What does it take to build a successful biotech company? More than just innovative biotech, as an audience in Maryland discovered recently.
Last week I had the pleasure of participating in a panel discussion at the National Institutes of Health (NIH) in Rockville, Maryland. The discussion was part of a graduate course titled ‘Building a Biotechnology Company,’ which is given by the Foundation for Advanced Education in the Sciences (FAES) at the NIH.
The objective of the course is to provide NIH research fellows with insights into the life cycle of a biotech company as seen through the eyes of the executives, consultants and advisors to these companies. Each class presents a panel discussion given by three or four individuals experienced in one of the many disciplines related to the greater biotech enterprise.
Joining me on the panel was Dr. Michael L. Salgaller of the Technology Transfer Center at the National Cancer Institute, and Janice Garlitz, a business attorney and principal at Janice E. Garlitz, P.C. We had an engaging discussion on the challenges of building a biotech firm from scratch, including the significant number of finance, accounting and legal issues that must be addressed along the way.