Dr. Mark Ahn is a founding principal at Pukana Partners, and he has done research on how biotech startups should handle their business. When you read this story first published by PR Newswire, you will see that Dr. Ahn has very simple advice for everyone in the industry.
When Dr. Ahn shared this information with the publication, he was sharing his real world experience and research at the same time. Dr. Ahn has looked at how biotech startups function, and he has concluded that these businesses cannot make money as quickly as other companies.
The product cycle for these companies is so long that they need to have many products in the works at the same time. Also, these companies need to funding that is coming from multiple sources. When the funding is secured to take the company through the long haul, that business can better deal with the long testing and trial phases of their own products.
When Dr. Ahn says to be patient, all biotech companies should take heed. They are not going to make money overnight, and they need to have a business plan that suits them. When these companies do their homework properly, they have a better chance of succeeding.