CABS BUSINESS DEVELOPMENT IN LIFE SCIENCES Workshop Part 2 Recap

Date: July 28, 2024 @ 12:00 am – August 28, 2024
Location: Hanhai Biolabs

The second installment of the CABS BUSINESS DEVELOPMENT IN LIFE SCIENCES workshop, held on July 28, 2024, in Burlingame, California, further solidified its position as an indispensable resource for professionals navigating the complexities of the life sciences business landscape. With over 70 attendees, the event once again exceeded capacity, underscoring the growing demand for knowledge and insights in this dynamic field.

CABS President-elect Kay Tong opened the workshop with a warm welcome, setting the stage for a day of in-depth exploration into the intricacies of business development. Her overview of CABS' accomplishments and initiatives provided valuable context for the discussions to follow.

Dr. Jimmy Zhang, a seasoned industry expert, delved deeper into the nuances of the business development process. Building upon the foundation laid in the first workshop, he offered a comprehensive overview of the seller's perspective, encompassing critical stages such as market research, partner identification, deal negotiation, and alliance management. Dr. Zhang emphasized the importance of a strategic approach, highlighting the need for thorough due diligence and risk assessment.

 

To provide a clearer picture of the buyer's decision-making process, Dr. Zhang outlined key evaluation criteria and the significance of robust financial modeling. He underscored the importance of understanding the competitive landscape and developing effective negotiation strategies. By sharing real-world examples and case studies, Dr. Zhang brought the complex world of business development to life, enabling attendees to grasp the challenges and opportunities inherent in the field.

A deep dive into the financial aspects of business development was another highlight of the workshop. Dr. Zhang presented a detailed analysis of the costs associated with discovering and developing a new molecular entity, emphasizing the need for careful budgeting and resource allocation. He also discussed the importance of return on investment analysis and the role of financial modeling in decision-making.

Recognizing the critical role of communication and interpersonal skills in business development, Dr. Zhang emphasized the importance of building strong relationships with partners and collaborators. He highlighted the need for effective negotiation tactics and the ability to build consensus among stakeholders. By sharing insights into best alternative to a negotiated agreement (BATNA), Dr. Zhang empowered attendees to approach negotiations with confidence and strategic acumen.