Biz dev in biotech
The Business Development function involves searching for corporate partners to form alliances with and managing existing alliances. Smaller companies focused on discovery research often do not have marketing/sales groups. As companies grow and a product/service is refined enough to commercialize, marketing/sales becomes differentiated from the search and management of alliances; such groups usually operate under the Business Development umbrella.
"Generally, biotech companies are dependent on a few bigger relationships instead of many small ones. As such, selling is very much about communicating competence and building trust for a long-term relationship, not just focusing on the best "deal" for the immediate opportunity. It is not about the often stereotyped view of a pushy sales person," says a Vice President of Business Development.
"The Business Development function has differentiated into two main types of roles: business development proper, which seeks new relationships, and alliance management, which nurtures existing relationships. This differentiation is a sign of the evolution of the industry. In addition, business development activities can occur on both the buy and sell sides. You can be involved in either selling offerings or, alternatively, identifying and purchasing services or capabilities." Although Business development is a "critical function, it is often not a large department in most companies."
The Vice President of Business Development oversees all efforts to identify, evaluate and pursue potential strategic partners, joint ventures, and alliances. The Vice President also directs the assessment of licensing potential of targets, leads and drug candidates as well as the managing of all collaborations. Typical salaries range from $130K to $160K.
The Manager of Corporate Planning prepares long-range/strategic plans (3-5 years out) and short-range/tactical plans (6 months - 1 year out). Other activities include designing and executing financial planning processes, setting targets and planning guidelines. Typical salaries range from $110K to $120K. Research Analysts provide the extensive research and analysis needed to determine how and with whom a biotech company should partner with. Analysts generate the assessments that help business development management determine how to meet its goals. Analysts answer such questions as "Should we expand organically or acquire other companies to grow?" and "Who should we partner with to become more competitive?" Research Analysts work with attorneys to assess intellectual property and licensing issues, help develop and enforce agreements and secure licenses for ongoing operations. Typical salaries range from $90K - $110K.