The capital needs of life science companies are unrelenting, whether in R&D mode, clinical stages or beyond. For start-ups, operational efficiency is vital to keep spending in check and maintain a sharp focus on hitting development milestones. Increasingly, outsourcing select business functions is the answer.
Emerging companies can benefit from flexible vs. dedicated costs and resources while gaining access to specialized knowledge and talent. Outsourced functions are wide-ranging, including accounting and finance, business development, regulatory/clinical operations, legal/IP, human resources and even clinical trials. With an ever-growing number of managed services to consider, this session will convene experts in early-stage operational support for life science companies to address the following:
· When and what to outsource for maximum capital efficiency
· How to build the right lean team on the inside to manage external work
· Identifying and vetting external partners – expectations and questions to ask
· When to consider a truly virtual model (using CROs and CMOs)
· Considerations for growth and transitioning to in-house teams
· Do’s and don’ts – anecdotes from the trenches