How do We Fix What’s Wrong in Biotech? Watch our Panel on Industry Failures to Find Out!
The afternoon of Refresh kicked off with a panel on failures in biotech — that is, how we turn them into successes. Here’s the video of our panelists’ thoughts!
“There are so many ways not to succeed and there’s only one way to succeed,” commented Ignacio Faus, CEO of Genmedica Therapeutics. In order to figure out that one way to success, we first have to identify the pitfalls along the way. So how do we define failure? Faus and the other panelists, Managing Partner of V-Bio Ventures Christina Takke and Scrip Editor John Hodgson, cited management problems and lack of clinical success.
But they also pointed out the possibility of commercial failure. Naturally, the example that spring to mind was UniQure’s Glybera: Despite the scientific triumph of the world’s first gene therapy, it will be withdrawn in October due to lack of success on the market.
But how do we avoid and learn from these problems? Takke commented, “For me, the confidence of the management in their own program is one of the most important aspects to turn a biotech failure into a success.” The panelists also discussed the topic of transparency, highlighting the importance of open communication, especially towards investors but also towards the public.
Watch the video to hear the rest of their thoughts!
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