Browsing by Subject "sustainable business models"

Now showing 1 - 1 of 1

Solutions For Challenges Medical Entrepreneurs Face When Creating Biotechnology Startups
(2017-05) Xiong, Yuqing
Many obstacles impede the success of biotechnology startups. The Food and Drug Administration's (FDA) clinical trials is one of the primary challenges. The FDA currently imposes rigorous standards before a biotechnology company’s product is approved for dissemination to the public. A result of FDA standards is a costly 7.5-year average product development pipeline that hinders companies, already limited in cash and resources, from quickly generating steady streams of income to sustain their businesses. After a literature review, several important areas of focus were highlighted by individuals who successfully started biotechnology companies or have expertise in the area. They advocated best-practice policies in areas for securing funding, navigating the FDA’s clinical trials, utilizing local resources, and testing products. In addition, a case study was conducted on a Texas-based biotechnology company called Mirna Therapeutics Inc., to highlight some of the best-practices endorsed from literature, as well as to show their limitations. This research could potentially foster a new way of looking at biotechnology startups and provide insightful techniques which entrepreneurs could utilize for their current or future businesses in the field.