Small and medium sized biotech companies do not have the financial resources that their larger pharmaceutical counterparts do. This means they need to be even smarter in how they spend. Larger companies have deeper pockets for their projects, while biotech startups and mid-sized companies must find investors if they don’t have enough in the R&D budget. Therefore, due to budget constraints, small and mid-sized biotech companies must find creative ways to use their limited resources while growing their business. The most effective way for them to do this is to make sure that the company they are hiring is a great long-term match. When looking for an information technology company to hire, biotech companies should look for seven main signs.
An information technology consulting firm that truly understands and embraces the needs of its biotech clients must have the experience and expertise to serve the biotech industry. We believe there are seven characteristics that a successful IT partner must have:
1. Must understand the biotech industry and the specific needs that may arise, such as regulatory requirements, clinical trial needs, GMP regulations, HIPAA (in some cases), FDA compliance, ISO certifications, trade secret protections, supplier relationships. manufacturers of proprietary laboratory equipment, etc.
2. They must have a leadership background and many years of industry experience (10+ is a good number). They must be able to work with C-level executives as well as line workers so they understand the needs on the front line as well as the needs of a growing business at a high level.
3. They must be responsive and agile. In the biotech industry, innovation is key and faster time to market means faster profitability and therefore less need for additional rounds of funding. In other words, a quick response equals time and money saved.
4. They must work closely and strategically with the company. They shouldn’t just be on-call technicians coming in and fixing things without seeing the big picture. There are two distinct needs within every biotech company: administrative and research. Technicians must therefore be able to keep computers running for administrative purposes, but must also be technologically strategic enough to leverage their knowledge of technology into profits; thus enabling its customers to increase productivity, lower costs and get to market faster.
5. An information technology company that has its customers’ best interests in mind will always think about cost savings. Based on their years of experience, a veteran IT company will have several methods to reduce or even eliminate additional costs related to equipment, labor, or time for their customer. Therefore, by choosing an IT money saving expert, the client will be able to save on expenses.
6. An efficient IT company knows how to find creative solutions to a current network problem a customer may have and can even foresee related problems in the future and prevent them from happening.
7. An information technology company that is familiar with the nuances associated with proprietary laboratory equipment can understand that they are manufactured differently and that they function uniquely. For example, some are stand-alone units, some work in an active directory domain environment, some work in a quasi-domain environment, and some come with very lax security protection that needs to be fixed. The IT company will also understand that they all require careful security reviews and possibly security changes to integrate into the company network.
As the owner of an information technology consulting firm in San Diego, I have had the opportunity to work with several San Diego-based biotech companies. Many times, the pains and needs that they share with me are very similar. After all, everyone is competing to get their products to market sooner, they want it done right the first time and done profitably. Some say that in this economy we have to do more with less. I say, you should do more with less, always!
Being well versed in the biotech industry does not license the IT consulting firm to overcharge its biotech clients. A good information technology partner will have good human resource management on their team to appropriately allocate the necessary resource when that expertise is required on a project.
An IT company that is dedicated to its customer establishes a relationship with them that is more of a partnership. Instead of labeling the client as just another account, an information technology consulting company that truly has their clients’ best interests at heart goes the extra mile for them. Here in San Diego, we once received a call from a customer who had a problem with his laptop. He couldn’t make it work and had to make an important presentation at an executive meeting. We took his laptop, fixed it up for him, and delivered it to his meeting just in time. Our client was very satisfied and so were we.
The perfect information technology partner for a technology-driven, research-and-development company is one that can leverage IT and help their customer move with the market agilely, get their products to market sooner, and whatever more importantly, do more with less.
