Laid off biotech executives are running virtual drug development companies from their living rooms.
The overhead is a lot lower, so it is possible to develop a drug for $6 million rather than $60 million or more, says Dennis Goldberg who is successfully developing drugs in his one-man company in the Boston area.
There is no need to build the expensive facilities or hire the people. R&D is contracted out as all the facilities and abilities needed to outsource drug development are in Boston. So, one man can run the business working out of his home. Of course, his knowledge of the development and approval process is key.
Hear more about it on NPR.
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Tove Rasmussen, Business Coach & CEO of Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive.
Photo credit: Anders Ljungberg
