Biotech business development--pitfalls to avoid

Biotech business development teams are tasked with finding a partner—usually a large pharmaceutical or biotech company—that will in-license intellectual property. To do this properly, the team members must understand their asset's potential value, attract partners, effectively communicate the asset's value to these partners and eventually close an out-licensing deal on mutually beneficial terms.  By using the most effective methods in business development, teams will be able to present their product effectively to potential investors and partners, paving the way to success in the biotech market. Avoiding the seven deadly sins of business development will raise your company to a level of professionalism that pharmaceutical companies and investors expect from experienced partners. The seven deadly sins are just that—deadly. Avoiding them can bring your business development to life.

A thoughtful article recently written by Jeffrey J. Stewart and Ben Bonifant describes seven pitfalls to avoid when you search for a partner with which to further develop you budding biotech business.  They are a consultant and vice president, respectively, in the business development practice at the specialized management consulting firm Campbell Alliance in Raleigh, North Carolina.  During their years in the pharmaceutical and biotech sectors, they have worked with business development teams of dozens of life science companies.  So, they should know about biotech business development. Read their full article in Bioentrepreneur.