andy richards

The Centre for Entrepreneurial Learning (CfEL) talked to Dr Andy Richards, serial biotechnology entrepreneur and business angel, about determining and defining effective business models in the life sciences sector. He talks about the particular challenges of the sector where high market value and mass market need is contrasted by tight regulatory process and high cost to market. This combined with the high risk of failure means it is a challenge to pitch to investors. Dr Richards encourages inventors and innovators to protect intellectual property through patents but also to think carefully about the timing of such patents as this is equally important. He also emphasises the importance of avoiding formulaic, text book responses to planning and the need to evolve your business model as you move up the value chain. In his view, success is not so much measured by how much money you make but how you have helped patients or end users through innovations in healthcare.

The Centre for Entrepreneurial Learning (CfEL) talked to Dr Andy Richards, serial biotechnology entrepreneur and business angel, about determining and defining effective business models in the life sciences sector. He talks about the particular challenges of the sector where high market value and mass market need is contrasted by tight regulatory process and high cost to market. This combined with the high risk of failure means it is a challenge to pitch to investors. Dr Richards encourages inventors and innovators to protect intellectual property through patents but also to think carefully about the timing of such patents as this is equally important. He also emphasises the importance of avoiding formulaic, text book responses to planning and the need to evolve your business model as you move up the value chain. In his view, success is not so much measured by how much money you make but how you have helped patients or end users through innovations in healthcare.