MedImmune’s Peter Greenleaf summed it up nicely: Maryland, Virginia and North Carolina together have incredible muscle in the life sciences.
With more than 120,000 direct jobs, the region tops all biotech clusters, except California, for size. We initiate 40 percent of the nation’s clinical trials.
This critical mass was evident during the two-day Mid-Atlantic Bio 2012 conference in the Washington suburb of Bethesda, Md. The conference ended Friday.
At the center of it all was the number-one concern for companies in the pre-conference survey: capital.
Funding panels gave young companies new ideas on how to navigate this tricky economy characterized by skeptical investors. Then a panel of investors gave an insider’s look at what drives those investments.
Two veteran CEOs debated whether to take any money from investors, or money only on terms that support the company’s mission. That discussion, like the issue itself, ended in a draw. The CEOs also talked about the many challenges facing company leaders, and encouraged new entrepreneurs to step away from tactical considerations and pay attention to strategy.
The most interesting observation, though, was that healthcare or drug-development companies should focus on the patient – not just in an idealistic way. Company leaders need to focus on getting past the many obstacles that arise, and it is often the result of helping a patient that can provide the motivation to keep moving forward.
Examples of this dedication were front and center, whether it was improved care for diabetes patients, a non-invasive test for colorectal cancer or vaccines to stop the spread of disease. Investors and potential partners lined up to talk with the two dozen presenting companies, five of which came from North Carolina.
The conference’s 600 attendees took home a lot of new ideas and connections, in addition to a lot of hope for improving the future.
(C) NC Biotech Center
