As HealthTech investors, translating exciting technology platforms into a successful therapeutics pipeline is at the core of our mission to accelerate cure. We’ve brought together top leaders from academia and industry to share their expertise in how to create successful platform companies that could innovate faster and save patients’ lives.
The problem
Advanced technologies are transforming the healthcare landscape, bringing about significant changes in the way we approach medical treatment. The rapid development of RNA platforms has led to the creation of vaccines in an unprecedented timeframe. Similarly, innovative gene therapy platforms have already been instrumental in treating patients with rare genetic mutations, and gene editing companies are presenting new and exciting ways to modify our genetic makeup. However, the journey from an impressive technological breakthrough to a viable pipeline of therapeutic applications is far from straightforward. The process of selecting the most promising applications involves a complex interplay of internal knowledge, risk assessments, and resource constraints. Moreover, predicting the relevance of specific indications several years into the future can prove to be a daunting task.
We had the privilege to be engaged in a dialogue with leading people in the field, who have spearheaded the transformation of cutting-edge technologies into thriving pipelines. Herein lies the knowledge and insights that we have gleaned.
The path
Platform-based companies are faced with the challenge of reconciling the imperative to advance their platform with the imperative to generate both immediate and enduring value. Accomplishing this objective necessitates making hard choices throughout the entire process that can profoundly impact the company’s ultimate success. What are the essential steps that pave the path to a thriving platform company?
Budget is everything
Platforms require substantial funding and long-term investments, while often it’s the product that investors will pin company valuation to. This presents a real challenge, as while in short term it may be beneficial to focus on your lead asset, it’s the platform that will fuel the future growth of your company. Entrepreneurs must find ways to continue developing their platform while staying within budget constraints.
Partnerships can get you there faster
Platform-companies have the potential to utilize their novel technologies to establish partnerships with other stakeholders in the industry for pipeline development. Collaboration not only serves to mitigate costs but also enables fledgling companies to leverage the expertise and acumen of established industry players. Furthermore, partnerships are vital in validating the potential of the platform, particularly during its nascent stages.
Prioritize both short-term and long-term value
Highly prosperous platform-based companies must accord equal priority to both short-term and long-term value. While catering to current market requirements is essential, companies must also adopt a forward-looking approach and envisage future industry trends and advancements. This necessitates a readiness to invest in research and development undertakings that may not generate immediate commercial returns but may prove indispensable for the company’s sustained prosperity over the long haul.
Know when to pivot
Rarely is success achieved on the first attempt, and the most accomplished platform companies have modified their pipeline on numerous occasions before identifying the optimal indication. Achieving an optimal balance between the domains in which the technology is most effective and the areas where the market’s needs are most compelling is a dynamic and arduous process that continually evolves with new insights. It is imperative to recognize when it is appropriate to reduce expenses and alter the pipeline’s trajectory.
Finally- Create the right culture
Platform companies are compelled to adopt a long-term, collaborative approach. Given their position at the forefront of innovation, these companies must demonstrate a willingness to assume risks and cultivate a work environment that prioritizes collaboration and embraces the admission of mistakes.
Thank you so much to our brilliant panelists for spearheading amazing platforms and curing patients lives.
Kevin Fitzgerald, CSO, CSO, Alnylam Pharmaceuticals
Prof. Jim Collins, MIT
Dr. Iris Grossman, Eleven Tx
Dr. Uli Stilz, Novo BioInnovation hub
Dr. Cigall Kadosh, Harvard
Prof. Elazar Edelman, MIT
