Podcast
Questions and Answers
What is the primary focus during the early concept validation stage of research?
What is the primary focus during the early concept validation stage of research?
Which stage involves the formulation and stability testing for product manufacturing?
Which stage involves the formulation and stability testing for product manufacturing?
What is a critical component that must be ensured before moving to preclinical trials?
What is a critical component that must be ensured before moving to preclinical trials?
Which stage requires the determination of dosing and treatment population in preparation for clinical trials?
Which stage requires the determination of dosing and treatment population in preparation for clinical trials?
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How long can the initial stage of ideas and identification typically last?
How long can the initial stage of ideas and identification typically last?
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What is the primary goal of spinning out academic research into a business?
What is the primary goal of spinning out academic research into a business?
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Which role is commonly associated with a scientist who starts their own business in the life sciences?
Which role is commonly associated with a scientist who starts their own business in the life sciences?
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What does Intellectual Property (IP) primarily concern in the life sciences?
What does Intellectual Property (IP) primarily concern in the life sciences?
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Why is an understanding of industry regulations important for life science students entering the business sector?
Why is an understanding of industry regulations important for life science students entering the business sector?
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Which of the following best describes the concept of a 'value proposition' in a business context?
Which of the following best describes the concept of a 'value proposition' in a business context?
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What is one of the aims of understanding business concepts for life science graduates?
What is one of the aims of understanding business concepts for life science graduates?
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In the context of bioscience companies, what does the term 'target customer' refer to?
In the context of bioscience companies, what does the term 'target customer' refer to?
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Which of the following best reflects the career path of a scientist-turned-entrepreneur?
Which of the following best reflects the career path of a scientist-turned-entrepreneur?
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What is the primary role of a Chief Executive Officer in relation to a scientific company?
What is the primary role of a Chief Executive Officer in relation to a scientific company?
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Which profession is NOT typically associated with the application of scientific knowledge in the business world?
Which profession is NOT typically associated with the application of scientific knowledge in the business world?
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How does a Chief Scientific Officer contribute to a scientific organization?
How does a Chief Scientific Officer contribute to a scientific organization?
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What is one of the significant functions realized in translating research into business?
What is one of the significant functions realized in translating research into business?
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Which academic background is likely to be most relevant for someone pursuing a career in technology transfer?
Which academic background is likely to be most relevant for someone pursuing a career in technology transfer?
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What stage is referred to as STAGE 0 in the therapeutic translation roadmap?
What stage is referred to as STAGE 0 in the therapeutic translation roadmap?
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Why is intellectual property important in life sciences?
Why is intellectual property important in life sciences?
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Which role primarily focuses on generating and testing new ideas in a research organization?
Which role primarily focuses on generating and testing new ideas in a research organization?
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Study Notes
Introduction to Business in Life Sciences
- Understanding business concepts in life sciences is vital for those working in the industry, starting their own companies, or spinning out academic research.
- Basic business concepts and terms are crucial, regardless of the specific role.
Agenda
- Introduction
- Entrepreneurship
- Intellectual property
- Roadmaps
- Summary
Aims
- Highlight opportunities in business for life science graduates.
- Illustrate common routes for academic research commercialization.
- Highlight the importance of intellectual property.
- Explain the difference between a company's target customer, value proposition, and mission statement.
How Does a Life Science Degree Open the World of Business?
- Direct translation of academic research into a business occurs when a university academic develops something benefiting society. This can involve spinning-out a company or licensing a patent.
- Many scientists work in industry (start-ups to large pharma), applying their expertise to discover and bring useful drugs or diagnostics to market.
- Scientist-turned-entrepreneurs identify gaps in the market and start their own businesses.
- Life science students use their knowledge to transition into business roles (patent law, sales, marketing, technology transfer).
Research Commercialisation Roles
- Chief Executive Officer (CEO): Runs the company.
- Chief Scientific Officer (CSO): Sits on the board, providing scientific advice.
- Lecturer/Professor: Generates and tests ideas, partners with businesses, is often named on patents.
Therapeutic Translation Roadmap
- Stage 0: Discovery Research: Fundamental research to establish an idea's feasibility (3-5 years).
- Stage 1: Ideas and Identification: Solidifying hypotheses, identifying target disease mechanisms. (3-5 years)
- Stage 2: Early Concept Validation: Identifying target compounds, substantial evidence for clinical trials (3-5 years).
- Stage 3: Concept Progression: Formulation, stability testing, scalable manufacturing (1-2 years).
- Stage 4: Scale-up of Concept: GMP approvals, preclinical, phase I & II trials (5-6 years).
- Stage 5: End Goal/Exit: Product registration, clinical trials completion, post-market testing.
Funding for Spin-outs & Start-ups
- Funding sources include research councils, charities, fellowships, competitions, angel investors, and venture capital funds.
- Funding amounts range from £50k to £100m.
- Funding is tied to specific stages of development.
Intellectual Property (IP)
- Intellectual property protects creations (e.g., inventions, stories, artistic works, symbols).
- Types of intellectual property include patents, copyrights, trademarks, and design rights.
- Patents are granted by government to the inventor, giving them exclusive rights to use, make, or sell their invention for a limited period.
- Inventing something new, inventive in its approach and sufficiently documented are key for patent application.
Success Stories (MVPs)
- Companies such as Nebu-Flow, Solista Bio, Glox Therapeutics, VascuSens, Situate, and SalmoSim as examples.
Entrepreneurship
- Entrepreneurship is the exploitation of opportunity without regard for resources.
- This includes discovery, evaluation, and exploitation of opportunities.
Value Propositions & Customers
- Value proposition is the bundle of products & services that creates a specific customer segment value.
- This highlights the value delivered, distinguishes it from competitors, and addresses customer needs and satisfaction.
- Understanding customers: core customers, customer needs/desires, pain points, and solutions is crucial.
Mission Statements
- A mission statement clearly defines the purpose/mission of the company — what it does, why, and for whom.
- Examples of mission statements from Roche, GlaxoSmithKline, PTC Laboratories, and Cook Medical.
Ways to Get Involved
- There are opportunities for students to become involved, such as joining the UofG Business Club, and the Business Gateway.
- The Scottish Business week, and the Business in Biosciences 4th year program can also provide opportunities for involvement.
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Description
This quiz explores essential business concepts relevant to life sciences, including entrepreneurship, intellectual property, and commercialization of academic research. It aims to equip graduates and professionals with the necessary tools to succeed in the industry.
