Global vs. Local: The Future of Biotech
CAMBRIDGE, MA., – March 6, 2023 – HiFiBiO Therapeutics CEO Liang Schweizer and Senior Director Vincent Tse share their thoughts on the advantages of early globalization for biotech startups and provide an operational framework for maximizing the probability of success and societal impact.
“In light of the ongoing challenges the industry is facing such as resource constraints, the need for increased innovation, and talent diversity, we wanted to share some of the unique advantages global biotechs such as HiFiBiO Therapeutics have been able to capture,” shared Liang Schweizer, Ph.D. “If executed effectively, the born-global model can be a robust and advantageous strategy for long-term success.”
“Of course, there are also challenges of pursuing a global strategy as a startup –such as complying with international regulations and harmonizing differences in business practices and cultures,” added Vincent Tse, MBA. “At HiFiBiO Therapeutics, the local grants and subsidies we receive combined with our globally shared SOAR corporate culture have helped us overcome some of these challenges.”
Abstract
Biotech start-ups often begin as domestic companies relying on local resources and talent, but this approach might not be effective in achieving rapid growth and long-term success, particularly for developing new therapeutics that require significant resources and extensive commitment. Here, we argue that born-global biotechs are better equipped to tackle major industry challenges, such as innovation, resource constraints, and limited talent diversity, especially in current challenging times. We also highlight the importance of capital efficiency in maximizing the benefits of being a born-global biotech, and provide an operational framework, based on the FlyWheel concept, for becoming a successful born-global biotech.
About HiFiBiO Therapeutics
HiFiBiO Therapeutics is a clinical-stage biotech company advancing a robust pipeline targeting both innate and adaptive immunity to treat cancer and autoimmune disease. Our proprietary and versatile DIS™ single-cell platform enables the rapid discovery of novel antibody therapeutics with predictive biomarkers through our internal development programs and strategic collaborations. Our passionate team across three continents embraces a fast-paced and engaging work environment to bring transformative medicines to patients. www.hifibio.com
HiFiBiO® and DIS® are trademarks of HiFiBiO and its affiliates.