Life Science Leader Magazine Supplements

CMO 2015

The vision of Life Science Leader is to help facilitate connections and foster collaborations in pharma and med device development to get more life-saving and life-improving therapies to market in an efficient manner. Connect, Collaborate, Contribute

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Page 49 of 83

GLOBAL BUSINESS UPDATE insights Snapshot analyses of selected companies developing new life sciences products and... BUSINESS CHALLENGES startups By E. Miseta EFFECTIVE SCALING STRATEGIES IN PHARMA LIFESCIENCELEADER.COM THE CMO LEADERSHIP AWARDS 2015 50 with them is 'Did that work?' All I want is a yes or no answer. I don't want to walk away wondering what they meant by something they said. It erodes the rela- tionship. If I hire someone I trust, I don't have to worry about that scenario." Another panelist recommended hiring people that you know will work well under pressure. There is always pressure involved in working for a start-up, espe- cially when it is relentless and coming from all sides. A lot of it will originate with your investors who want to hear where things stand and whether the proj- ect is still on track. This is another area where trust comes into play. Always remember this is a tough busi- ness, and a lot of things can and will go wrong. All management teams will look good when things are going well. You won't find out how good your team really is until things start to hit the fan. ALWAYS TRY TO GET ALONG In this business, relationships are critical, as is getting along with the companies you do business with. If working with a person would generally be the next step. Of course, identifying the titles that need to be filled is one thing. Finding the right people to fill them is another. HIRING THE WRONG PERSON CAN SPELL DISASTER When you are a young and unknown start-up, convincing strangers to buy into your idea and join the company can be a challenge. It also can take a lot of time. For that reason, many CEOs hire people they know simply because they under- stand the skill and work ethic of people they have worked with in the past. At the same time, you cannot run out and hire every person you know. "Hiring someone in the start-up phase is like going on one date with someone and proposing marriage," noted one panelist. "This is why it can be so efficient to hire someone you already know. One of the key attributes you are looking for is trust, and you will always have more of that in a personal connection than a total stranger. For example, if I hire a scientist, the only conversation I ever want to have Effective Scaling Strategies In Pharma You have a molecule that appears to hold potential for a disease state. You also have some funding in place, and opportunities for your start-up look promising. But several challenges still lie ahead. ou need to hire the right peo- ple to help you move forward. You need to learn how to get along with your investors. And you need to locate new partners and investors to help you develop the product and take it to market. Nothing at this stage in your company's growth is easy or inexpensive, and unfortunately, this stage often determines the success or failure of your business. A panel consisting of an entrepreneur, a consultant, and represen- tatives of pharma met at the Outsourced Pharma West Conference and Exhibition to help attendees navigate through these issues. Often, the first thing you have to do is decide whom you are going to hire. Whom should you select to help you exe- cute the plan you have in place? If you will be acting as the CEO of the company, our panel recommends that you start off with a knowledgeable chief medical officer and then a qualified CFO to help you manage costs and assist with future fundraising efforts. With a technology- or science- based company, bringing on a technology Y E D M I S E T A Executive Editor @OutsourcedPharm

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