If you work in the life sciences, today’s headlines weren’t very comforting. BioWorld reported that third quarter investing plunged by 60%. FierceBiotech reported that one key biotech VC firm has abandoned attempts to assemble a $250million fund. Ellen Clark of Clark Executive Search wrote about biotech ventures relocating overseas due to cheaper costs and risky and lengthy FDA approval.
News of rough times for the biotech industry coincides with a report published by the Institute of International Research, which stated that marketing will be the most important area of expertise for next generation leaders. The CEO’s in the survey placed marketing on top, followed by operations and financial expertise.
When you consider that marketers are responsible for the 4 P’s (product development, pricing, placement, and promotion), the survey is not surprising. Marketers play a key role in the Biotech business. Few disciplines understand the relationship between R&D, finance and operations like marketing. In addition, having a solid marketing plan is vital to securing financing.
Given the challenges of today’s economic environment, having a professional marketing presence is no longer a luxury - it's a necessity. The future belongs to biotech companies that embrace this fact.
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