this subject matter, it is my intent to add a workbook to support more formalized instruction suited to an academic course curriculum.

Throughout Business of Bioscience you will be learning technical information coupled with strategy and placed into a context of the "bigger picture". This information is directly applicable to establishing and growing your organization, and developing your product and team such that there is continuity in growth no matter what size your company. No matter how comprehensive a book, there will always be additional aspects of biotechnology entrepreneurship that can be covered; however, what is contained here are the essentials that you will need to start, establish and grow your biotechnology company and move your product development thorough to commercialization. The information in The Business of Bioscience will help guide you through the rough spots and avoid a few detours along the way and serve as a ready resource for help when you need it.

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