A biotech managers handbook: A practical guide PDF
Preview A biotech managers handbook: A practical guide
A biotech manager’s handbook Woodhead Publishing Series in Biomedicine: Number 9 A biotech manager’s handbook A practical guide Edited by Michael O’Neill and Michael M. Hopkins Oxford Cambridge Philadelphia New Delhi Published by Woodhead Publishing Limited, 2012 Woodhead Publishing Limited, 80 High Street, Sawston, Cambridge, CB22 3HJ, UK www.woodheadpublishing.com www.woodheadpublishingonline.com Woodhead Publishing, 1518 Walnut Street, Suite 1100, Philadelphia, PA 19102-3406, USA Woodhead Publishing India Private Limited, G-2, Vardaan House, 7/28 Ansari Road, Daryaganj, New Delhi – 110002, India www.woodheadpublishingindia.com First published in 2012 by Woodhead Publishing Limited ISBNs: 978-1-907568-14-5 (print) and 978-1-908818-15-7 (online) © The editors, contributors and the Publishers, 2012 The right of M. O’Neill and M. Hopkins to be identified as authors of the editorial material in this Work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. British Library Cataloguing-in-Publication Data: a catalogue record for this book is available from the British Library. Library of Congress Control Number: 2012938322 All rights reserved. No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written permission of the Publishers. This publication may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior consent of the Publishers. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. 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Typeset by Domex, India Printed in the UK and USA Published by Woodhead Publishing Limited, 2012 For Aileen Published by Woodhead Publishing Limited, 2012 Contents List of figures and tables xv About the Editors and Contributors xvii Woodhead Publishing Series in Biomedicine xxiii Preface xxvii Acknowledgements xxxi 1 The bioscience sector: challenges and opportunities 1 michael o’neill and michael hopkins 1.1 Introduction 2 1.2 What do we mean by biotech? 3 1.3 From humble origins to big biotech 4 1.3.1 The information revolution 5 1.3.2 An investment boom 7 1.3.3 Restructuring of the pharmaceutical industry 7 1.4 The current state of the biotech industry 9 1.5 The world needs more medicines and will pay for them too 17 1.6 Opportunities in biotechnology 19 2 Academic innovation: so you want to be a bio-entrepreneur? 23 michael o’neill and john scanlan 2.1 Why commercialise? 24 2.1.1 Motivation 24 2.2 Why not? 26 2.3 Define aims and examine assumptions 27 2.4 Learning from previous ventures: business and science cultures 29 2.4.1 Differences between academic and applied research 29 2.4.2 Differences between academic and commercial management 33 2.4.3 How do we bridge the divide? 34 Published by Woodhead Publishing Limited, 2012 viii A Biotech Manager’s Handbook 2.5 Role of the university 35 2.5.1 Promoting and entrepreneurial culture within the university 36 2.5.2 Promoting links with the business community 37 2.5.3 Incubators – are they worth getting into? 38 2.6 Creating new bioscience companies from academia: how to 40 2.6.1 How to create a successful university bioscience spin-off 41 2.7 Summary 52 3 Leadership and you 55 michael o’neill and emily sun 3.1 Introduction 56 3.2 Case studies 57 3.2.1 (i) The heroic leader 57 3.2.2 (ii) Friends 58 3.2.3 (iii) Goldilocks Ltd 60 3.2.4 Learning points from the three cases 62 3.3 Values? Principles? 63 3.4 Why would someone work for you? Attracting talent 64 3.4.1 Perks are not expensive luxuries 67 3.5 Multiple roles – Leader, Manager and Coach 69 3.5.1 A few words on the art of delegating 74 3.6 Self-awareness: all the problems and solutions are there in the mirror 76 3.7 Conclusion 77 4 Managing self, situations and stress 79 michael o’neill and emily sun 4.1 Introduction 80 4.2 Self-awareness: more about you 80 4.3 Personal styles at work 84 4.4 Management style: enough about me what about managing people? 86 4.5 Dealing with problems 87 4.5.1 Conflict resolution 89 4.5.2 The value and cost of conflict 89 4.5.3 Causes of conflict 90 4.5.4 Dealing with conflict 92 Published by Woodhead Publishing Limited, 2012 Contents ix 4.6 Managing stress 95 4.6.1 Why is stress a problem? 96 4.6.2 Time management 97 4.6.3 Routine: the rhythm of life 99 4.6.4 Time-managing others 101 4.7 Conclusions 102 5 It's all in the plan 105 michael o’neill 5.1 Why plan? 106 5.2 The company vision 108 5.3 The team 110 5.4 The technology 110 5.5 Market strategy: now and in the foreseeable future 114 5.5.1 Outline prevalence and incidence 114 5.5.2 What treatments are available for the illness? What other technologies are available? 115 5.5.3 Identify future likely competition 116 5.5.4 What can be improved in current treatments 116 5.5.5 Being different is not enough. They have to be (commercially) useful differences 117 5.6 Goals and objectives 117 5.7 Resource requirement 122 5.7.1 People 122 5.7.2 Equipment and consumables 122 5.7.3 Facilities 123 5.7.4 Help 124 5.8 Financial plan 125 5.9 Intellectual property 127 5.10 Executive summary 127 5.11 Finally 128 6 Exploring funding routes for therapeutics firms 131 michael m. hopkins 6.1 Introduction 132 6.2 A retrospective look at an evolving sector 133 6.3 External funding and the equity funding cycle 134 Published by Woodhead Publishing Limited, 2012
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