Starting a biotech research centre is a fantastic undertaking. This is an industry which could see you saving lives. Even better, the UK is set to become the third-largest biotech hub in the world. You could say that starting up in this boom is a fantastic way to get off the ground. It’s also crucial to note, though, that you will be going up against plenty of other companies. That can make it tough to pull a profit.
To make matters worse, medical research is a tricky place to make money. That’s because this isn’t your traditional company. You don’t necessarily create a product to sell. If you aren’t careful, then, you could end up spending a whole lot without seeing much back.
That’s not to say, of course, that this can’t be a lucrative undertaking. The amount of biotech companies cropping up shows that this is a viable undertaking. All you need to do is consider the following before getting started.
Is there a product?
Perhaps the first thing you need to ask yourself is whether there’s any actual product in your research. It can seem strange to consider products with something as important as medical research, but you won’t get anywhere without. You need to be researching towards a product with literal applications for medical professionals. A cure would be the ideal, and could earn more money than you’d ever dream. Equally, new medications can be fantastic earners. But, if your research is to do with understanding disease instead, it might not pull profits anytime soon. Make sure, then, that there’s a product at the end of the research tunnel before you spend a fortune on your efforts.
Can you get funding?
It’s also vital that you consider whether you can get funding to start. This is vital given that, even with a product in sight, research companies play the long game. Even worse, you’ll need to buy expensive equipment to develop your methods in the first place. You’ll need everything from kits for DNA isolation, to extensive lab equipment for tests. The good news is that there is funding which will help if you’re eligible. Here in the UK, a tax-free government scheme called the seed enterprise investment scheme could see you with £150,000. Equally, you may be able to reach out for grants or investors to get up off the ground. Be sure to research this area early on in your efforts to make sure that someone will cover costs!
Is there a market need?
Lastly, ask yourself whether there’s a market need for what your biotech company could offer. It’s no good taking care of the above if no one would buy what you’re producing. Be sure to speak to plenty of people in the industry during the research stages of your research company. Find out, too, whether you’d be aiming products at pharmacists, hospitals, or outside companies. Once you know that, you’ll be in the best position for investment, and quick profits later on.