Venturing into
Biotechnology: Strategies for Successful Growth in
MD
On
March 11, 2005, a group of industry professionals and
full-time and prospective MBA students gathered for a
day focused on the growing field of biotechnology.
Kicking off the day was keynote speaker, Dr. Wei-Wu He,
general partner and co-founder of Emerging Technology
Partners LLC. Dr. Hes discussion focused on the
importance of biotechnology in improving human life. He
focused on a case study of the discovery of insulin as a
life changing treatment for patients with diabetes.
"Insulin," He said, was a perfect example of the team
effort needed for success in biotechnology. From
discovery, to research, production, distribution,
testing, and funding, it took a small village to bring
insulin into the $2B drug that it is today.
The life sciences industry has a dramatic impact for
industry and humanity, according to He, especially with
the aging population and a growing need for healthcare.
He believes that the life sciences industry is in the
infancy growth stages, and that many new opportunities
are on the horizon now that the industry has a good
understanding of the human genome. He referred to the
Maryland / Washington, D.C., area as a hotbed for life
sciences opportunities, with the capability to rival San
Francisco's Bay Area. From federal funding entities (UM,
NIH, FDA, and Johns Hopkins), to research tanks,
regulatory bodies, patent offices, and biotech companies
this area, He stated, has all the ingredients for
success. He went on to describe five success factors for
a biotechnology company: "innovative ideas, great
people, financing, luck, and patience."
He also discussed the type of manager it takes for
success in a biotechnology startup versus an established
organization such as Amgen or Genentech. Most MBAs, He
mentioned, migrate to the established organizations
where a stable career path, funding streams, and
organization await. Few managers, however, are willing
to step into the risky and changing area of
biotechnology startups, where funding can be provided,
but product development is the key missing ingredient.
As a whole, He displayed confidence in the Maryland /
Washington, D.C., areas ability to become a major
pharmaceutical force. With the marriage of banking and
chemistry, bold thinking, serious commitment, and
courage, He encouraged the audience to keep trying, and
to remember that it sometimes takes a whole village to
make something happen.
The conference also showcased a
Maryland Resources Panel that included:
- Dr. Martha Connolly, director of
the Maryland Industrial
Partnerships, a program of the
Maryland Technology Enterprise
Institute
- Robert Eaton, president of MdBio
Inc., a private not for profit
corporation supporting the
commercial development of bioscience
in Maryland that provides funding
and business development assistance
to individual companies, offers
education and workforce development
programs, and serves as a resource
for information about bioscience in
Maryland
- Dr. Steven Fritz, director of
technology transfer for the Maryland
Technology Development Corporation
- Elizabeth Good, managing
director of the Department of
Business and Economic Developments
Maryland Venture Fund. Dr. Good
manages a portfolio of 100 active
technology and biotech companies and
eight venture capital limited
partnerships
The day closed with remarks from Dr.
Bruce Robertson, the managing director
of Toucan Capital Corporation. Dr.
Robertson has more than 15 years
experience in venture capital,
operations, and R&D management.
Gabriela Tobal, outgoing president of
the BIOPhARMA Association, said, I
thought that one of the greatest parts
of the conference was watching the
dialogue between the audience and the
venture capital panel. It was a great
example of the university acting in the
way it should to promote the exchange of
ideas and information. That, along with
having the incredible levels of
expertise in all the panelists and
speakers, made the whole day really
worthwhile.
Anuj Desai, incoming president of the
BIOPhARMA Association, said "The
Venturing into Biotechnology Symposium
marked an important milestone for the
business school. It demonstrated the
commitment of the Dingman Center for
Entrepreneurship and the BIOPhARMA
Association to the advancement of
biotechnology in the region. It
showcased the resources available from
the university to industry and served to
strengthen the opportunities in terms of
employment, relationship building, and
funding for the students and the
university. As the conference was widely
attended by entrepreneurs, venture
capitalists, local Maryland resources,
and students; the future of these types
of programs is exciting."
Janet Richert, faculty advisor for the BIOPhARMA
Association and managing director for the Office of
Career Management, said, This event firmly established
Smith as the place where leaders in the biotech industry
are now congregating to discuss important issues
impacting the growth and survival of biotechnology
enterprise in the Mid-Atlantic corridor.
For more information regarding
biotechnology or the BIOPhARMA
Association, please contact
anuj_desai@rhsmith.umd.edu.
▓ Monisha Banerjee, MBA Candidate 2006, Smith Media
Group
