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Pharma Tech Outlook | Wednesday, March 23, 2022
The biotechnology sector has experienced significant growth recently owing to the pandemic, and with its focus on the key areas, it can continue to maintain its growth.
Fremont, CA: Biotechnology is unlike any other industry. It broke the declining trend experienced in many industries and drew record levels of investment through 2020 and early 2021, owing to improvements in science and technology. Biological research has been brought to the attention of patients, families, healthcare workers, healthcare providers, governments, and agencies worldwide due to the pandemic. What remains to be seen is whether biotechs and their ecosystems can continue to scale up at a quick pace and ride the wave for an extended period.
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The Biotechnology industry must focus on talent building and tackling complexity to maintain and drive growth.
Talent building
In recent years, the talent pool has grown, mainly in the United States, with Europe, China, and other nations lagging. Some organizations, such as European biotechs that have established US affiliates and distributed their business-development, access, marketing, and strategy teams across continents, are developing a worldwide footprint early on to target the largest potential talent pool. Other biotechs are experimenting with outsourcing strategies, keeping certain talent in-house while obtaining numerous specialty talents from outside the company. Companies' capacity to build, attract, and retain biotech talent, regardless of the approach they take, will be critical to their success.
Tackling complexity
Biotech companies must manage an increasingly complicated network of competitors, service providers, investors, and customers while also keeping up with rapid technological and biological advancements. One issue for biotech companies is to reimagine supply chains in order to make new biological discoveries and technologies, such as personalized medicines and cell and gene therapies, easier to scale up. Another problem is maintaining business focus while dealing with new financing and investing environment that includes unique investment vehicles such as SPACs, an increasing number of non-institutional investors, and a broadening of investor geographic footprint. The third challenge, especially for smaller biotechs, is just keeping up with the rate of technological advancement.
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