Solutions For Challenges Medical Entrepreneurs Face When Creating Biotechnology Startups
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Many obstacles impede the success of biotechnologystartups. TheFood and Drug Administration's (FDA)clinical trialsisone of the primary challenges. The FDA currently imposes rigorous standards before a biotechnology company’s product is approvedfor disseminationto the public.A result of FDA standards isacostly 7.5-yearaverageproduct development pipelinethathinderscompanies, already limited in cash and resources,from quickly generating steady streams of incometo 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 advocatedbest-practice policies in areas for securing funding, navigating the FDA’s clinical trials, utilizing local resources, andtestingproducts. In addition, a casestudy was conducted on a Texas-based biotechnology company calledMirna Therapeutics Inc., to highlight some of the best-practicesendorsed 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 whichentrepreneurs could utilize for their current or future businesses in the field.