Here are 5 tips to make your biotech startup leaner

Building a biotechnology startup is a lot like getting a private university education: To make progress, you have to get past the high-cost barrier to entry.

First and foremost, biotech requires expensive clinical studies and the use of state-of-the-art manufacturing facilities. In fact, major pharmaceutical companies spend at least US$4-billion to develop a single drug. That’s not pocket change for the typical entrepreneur. But even biotech startups spend between US$20 000 and US$50 000 per patient on direct clinical trials. And with most Phase II trials requiring at least 200 people for each study, the costs quickly add up.