Any kind of entrepreneurialism has to be lauded but the biochemistry industry, in particular, has to be applauded. It’s one of the most cutting edge, difficult and interesting areas of the economy. Biochemistry has a real impact on the world, as we’re finding out now, with the frantic race to make the first COVID-19 vaccine. The work the scientists are doing is amazing, and their example should lead you to consider starting your own biochemistry business. You might find it useful to know how to build a successful biology-based business. This is a broad guide on the types of things you need to do and to be aware of, as you design the different layers of your company.
Build a road map
Every business will need to have an objective reason for existing. A biology-based business will need to have a road map that is essentially, entirely designed around a single product. This is because receiving funding for a pharmaceutical product is very tough. Biochemistry is already a very niche industry, so unless your product is able to beat out rivals and present a more financially appetizing case to investors, you won’t get far. So here is the road map for your product.
- Undertake research that proves your concept is worthwhile. This isn’t supposed to be an objective exercise. You really do need to show that your drug is safer, works faster and or is cheaper to produce than the previous or current drugs on the market.
- Undergo a few preliminary trials to show that your concept works. This will be a case of showing the chemistry is sound and safe, and the administration techniques are trusted.
- Make your case to insurance companies. This will take time. You’ll need to come up with an excellent pitch and presentation. Insurance companies will be your main client base.
- When you receive the funding, you can undergo your first large scale production of the first batch of products. You’ll only use these to undergo the first trial of volunteer test subjects such as lab animals or humans.
- When you can show promise, you’ll present your data and findings to your investors or shareholders, and submit for recognition trials to a governing body for approval.
- When you get the all-clear, and you have drawn up a plan for how many you will produce based on the consumer appetite, you can begin selling the product.
How to reassure investors
Scandal is, unfortunately, rife within the biochemistry industry. The recent shocking revelations of Elizabeth Holmes and her Theranos scam has sent shockwaves throughout the industry and investors worldwide. Billions of dollars were lost and thus, so many investors are only going to give their money to entrepreneurs if they have shown they will be avoiding scandal as much as possible.
The most important thing for them is health and safety within your company. As you test and evaluate your product, you’ll have to dispose of many waste products. For this to occur safely, you require dangerous goods training for you and your employees. This is a great service whereby the proper know-how on how to label your hazardous material boxes. How to pack and preserve such material safely, until it’s ready for shipment or transport. Your employees will be taught how to handle such materials if they are being loaded with vehicles. The correct paperwork and cooperation with the authorities in the removal and dumping of your hazardous material is also taught to you by this comprehensive service.
Picking a niche
You may want to improve an existing product or you may wish to start over with a completely new formula. No matter where you start, you must only release yourself from the blocks, if you have a niche. Why should investors pour their money into your business if you don’t have anything that is exciting, will change the world or make things easier for patients?
Here are a few ways to create your niche.
- Improving time: Are you trying to make a new headache tablet? If you can make your product work faster than any other product, this is a real niche which can be exploited by marketing companies and pharmacies around the world.
- Improving side effects: If your product has fewer side effects or perhaps they are less pronounced, this could give your product a platform from white to stand on. People will be less afraid to take your product, if they know that they won’t get an upset stomach, or have trouble sleeping, etc.
- It’s just better: If you know that your product is just better in every category, this is a major breakthrough and can be used to punch a hole in the market. Your product works faster, is safer, more effective and costs less to produce? You’re onto a real winner here!
The right tools and equipment
Every lab will have unique minds and professionals with varying degrees of experience. However, you shouldn’t just rely on your employees to work around all shortcomings in the office. Your lab needs to have the right kind of tools and equipment for the type of research that is being conducted.
If you need vial trays that won’t probit movement of any living organisms no matter how small, then you must pick a tray that is made from a material such as silicone. If you would like to limit contamination, then you must also have safety equipment, such as goggle’s, gloves, face masks, and quarantine areas in the lab. Your employees must also be given the right tools such as microscopes, freezers, airlock chambers and a number of other tools to help them with their specific tasks. You can learn more about this when you go to industry events and speak with companies who make the products you require.
Entrepreneurs in the biochemistry industry are right at the forefront of innovation and saving people’s lives. If the effort to find the COVID-19 vaccine has inspired you, then you should follow these guidelines and tips, to create your own biology-based company.