life science companies from reaching a commercial plateau that reaps benefits to the state in the form of jobs and tax revenue. Market Opportunity Life Science Definition incorporates pharmaceuticals and diagnostics (including – biotechnology-derived products), medical devices and equipment, industrial and environmental biotechnology, and agricultural biotechnology (including biofuels). The Importance of Start-up Companies to Industry Growth: Entrepreneurs and bioscience start-up companies played an important role in growth Small businesses with fewer than 500 employees … accounted for 65 percent of the net new jobs created during the 1993 – 2009 period. In their first year, new firms collectively add an average of three million jobs, while older companies lose one million jobs annually. Most successful biotech emerge from start-ups. According to AdvaMed, 28% of the medical technology industry research and development spending comes from smaller companies. While these start-up companies may leave the ultimate commercialization of their products to larger companies, the life sciences industry is highly dependent on discoveries initially developed from start-ups. Life Science Opportunity in North Carolina Mixed Returns from Academic Bioscience – Research North Carolina ranks 5th in the US with over $1.5 billion spent on academic bioscience research and development. The state ranked only 14th among all states in terms of bioscience patents issued during the 2004 2009 period. – North Carolina’s biotechnology patents accounted for 2% of the country’s biotechnology patents in 2009. These data suggest a significant disconnect between North Carolina’s strong academic research enterprise and the efficiency of translating that research into products that will be developed further in the state. North Carolina faces a management gap resulting from an insufficient supply of local serial entrepreneurs and top-tier executives relative to the number of commercial opportunities being generated within the state. It is understandable that it takes a special type of executive to create and grow a successful life science company. Each stage of company development is associated with a distinct set of challenges that requires a leader with skills who understands all of the moving parts and has the ability to navigate with agility through a myriad of complex issues. Orchestration of these complexities requires command of:
life science companies from reaching a commercial plateau that reaps benefits to the state in the form of jobs and tax revenue. Market Opportunity Life Science Definition – incorporates pharmaceuticals and diagnostics (including biotechnology-derived products), medical devices and equipment, industrial and environmental biotechnology, and agricultural biotechnology (including biofuels). The Importance of Start-up Companies to Industry Growth: Entrepreneurs and bioscience start-up companies played an important role in growth … Small businesses with fewer than 500 employees accounted for 65 percent of the net new jobs created during the 1993 – 2009 period. In their first year, new firms collectively add an average of three million jobs, while older companies lose one million jobs annually. Most successful biotech emerge from start-ups. According to AdvaMed, 28% of the medical technology industry research and development spending comes from smaller companies. While these start-up companies may leave the ultimate commercialization of their products to larger companies, the life sciences industry is highly dependent on discoveries initially developed from start-ups. Life Science Opportunity in North Carolina – Mixed Returns from Academic Bioscience Research North Carolina ranks 5th in the US with over $1.5 billion spent on academic bioscience research and development. The state ranked only 14th among all states in terms of bioscience patents issued during the 2004 – 2009 period. North Carolina’s biotechnology patents accounted for 2% of the country’s biotechnology patents in 2009. These data suggest a significant disconnect between North Carolina’s strong academic research enterprise and the efficiency of translating that research into products that will be developed further in the state. North Carolina faces a management gap resulting from an insufficient supply of local serial entrepreneurs and top-tier executives relative to the number of commercial opportunities being generated within the state. It is understandable that it takes a special type of executive to create and grow a successful life science company. Each stage of company development is associated with a distinct set of challenges that requires a leader with skills who understands all of the moving parts and has the ability to navigate with agility through a myriad of complex issues. Orchestration of these complexities requires command of: