Solutions For Challenges Medical Entrepreneurs Face When Creating Biotechnology Startups

Many obstacles impede the success of biotechnologystartups. TheFood and Drug Administration's (FDA)clinical trialsisone of the primary challenges. The FDA currently imposes rigorous standards before a biotechnology company’s product is approvedfor disseminationto the public.A result of FDA standards isacostly 7.5-yearaverageproduct development pipelinethathinderscompanies, already limited in cash and resources,from quickly generating steady streams of incometo sustain their businesses.After a literature review, several important areas of focus were highlighted by individuals who successfully started biotechnology companies or have expertise in the area. They advocatedbest-practice policies in areas for securing funding, navigating the FDA’s clinical trials, utilizing local resources, andtestingproducts. In addition, a casestudy was conducted on a Texas-based biotechnology company calledMirna Therapeutics Inc., to highlight some of the best-practicesendorsed from literature, as well as to show their limitations. This research could potentially foster a new way of looking at biotechnology startups and provide insightful techniques whichentrepreneurs could utilize for their current or future businesses in the field