We recently held the second of our presentation series “Surviving the Transition to Clinical Trials” at JLABS in Toronto.
More than 45 people, representing biotech, pharma, and medical device companies, came to find out how to take their innovative ideas from the lab to the clinic. Speaker Melynda Geurts, Imperial’s global director of patient engagement, emphasized that proactive planning, rather than reactive planning, is critical to recruiting and retaining patients, and containing costs.
The rapidly growing clinical research business is open to aspiring entrepreneurs who have innovative ideas. This industry is highly profitable but dependent on the ability to come up with breakthrough clinical research. To ensure success, you need to carry out thorough feasibility studies and market surveys. Strategic planning is an important step that you should not take for granted when launching your own clinical research business.
Before starting your first clinical trial, Melynda recommends:
- Get an overview of the industry; analyze market trends and threats
- Write an executive summary that includes:
- Your services or vision
- A mission statement
- Structure of the business
- Roles and responsibilities
- Your target market
- Your competitive advantage
- Startup expenditures
- Sources of income
- Sales forecast
- A checklist of milestones
- Establish business relationships with pharmaceutical and biomedical companies, key stakeholders, and other essential partners
Proactive planning can help you enter the clinic successfully and reach your goals. Being aware of potential hurdles and developing strategies to deal with them can save you considerable time and money.
View our other blogs related to Melynda’s presentation at JLABS
3 Ways to Outsmart the Big Dogs as you Move to Clinic
The Role of Patient Engagement in the Transition from Lab to Clinic
PC: JLABS Innovation