What is the first thing a biotech entrepreneur should do when thinking about formally starting their company???

One of the first things is to talk with an experienced attorney who has worked with start-up biotechnology companies.  Too many entrepreneurs say they can’t afford an attorney, but in reality you cannot afford NOT have one for your business.

This article in the October 2010 issue of Nature Biotechnology “Why You Need a Lawyer?” discusses things an attorney will give you advice on, such as: issuing stock, constructing employee agreements, selection of a board of directors and advisors, and other things you will want to know.

Most would-be entrepreneurs believe that they will one day start a company, however they usually don’t  know how.  Starting a company cannot be haphazard.  Beginning a company requires significant planning and many events must simultaneously converge in order to be successful.  Some people describe the successful convergence of timing and opportunity as “serendipity”, others call it “chance” or “luck”.  Whatever you call it, heed the words of Louis Pasteur who said, “chance only favors the prepared mind”.  Knowing what to do first can be most challenging since there are so many things that must be accomplished.  Here is a checklist of 7 steps that are essential for starting a biotechnology company.

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When starting a company, it is absolutely essential to find a good attorney experienced in biotechnology start-ups!  Yes, there are boilerplate forms you can use for most every type of document, which can be found on the internet — sometimes free.  However, remember you are paying for expertise and sound advice, therefore, find someone you can work with that has plenty of experience in the biotechnology industry.

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Discouraging news was announced about the unlawful practices of Pfizer in marketing its drugs to physician’s using free golf, massages, and resort junkets, along with promoting off-label uses for several of their drugs (read complete story).  The Justice Department said that Pfizer’s sales people created sham requests from physicians asking about unapproved drug uses and then the company mailed the information to doctors.  This $2.3 billion settlement is the largest ever paid by a drug company.

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