The cornerstone of a more significant economic success and the critical engine of growth is entrepreneurship—and the Life Science industry is not an exemption.
Without an entrepreneurial mindset, drugs will not be developed, and alternative solutions will not be presented.
Still, running a business in the Life Science sector is not without challenges. This includes undergoing complicated FDA registration, promoting your business, and more.
In this post, we will be discussing the 13 tips that every entrepreneur needs to know for them to succeed in the Life Sciences industry:
1. Have an Adaptive Mindset
Even if you are sure that you have a perfect idea, you still need to have an adaptive mindset. That’s because you might have to adjust your products for your customers.
You should also be aware of various regulations, keep up with various economic changes, and know who will be the one who’s in charge of the budget.
For instance, a pharmaceutical company needs to acquire various government approval. That would be FDA in the US, EMA in Europe, or TGA in Australia.
Without it, you will be unable to sell your products overseas. Thus, you have to include this in your production time.
You need to adapt and innovate since nothing is ever complete continuously.
2. Develop Partnership Skills
Your life science company should be able to network with clinics, vendors, patients, partners, and health care systems. And as a business owner, it is also imperative that you can find the right Life Science investor. This could come in handy if you want to scale your business up or if you feel ready to tap the international market.
Mind you, establishing the right network can help your business grow regardless if you are in the Life Sciences sector or not.
3. Focus on Tech-Driven Problem Solving
Find solutions to solve the problem. Ideally, you need to pick a question that you want to tackle and solve it.
Bio entrepreneurs Mark and Dom are the perfect examples. They’ve worked with biotech startups like FungiAlert and developed a device that can determine fungi responsible for destroying €9 Billion worth of crops yearly.
4. Protect Your Innovation
Small companies, usually startups, tend to think that safeguarding their intellectual property is another expense. But the thing is, unable to protect your innovation may eventually leave these open to plagiarism, and as a result, ideas to be stolen.
That’s why as soon as you develop your latest innovation, you need to work on protecting your IP. Often, there is a limited window for you to act.
If you do not register your trademark or file for a patent, then one day, your competitor eventually will. This can halt your plans for developing a revolutionary drug, product, or system.
5. Safeguard Your Customer and Client Data
Data protection is a sensitive topic in the life sciences sector. All client data and customer details should be protected and safeguarded more closely. If you fail to do so, this might lead to more severe consequences or penalties.
Still, many small businesses overlook the data protection aspect. However, the price of getting it wrong can be huge.
The most common mistake committed is failing to store sensitive card details and addresses separately. Similarly, some employees are not trained to handle various data protection measures.
That’s why you must do a regular check-up of whether your standards are being upheld or not. This includes safeguarding your customer data and other proprietary information.
6. Invest in a Solid Financing Strategy
Regardless of the economic climate, finding investors is crucial for your business. The same is true if you are in the Life Sciences sector.
Because without the funds, you will be unable to develop and launch the products or tools you would like to put out to the world.
However, having a solid financing strategy is more than just asking rich people for money. Different funding types may suit your business, especially if you are in the startup phase.
Why should you be aware of these funding types? Because investors tend to ask them.
Your financing knowledge can help investors and venture capitalists determine whether you are worth the money you are asking. On the other hand, it can help figure out which companies are willing to invest and those who are just scamming you.
In addition, asking for funds is not limited to asking investors and VCs. Depending on the project you are working on, you may also receive a government’s financial grant.
Hence, it is imperative to have a robust financing strategy and system.
7. Pick the Right Environment
Your employees are another vital asset. That’s why anything that can interrupt their productivity can be costly. This includes setting the wrong lab, not having the right equipment, inaccurate data, and more.
Therefore, it is imperative to set the right working environment from the get-go. Doing so ensures that your employees are reaching their optimal productivity.
And when your team is productive, the faster you can achieve your goals.
8. Have a Premium Lab Space
Most startups in the life science sector require a premium lab space to develop various clinical trials and testing.
As an alternative, you can also build your own, but this can require a lot of funding and, of course, money. So, if you’re affiliated with an academic university or hospital, then you might as well utilize their facilities.
9. Keep Sustainability in Mind
There are many benefits to setting up a business with sustainability in mind. This includes saving money from electric and water bills and reducing the waste you produce.
It can be as simple as turning off unused machines, moderating the indoor temperature, and turning off the lights if no one uses them.
Aside from reduced costs, a sustainable company also makes a good impression. You can leverage this good image when recruiting expert talents and garnering support from investors and clients.
10. Build a Team of Driven and Reliable Experts
It’s vital that you set clear goals and then define what success or failure is to you. Because many choices have to be made along the way, having established a set of principles will save you a lot of trouble in the long run.
Don’t fear bringing in new people on board if you’ll need their skills or expertise to move to the next step and have a strong sounding board for advice.
This allows you to work with visionaries and learn a thing or two from the experts in your industry. If you don’t have a business partner, you can always seek mentorship in your startup ecosystem.
A great example here is Eva Diagnostics. Although their field is in blood testing, that didn’t stop them from bringing in a highly experienced marketing lead during the pre-investment stage. And because of their marketing lead, they were to develop a robust marketing strategy.
11. Build Your Brand
Many studies support the fact that businesses that usually grow the fastest are those that are brand-led.
Thus, no matter what Life Sciences sector you are in, you should know how to build your brand. This includes positioning your business as an industry thought leader.
Building a strong brand allows you to drive in a higher volume of people, and eventually, sales. That’s why learning to prioritize your brand early on will enable you to save both time and money.
For instance, once done correctly, social media is an effective way to reach a wider audience and build brand awareness. Consider your brand’s look and feel, and then work on it to adapt to various social media platforms and fit your target customers.
12. Track Your Progress
Many biotech startups may receive plenty of press releases and awards but may not move forward or get anything at all. This kind of situation forced many to give up.
So, be confident. Although you may listen to the feedback you get, don’t rely too much on getting external approval.
Startups of today are commonly the main drivers for the new scientific and technological applications.
More and more investors are also keen on taking part in these kinds of promising work and projects.
13. Have a Compelling Story
Most people are not sold on seeing a life-changing product when they see images of people in lab coats that look through microscopes.
Remember that science is still about storytelling. At the end of the day, it is all about impacting your clients, investors, and the community.
For one, branding is a crucial part of your business’s identity. If you want to maintain that you are an industry expert, you might as well showcase that you know what you are doing.
But we are not talking about using jargon here. It would be best if you can simplify complex ideas so your audience can understand your concepts better.
Whether you are in the Life Sciences industry or not, starting a business can be challenging. But that does not mean you should stop yourself from achieving your dreams. That said, refer to this post if you would like something to inspire you to push through.