If you’re considering a foray into biotechnology, now is the right time to go for it. The US biotechnology sector is the largest in the world, worth close to $2 billion a year.
What’s more, the sector is predicted to grow by around nine percent per year every single year for the rest of the decade – a rate of growth that few other industries could hope to achieve. In the thriving US biotech industry, small biotech companies are well-placed to benefit from this growth.
As a small biotech company, you can find your niche within this booming business and become a trusted partner to the major innovators of tomorrow. Here’s what you need to know before you start a new business in the biotechnology sector.
1. Small Biotech Companies Must Address a Real Problem
When starting a business in the biotech industry, you must be able to offer solutions to real problems. This means that your technology should address health, performance, or agricultural need that no other firm is addressing.
Think carefully about whether your product idea will actually be of enough use to people that they will be willing to pay for it. Once your product meets these requirements, secure a patent for that product immediately.
2. Funding is Everything
Starting a company costs a lot of money. This is doubly true in the biotech industry, where equipment, researchers, lab space, and materials can run you up millions of dollars a year or more.
That’s why you must have airtight and sufficient funding in place before you begin operations. Consider approaching major biotech funding bodies such as the USDA, OrbiMed, or RA Capital Management. These major industry funders have the resources to get your company off the ground.
3. Get Your Paperwork in Order
Any biotech company will be aiming to produce a product that affects the health and wellbeing of other people. As such, biotech companies are bound to much stricter regulations than most other types of companies.
Before you begin operations, you must ensure that you have all of the permits and meet all of the requirements to operate legally. Depending on your product, you may need permissions from the USDA, FDA, EPA, and TSCA.
Your lab setup will also need to conform to ‘Quality Management Standards’, such as ISO13485 or ISO900. Always check what you need to do to stay above board.
4. Purchase Quality Manufacturing Equipment
Finally, it’s time to buy the biotech equipment that you need in order to produce the product that will benefit so many people. If you are running a small biotech company, you should choose equipment that offers efficiency, low maintenance, and scalability.
For example, these maintenance free guide rollers allow your lab to test thousands of samples at a time with minimum intervention. Making the right choice with your equipment today will save you time, money, and manpower tomorrow.
Build a Future-Proof Company Today
These are the essential steps to take to build small biotech companies that can truly thrive. By getting your ducks in a row first, you can navigate this complex, competitive industry and offer a product that will change the world.
For more tips on how to build a future-proof business today, we have got you covered. Make sure to consult our dedicated Business guides for insider tips you can bank on.