Biotech companies often have to take a long, long journey until they can finally bring a product to the market, and as anyone who has experience in this sector knows, there’s typically no other option than to acknowledge that the process can take years.
With that said, while there’s no way to make the process short, there are ways to make it shorter. Many biotech companies end up making their journey to market longer than they need to, all because they make a few often-repeated errors that slow them down.
In this post, we’ll take a closer look at some of these common issues, as well as outline some potential solutions.
Many biotech companies follow the get one thing done, then move on to the next thing approach to drug development. However, given the sheer volume of steps involved in the drug development process, that can quickly add up to significant time.
The leading biotech companies take a smart approach to their working timelines, allowing, whenever possible, for multiple stages to happen at once. With correct planning, it’s possible to take months — or even years — off the drug development process, which means the company can start making money a lot sooner.
Clinical trials are subject — rightly — to strict regulations that are designed to protect human subjects and make sure that the product is likely to be accepted by regulatory bodies around the world. Failure to take GCP Compliance or other regulatory matters seriously from the beginning can lead to delays at best, and outright cancellation at worst. For that reason, it’s generally recommended to work with outside experts to ensure that you’re fully compliant. That not only gives confidence that you won’t run into regulatory issues, but also frees up your team’s time and energy to focus on their core duties.
It’s famously difficult to find quality biotech talent. Once they’re on board, it’s vital that the employee stays in position for the duration of the trial. Unfortunately, that doesn’t always happen, with many smaller biotech companies finding that their top talent is poached by bigger names in the sector.
You can’t always prevent an employee from leaving, but you can reduce how much of an impact it has. Cross-training employees to do more than one job and working with specialist recruiters to find part- or full-time workers can keep your trial on the right track.
It’s not just the trouble of finding talented biotech employees that can hold companies back. Failure to find enough people to participate in the trial, which is especially an issue for rare conditions, can also be a problem.
Two effective ways to avoid this issue are to partner with other labs in different locations, so that people not located near the trial’s base can take part, and to speak with groups connected to the medical issue you’re dealing with. They will likely have a large network which can help ensure your trial is seen by as many people as possible.
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