Managing a Biotechnology Company

Find resources to help you manage a biotechnology company
By Mary Spencer-Huber Biotechnology companies engage in a wide array of activities ranging from applications, such as gene therapy. Currently, excitement and profits are building in this field, as bioscience research continues to change traditional models of medicine and agriculture.

Successful management of private companies in biotechnology requires an ability to generate and market innovative biotech ideas. In addition, leaders in a biotechnology company must be able to do the following:

1. Recruit and retain highly skilled professionals in the biotech field.

2. Guide staff members from bioscience research to product development and revenue.

3. Identify biotechnology products and services that will simplify your company's operations.

4. Monitor current ethical concerns that pertain to the products generated by your biotechnological company.

5. Remain up-to-date with respect to the fast-paced and rapidly changing biotechnology field.

Hire top-notch biotechnology professionals

Your company is only as good as it's employees; therefore, it's imperative that you successfully identify and recruit skilled professionals at all levels and in all departments.
Try:  Contact Reaction Search International for assistance with staff recruitment. RSI works with start-ups as well as large, well-established biotech companies. They'll help you recruit all levels of staff ranging from sales professionals to the chief executive officer. Another company, S.L. Collins Associates, has 20 years of experience recruiting biotechnology professionals. Their two types of searches include the exclusive retained search and the contingency search.

Use biotechnology services to streamline your company's operations

Biotechnology services reduce risks for biotechnology companies while increasing efficiency. Services include research and development, laboratory testing and even paperwork administration.
Try:  Work with Biotechnology Business Consultants to develop a strong business plan. Obtain assistance with clinical study design and regulatory affairs by contacting Advanced Biomedical Research. Consult with SIM/Tech about facility standards and development.

Manage biotechnology vendors

Mitigate your company's risks by doing research before contracting with a biotechnology vendor.
Try:  Consult with a company that specializes in vendor management, such as Biotech Vendor Services. This company organizes customized vendor product shows tailored to your facility needs and provides workshops and seminars. For management of technology vendors, contact Software Paradigms International.

Tune in to the biotechnology industry portal

Successful biotechnology businesses are constantly in the know when it comes to current trends in the field of biotechnology. Biotechnology portals are the best place to gain a plethora of information regarding various aspects of the biotech industry.
Try:  Register with Biofind, which is an online discussion forum that tracks current innovations, news, and events in the biotech field. You'll also find the "Rumor Mill," a good source for daily industry rumors. Sign up for one of many free newsletters available at the BioSpace portal. This site also provides daily stock quotes and financial news.

Follow and engage in ethical discussions pertaining to biotechnology

Demonstrating an ability to enter into discourse regarding ethical issues tells investors and other partners that you're serious about biotechnology.
Try:  Learn the basics about biotech ethics at the Taylor and Francis Group sponsored bioethics website. Obtain regular updates on bioethical issues by subscribing to The Hastings Center.

• Reduce your company's risk by simultaneously maintaining several promising projects, equally supported by strong teams of biotechnology professionals.