Open AccessBusiness development: A barometer of future success
Author(s) -
Edmund L Valentine
Publication year - 1969
Publication title -
journal of commercial biotechnology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.107
H-Index - 17
eISSN - 1478-565X
pISSN - 1462-8732
DOI - 10.5912/jcb65
Subject(s) - business , chief executive officer , new product development , business development , organizational culture , marketing , product line , identification (biology) , product (mathematics) , investor relations , officer , strategic management , process management , management , economics , engineering , botany , geometry , mathematics , political science , law , biology , manufacturing engineering
In the pharmaceutical and biotechnology industry, an excellent barometer of potential future success is a company's ability to find and execute accreditive deals. The key factors that differentiate successful companies are: (1) visionary leadership that sets aggressive but achievable, coordinated, measurable individual business development objectives to be met by designated dates, and (2) a proactive results- versus activity-oriented corporate culture. In these companies, senior management, from the Chief Executive Officer down, are focused on business development efforts to ensure that future product line gaps are filled before they materialise. Business development is supported by systems and processes that facilitate the timely identification and execution of accreditive deals. This paper discusses how successful companies set and achieve realistic business development objectives. Failure to fill future product line gaps through in-licensing, joint ventures or acquisitions will result in many companies being downsized, acquired or merged, or going out of business.