My journey in bio-entrepreneurship started for me at a very tender age of seven years old. The experience of going to the hospital and seeing how doctors could heal and save lives seeded an aspiration that drove most of my career choices and decisions later in life.
Today, I am the Founder of Invitrocue, the leading provider of personalised oncology and Bio-Analytics Solutions in the region. It is an exciting time for us as we have just received a breakthrough with Onco-PDO, the first clinical cancer drug screening test in Singapore that looks to personalise cancer treatment by regrowing patients’ own cancer cells in its laboratories, improving clinical outcomes and reducing overall treatment costs and time. Invitrocue is also one the major provider of in-vivo drug testing services for global pharmaceutical and Biotechnology companies.
However, the road to becoming a bio-entrepreneur is not just about launching a business; it’s about fostering innovation, creating solutions, and the advancement of medicine. In other words, the entrepreneurship road in the field of healthcare and biotechnology can be daunting; it requires not only a deep understanding of the sciences but also an entrepreneurial mindset and a deep wellspring of inspiration.
Having been involved in the healthcare and Biotechnology industry since the late 1980s, I have observed and participated in the rapid growth of this industry. A key driver for this rapid growth was the demographic shift towards an ageing population globally. As we progress in our understanding of chronic diseases such as cancer, our advancement in diagnostic technologies has shifted from mass treatment approaches to tailored, technologically-driven interventions.
For would-be entrepreneurs looking to enter the biotech sector, these are the three key areas that they will need to consider — the good, the bad, and the possibilities.
The bad: challenges of a bio-entrepreneur
“There is no Gain without Pain” – personal and financial sacrifices are a constant theme in entrepreneurship, especially in the medical and biotechnology field.
As a bio-entrepreneur, some of the biggest challenges you will face include the accessibility and readiness of the market to accept your product or services. This involves overcoming scepticism from stakeholders, reimbursement challenges, and competition from existing solutions. Demonstrating clinical efficacy, safety, and cost-effectiveness is crucial in fostering acceptance among stakeholders.
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Equally important is Market Readiness. If the venture goes to market too early, the risk is that bigger or better-resourced companies may take advantage of it. If you go to market too late, competition will be high, and margins can be low. In the case of Invitrocue, significant efforts were invested in assessing and quantifying Market Readiness above all else.
Beyond this, I also had to consider factors such as the scientific complexity of my research, the regulatory compliance, as well as the technological and capital risks associated with any med tech business will need to be anticipated.
Take the launch of Onco-PDO for example. The scientific pursuit was marked by intricate complexities, including the need for robust research, extensive experimentation, validation and regulatory processes. Negotiating this complex terrain involves approvals, licences, and safety assessments and they are time-consuming and resource-intensive. From research and development (R&D) to clinical trials and commercialisation, the journey from concept to market-ready product demands substantial financial investment.
To navigate this, we had to work closely with leading researchers and institutions. We also sought to protect our technology and Intellectual Property via legal experts and continual monitoring of competitor activities. The company invested well over 7 years to be able to offer a validated clinical service. Today, this service is available commercially in Asia and Europe and covered by selected public healthcare insurance.
The good: Overcoming challenges
So when faced with such a daunting set of challenges, how do bio-entrepreneurs like myself navigate the risks of starting a nascent biotechnology company? This can be best summarised in the following lessons.
Talent acquisition and innovation
The key consideration in talent acquisition and development for biotech startups is to understand that different talents are needed for different stages of growth. For example, for biotech companies in the very early stage, talents are usually more experimental and higher risk takers. Conversely, for late-stage growth biotech companies, strategy compliance and fewer risk-takers are needed.
Recruiting and retaining top talent is critical for driving innovation and growth in biotech startups. Fostering a culture of innovation and adaptability is essential for navigating the dynamic biotech landscape. Encouraging creativity, collaboration, and experimentation empowers employees to think outside the box and pursue novel solutions to complex challenges.
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Embracing a growth mindset and remaining agile in the face of setbacks enables startups to pivot, iterate, and evolve their strategies in response to changing market dynamics and scientific breakthroughs.
Leverage collaborative partnerships
Collaborating with academic institutions, research organisations, and established industry players can provide valuable resources, expertise, and infrastructure to overcome scientific and technological challenges. By forging strategic partnerships, startups can access specialised knowledge, shared facilities, and funding opportunities, accelerating the pace of research and development.
Secure diverse funding sources
Diversifying funding sources is crucial for mitigating the financial risks associated with biotech startups. In addition to traditional venture capital funding, entrepreneurs can explore alternative financing options, such as government grants, angel investors, crowdfunding, and strategic partnerships.
Leveraging non-dilutive funding opportunities and milestone-based financing structures can provide greater flexibility and sustainability in the early stages of development.
Adopt strong regulatory compliance
Proactively addressing regulatory compliance is paramount for navigating the path from research to commercialisation. Engaging with regulatory experts and consultants can help startups understand and navigate the complex regulatory landscape, including FDA approvals, clinical trial requirements, and product labelling regulations.
By integrating regulatory considerations into the product development process from inception, startups can minimise delays and compliance-related risks.
The possibilities: Future of biotech innovation
There has never been a better time in human history to be a bio-entrepreneur than today; we are entering the golden age of biotech innovation.
Mankind is now witnessing a significant cadence in the rate of new medical discoveries and cures, driven by technological advancements such as Quantum Computing, Synthetic Biology and Gene Editing. The convergence of these technologies, along with advancements in Artificial Intelligence, machine learning, and nanotechnology, is enabling scientists to design more sophisticated therapies and biomedical solutions with unprecedented precision and efficiency.
Advancements in genomics, proteomics, epigenetics and data analytics are also paving the way for personalised medicine tailored to individual genetic makeup, lifestyle factors, and disease profiles. In the future, healthcare will also shift towards preventive and personalised approaches, leveraging genetic and phenotypic disease modelling to predict disease susceptibility, customise treatment regimens, and optimise patient outcomes.
As a species, we now possess the necessary technological know-how to determine and overcome our biological conditioning. Such an event can only drive the leap in our own evolution. Whenever someone chooses to be a bio-entrepreneur or invest in biotech, I sincerely look forward to their pursuit, with the greatest hopes that it will further mankind’s future well-being.
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