PRx Blog

Success in a Recession is spelled C-O-L-L-A-B-O-R-A-T-I-O-N

This year’s Massachusetts Biotechnology Council Annual Meeting provided a sober look at the state of the Massachusetts biotech industry and what the cluster must do to succeed in the years to come. Our world-class teaching hospitals and academic institutions, our talented scientists, physicians and researchers coupled with a vibrant VC community has resulted in Massachusetts being a world leader in the industry, but according to the council, other states and even countries are fast on our heals of potentially claiming the “super cluster” position. While Massachusetts has enjoyed being the launch pad for exciting companies like Genyzme and Biogen, today’s “rising stars” and even companies that are not yet formed but are a glimmer of hope in a scientist’s eye based on a patent or piece of IP, now face new, bigger challenges due to today’s economic conditions. The key theme of the day’s presentations was the importance of greater collaboration among industry, academia and venture capitalists. In order for the Commonwealth to not only survive today’s economic landscape but more importantly, prosper and maintain our leadership position, it will be key for these organizations to work together.

According to the MBC’s 2015 Strategic Report which was released at the conference, scientific collaboration and innovation is a critical linchpin to the success of the state’s biotech industry. The report discusses the need to better align the academic community with industry to improve collaboration and to address technology transfer processes taking innovation from the bench top to industry. Unlike other biotech powerhouse cities like San Francisco and San Diego, tech transfer doesn’t happen as seamlessly in Massachusetts. One of the calls to action was development of a consortium of academia and industry, so that the gene discovery and validation process that occurs in the academic setting can then be developed by companies with the funds and means to build accurate models and implement clinical trials. Without this technology transfer, we won’t see progress.

While it may seem ironic to say that I found the Economic Outlook session uplifting, it provided some clarity on where the industry is heading and it’s not all bad! Moderated by Xconomy Founder, CEO and Editor-in-Chief Robert Buderi, the session discussed on how the recession actually presents us with a tremendous opportunity. While pharma generally bets the bank on a blockbuster drug, nimble-minded biotech companies should focus on a “niche-buster” and be creative and adaptive in clinical trials. It is these companies who will come out standing—many of whom get their start here in the Bay State.

The MBC continues to host interesting, thought-provoking meetings that provide valuable forums for discussion, networking, collaboration and innovation.