2X BiB Lecture 2024 2 PDF

An introduction to Business in Life Sciences Laura McCaughey Introduction An understanding of business concepts in the life sciences in important. Whether you go to work in the bioscience industry, start-up your own bioscience company or spin out your academic research into a business, you will nee...

An introduction to Business in Life Sciences Laura McCaughey Introduction An understanding of business concepts in the life sciences in important. Whether you go to work in the bioscience industry, start-up your own bioscience company or spin out your academic research into a business, you will need to know some basic business concepts and terms. 2  Entrepreneurs Introduction hip Intellectual Roadmaps Property Agenda Summary 3 Aims Highlight the opportunities in business for life science graduates Illustrate the most common routes by which academic research is commercialised Highlight the Importance of Intellectual Property Understand the importance of and the difference between a company's target customer, its value proposition and its mission statement 4  Translation of academic research into a business The most obvious route from life sciences to business is when a How does a university academic discovers something during their research that could benefit society in some way. They then work with the university life science to spin-out this discovery into a company (or license the patent – more of this in the IP section). The academic may or may not be the CEO (chief executive officer) of the company. degree open Industry research and development Many scientists work in industry (start-ups to large pharma), applying the world of their scientific knowledge to discover and to bring to market the next useful drug or diagnostic e.g. working for GlaxoSmithKline or Keltic Pharma business? An understanding of the constraints and regulations in industry settings are important in this work Scientist-turned-entrepreneur Many life science students use their scientific knowledge to identify a gap in the market and start-up their own business e.g. Erik Paterson from EPEcology Applying science knowledge in business applications Many life science students use their scientific knowledge to move into the business world i.e. patent law, sales and marketing, technology transfer e.g. Louise Mason from the Translation research initiative & Liseli Sumbwanyambe from McKinsey & Co 5  Prof Graeme Liseli Milligan, Ph.D. Sumbwanyam , FRSE, FMEd be, Sci, Management Dr Louise FBPharmacolS consultant - Mason, Erik Paterson, McKinsey & College Head B.Sc. (Hons) Biochemistry from MCIEEM, Company of Innovation UofBirmingham Director EP and Enterprise > 600 publications Ecology BSc(Hons) Service Physiology from Co-founder of both UofG Caldan Therapeutics BSc (Hons) Zoology MSci Chemistry from Mphil Bioscience UofStrath and Keltic Pharma from UofG Enterprise from Therapeutics PhD in Biomedical UofCambridge Additional Patents engineering from Founder of the UofG 6 developed and ladder club licenced to US Translation of research into a business: Ideas to opportunities roadmap for academics 7 Research Commercialisation Roles Chief Executive Officer Runs the company Chief Scientific Officer Sits on board & gives advice Lecturer/Professor Generates & tests ideas Partners with business Named on patents 8 THERAPEUTIC TRANSLATION ROADMAP STAGE 0: DISCOVERY RESEARCH The earliest stage of a research project. Fundamental discovery research takes place, and preliminary data is collected to establish the feasibility of an idea. This stage can typically take 3-5 years. STAGE 1: IDEAS AND IDENTIFICATION Following successful preliminary data collection, further studies are conducted to solidify the research hypothesis, and identify target disease mechanisms or screen therapeutics. This stage can typically take 3-5 years. Intellectual property is important at this stage STAGE 2: EARLY CONCEPT VALIDATION At this stage, the project has identified target compounds and has obtained substantial evidence to support progression towards clinical trials. This stage can typically take 3-5 years. 9 https://www.gla.ac.uk/colleges/mvls/researchinnovationengagementsupport/tri/innovationengagemententerpriseroadmaps/  THERAPEUTIC TRANSLATION ROADMAP STAGE 3: CONCEPT PROGRESSION At this stage, the project revolves around formulation and stability testing for product manufacturing, and the identification of routes of preclinical candidates. Focus is placed on the delivery of scalable and reproducible manufacturing This stage can typically take around 1-2 years. STAGE 4: SCALE-UP OF CONCEPT After ensuring Good Manufacturing Practice of the therapeutics and receiving all necessary approvals, the product is ready for testing in preclinical, phase I & phase II clinical trials. Determine dosing & treatment population in preparation for phase III This stage can typically take 5 - 6 years. STAGE 5: END GOAL/EXIT The product is now ready to be registered, clinical trials (III) are completed and post-market testing is conducted. 10 https://www.gla.ac.uk/colleges/mvls/researchinnovationengagementsupport/tri/innovationengagemententerpriseroadmaps/  Funding for spin-outs & start ups Stage 1: Stage 2: Stage 0: Stage 3: Stage 4: Stage 5: Ideas & Early Discovery Concept Scale-up of End identificatio concept research progression concept Goal/Exit n validation Research Councils, Research fellowships & Charities Angel investors Enterprise fellowships & competitions Venture Capital funds £50k £500k £1M £5M £25M £100M Research Councils & Charities Fellowships Competitions Angel Investors 11 Venture Capital Funding Types of Investors/investment Research council Charity grants grants Can decide their Government own strategic money plans, no ties to government Aligned to priorities government strategic e.g. Wellcome priorities trust e.g. BBSRC Biotechnology and Biological Sciences Research Council £50k - £5M & 2-5 years duration 12 Stages 0 – 4 depending on type of grant Types of Investors/investment Fellowships Competitions Pay lead Many different spin- applicants salary out/start-up & research costs competitions are run across the Offered by globe research councils and charities Eligibility depends on the company/institution offering the money Small pots of money (up to £50k) but you keep your 13 equity  Types of Investors Angel Investor Venture Capital Fund Angel investors VC funds are invest their own pools of money money in from multiple exchange for a sources, small stake in the managed by a company. fund manager. They may want Venture capital to be personally funding is better involved in the for more company. established business ideas. Often invest in early stage 14 companies/ideas. https://docsend.com/view/p8jxsqr  Funding for spin-outs & start ups Stage 1: Stage 2: Stage 0: Stage 3: Stage 4: Stage 5: Ideas & Early Discovery Concept Scale-up of End identificatio concept research progression concept Goal/Exit n validation Research Councils, Research fellowships & Charities Angel investors Enterprise fellowships & competitions Venture Capital funds £50k £500k £1M £5M £25M £100M Research Councils & Charities Fellowships Competitions Angel Investors 15 Venture Capital Funding  Intellectual Property Intellectual property is something that you create using your mind e.g. a story, an invention, an artistic work or a symbol Having the right type of intellectual property helps to stop people stealing or copying your ideas or inventions Copyrig Tradema Design Patents hts rk Rights 16  Intellectual Property - patents “A patent for an invention is granted by government to the inventor, giving the inventor the right to stop others, for a limited period, from making, using or selling the invention without their permission.” – British Library Broad vs narrow – must have sufficient data to back up claims Your invention must be: new - it must not have been made publicly available anywhere in the world, for example it must not be described in a publication inventive - for example, it cannot be an obvious change to something that already exists either something that can be made and used, a technical process, or a method of doing 17 Intellectual Property - patents “A patent for an invention is granted by government to the inventor, giving the inventor the right to stop others, for a limited period, from making, using or selling the invention without their permission.” – British Library Broad vs narrow – must have sufficient data to back up claims 18 Success stories from MVLS... 19 https://www.gla.ac.uk/colleges/mvls/researchinnovationengagementsupport/tri/  What is entrepreneursh ip? Entrepreneurship is the exploitation of opportunity without regard to the current availability of resources (Stevenson, 1983) The discovery, evaluation, and exploitation of 20 opportunities (Shane and Venkataraman, 2000) Value Propositions & customers The first step in a successful business 21 Customers Who is your core customer? What does your customer care about? What pains do your customers have that you think you can solve? How is your customer addressing that pain currently? What do you think your customer will pay to have that 22 pain resolved by you? Value Proposition The bundle of products and services that create value for the specific customer segment What value do we deliver to the customer? What distinguishes us from our competitors? Which one of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Could be quantitative – e.g. price, speed of service, performance, cost reduction Could be qualitative – e.g. design, customer experience, customisation 23 Mission statements /purpose Try to define your company’s purpose in a single declarative sentence Mission statements try to explain: what you do, why you do it and who you do it for 24 Mission statements Roche: “We focus on finding new medicines and diagnostics and establishing data-based insights that evolve the practice of medicine and help patients live longer, better lives.” GlaxoSmithKline: ”A science-led global healthcare company with a special purpose: to help people do more, feel better, live longer.” PTCLaboratories: ”The Mission of PTC Laboratories is to provide the most reliable DNA genetic testing available, at a reasonable price, with an exceptional level of service to the client.” Cook Medical: ”We invent, manufacture, and deliver a unique portfolio of medical devices to the healthcare systems of the world. Serving patients is a privilege, and 25 we demand the highest standards of quality, ethics, and service in all that we do.”  Ways to get involved…. Business in UofG Scottish the Student Business Business Business Biosciences Enterprise Gateway Club Week 4th year option “From inspired “The Glasgow “Whatever stage “Our 2024 Business Business in the ideas to the next University your business is Events Programme Biosciences 4Y is business start-up, Business Club at, Business focuses on cutting- an immersive, we support provides students Gateway offers edge business interactive and students with academic, advice, workshops designed teamwork-based to help you delve throughout their professional and professional course, with real deeper into the journey” social resources and world topics and topics that matter opportunities to support to help, to you most.” student-led https:// form a strong including activities to www.gla.ac.uk/ network of webinars, 18th-22nd Oct 2024 introduce you to myglasgow/ Business workshops, events the world of students/ enthusiasts” and news” https:// business. enterprise/rney” www.sdpscotland.co https:// https://.uk/events/scottish- gubusiness.club/ www.bgateway. business-week- com/ 1224/ 26 Thank you Laura McCaughey Laura.McCaughey@glasgow. ac.uk