Indian life sciences entrepreneurship requires proper market comprehension and caution and the biotech sector has been driven by entrepreneurial expertise, according to experts at Bangalore Bio. Some of the well known companies in the country and emerging out of Bangalore are Biocon, Avesthagen, Bhat Biotech, XCyton Diagnostics, Metahelix Life Sciences, Strand Genomics.
As part of the Bangalore Bio 2009, Entrepreneurship Day was observed on the June 18. The session was sponsored by OrbiMed Advisors India along with Merck & Co USA. The event saw several entrepreneurs put forth their suggestions.
"Investors look for trust in the entrepreneur and an understanding of the market and science," stated Dr Sriram Nadathur, director, Nadathur Holdings & Investments Pvt Ltd.
He was speaking at the panel discussion that was held on 'The Path of the Indian Life Sciences Entrepreneurship', bed of roses, bed of thorns held during the Bangalore Bio 2009. The moderator was Dr Sunny Sharma, Senior MD, Asia, OrbiMed Advisors India Pvt Ltd, as the moderator.
According to Dr Nadathur, the lack of an organized market with early stage funding called for familial support, financially. "Investors don't look at business plans; it's hard to find an investor until you have results to show. Investors don't buy numbers from excel sheets."
Among these included Dr Vijay Chandru, chairman & CEO, Strand LifeSciences who pointed out the need for a thorough research and requirement of checking options are required. There is a need to keep oneself updated about industry information and offering from research institutes and funding agencies. "Entrepreneurs were at an advantageous stage since a lot of options were available in terms of knowledge, research and institutions."
Representing the human resources front, Dr Anu Sharma, CEO, The HR Practice stressed on the importance and need of putting together a team and having a business and skill plan. "Induct like-minded individuals and have an amiable work culture. Use public forums actively but, stick to your core idea," she added when asked to advice start-ups, she added.
Cautioning entrepreneurs, Karthik Ganapathy, a partner at Nishith Desai Associates, said that although the process of starting a company was simple but conducting business but partners needed to be precautious.
On the business aspect of customer attraction, Dr Swami Subramaniam, director, Licensing and External Research - India, Merck & Co Inc said, "Most importantly the product developed had to hold immense potential to stand apart in the competitive business environment."
Delving on the importance of intellectual property and patenting, Dr Malathi Lakshmikumaran, managing partner, Lakshmikumaran & Sridharan said that there was need to ensure patent protection for novel ideas.