Commercialisation in the Life Sciences

BIOL60760 Commercialisation in the Life Sciences 45 Full year Postgraduate Taught Level 6 Martin Henery Unit coordinator Maggy Fostier Unit coordinator 1 FHEQ level (Framework for Higher Education Qualifications) ' Masters/Integrated Masters P4 ' European Credit Transfer & Accumulation System Rating : 22.5 Biotechnologies can help solve many challenges. Some concern the healthcare arena  whether at the front-line in terms of diagnosis and treatment, or earlier in the process, in  terms of developing drugs, diagnostics and medical devices. Others are concerned with  improving the agriculture/food industries, producing alternative energy sources, or simply  with developing new technologies to improve research in the lab.  This is a project-based unit with an emphasis on understanding the influence of market  forces in determining what to develop and how to develop it in the fast moving  Biotechnology industry. Through a combination of workshop-based activities, enquiry based learning (EBL) and independent research, teams of students will develop a  business plan and presentation for a realistic product/service utilising research/knowledge  outputs from the Life Sciences discipline.  Initially students will be put into teams and explore the science and business  literature of their given Biotechnology theme to identify possible commercial opportunities. Their collective aims will be to identify the advantages and benefits their research outputs could provide  and commercially valuable problems they could solve . Working as individuals, each student will explore a specific avenue   to identify a business opportunity  to exploit their area of research. This will be developed as a  business proposal for a translation grant,  communicated in a poster format presented to students and staff.  Following the poster presentation , the team  will select the business proposal with the strongest potential for successful  commercialisation and present that back to the class. This proposal will form the basis of the team-based project work in semester 2.  The objective of the team work in Semester 2 will be to develop a business analysis report, a written business plan and a business pitch. The business analysis report will provide  essential background data and the strategic analysis behind the decisions made for the development of the business plan which will in turn outline the opportunity and the resources needed to implement it. The presentation will be in the form of a pitch for investment, partnership, licensing or similar.  All year, the project work will be supported by classes and workshops to develop the  business knowledge and understanding and soft skills and tools required for the project.  Students will also have weekly meeting with their SBS supervisor, opportunities for  feedback with both SBS and MEC supervisor, and regular points for reflection to support  personal and team development.  Biotechnologies can help solve many challenges. Some concern the healthcare arena  whether at the front-line in terms of diagnosis and treatment, or earlier in the process, in  terms of developing drugs, diagnostics and medical devices. Others are concerned with  improving the agriculture/food industries, producing alternative energy sources, or simply  with developing new technologies to improve research in the lab.  This is a project-based unit with an emphasis on understanding the influence of market  forces in determining what to develop and how to develop it in the fast moving  Biotechnology industry. Through a combination of workshop-based activities, enquiry based learning (EBL) and independent research, teams of students will develop a  business plan and presentation for a realistic product/service utilising research/knowledge  outputs from the Life Sciences discipline.  Initially students will be put into teams and tasked to carry out two literature reviews, one  focussing on the science and their given Biotechnology theme (e.g. stem cells or miRNA)  and the other on the business literature in order to identify possible commercial  opportunities. Their collective aims will be to identify in that field what advantages and  benefits their research outputs could provide them with as well as commercially valuable  problems in which those outputs might provide the required solutions. Working as individuals, each student will then explore a specific avenue to address one of  those needs (e.g. using embryonic stem cells, or miRNA to diagnose breast cancer), and  to then identify a business context in which to exploit that area of research. This is followed by a feasibility study looking at both the business case and the technical  feasibility study in order to better establish the commercial potential of this idea. The key  points of their business case will be communicated in a poster presented to a panel of staff including enterprise professionals.  Following the poster presentation and based on team derived selection criteria, the team  will select the business proposal with the strongest potential for successful  commercialisation and present that back to a panel. This proposal will form the basis of the team-based project work in semester 2.  The objective of the team work in Semester 2 will be to develop a business analysis report, a written business plan and a business pitch. The business analysis report will provide  essential background data and the strategic analysis behind the decisions made for the  development of the business plan which will in turn outline the opportunity and the  resources needed to implement it. The presentation will be in the form of a pitch for  investment, partnership, licensing or similar.  All year, the project work will be supported by classes and workshops to develop the  business knowledge and understanding and soft skills and tools required for the project.  Students will also have weekly meeting with their SBS supervisor, opportunities for  feedback with both SBS and MEC supervisor, and regular points for reflection to support  personal and team development.  The programme unit aims to allow students to: <ul> <li>Examine the processes involved in recognising the potential of university-based research in the Life Sciences to solve commercially valuable problems in the marketplace</li> <li>Gain a deeper understanding of one research area of the Life Sciences</li> <li>Gain awareness of the current industrial landscape in the area of the project worldwide.</li> <li>Develop the competencies needed to recognise, develop and exploit a business opportunity</li> <li>Use a framework to map out and develop a strategic plan to implement and transfer to market an innovative product/service.</li> <li>Research, produce and present a business case for exploiting a scientific idea within a commercial setting at several stages and in different forms: feasibility study, concept presentation, strategic business analysis, business plan and business pitch.</li> <li>Develop a broad range of transferable skills required to effectively carry out, as a team working online or F2F, a real life project with many deliverables using a Problem Based Learning approach (e.g. team working, project management, digital literacy, research, analysis, creative problem solving, critical thinking and review, decision making, negotiation, networking, communication [oral and written]).</li> <li>Reflect on the processes of team working, managing a project and other skills development to support self-development and team development.</li> <li>Articulate and evidence skills development to support employability.</li></ul>     <ol> <li>Draw on the principal concepts and ideas of strategic business planning</li> <li>Recognise the internal and external factors affecting an organisation including ethical, social, legal and environmental responsibilities and act on as appropriate,</li> <li>Draw on a range of managerial decision-making tools recognising the utility and limitations of each when applied to strategic business planning</li> <li>Recognise the interrelatedness of key functional areas within organisations in order to develop an effective action plan</li></ol> <ol> <li>Generate, evaluate and shape ideas</li> <li>Critically evaluate information to improve decision making, formulate objectives, determine strategies and plan actions</li> <li>Identify steps and resources to establish and sustain a successful business venture</li> <li>Critically evaluate a business opportunity to assess its commercial potential ,identify the barriers to commercialisation , and develop an appropriate risk mitigation plan</li> <li>Devise and select appropriate strategies for creating, delivering and capturing value based on an evaluation of stakeholder needs and objectives; available resources and capabilities; and the demands of the external environment.</li> <li>Propose and justify a fully resourced plan to operationalise a given range of strategies that will meet agreed performance indicators, milestones and objectives</li> <li>Critically evaluate the commercial value of a given business opportunity from a range of stakeholder / investor perspectives and make realistic judgements on risks, returns and exit routes</li></ol> <ol><li>Present a feasible business proposal in a variety of formats including a poster, a presentation and a business plan</li><li>Utilise business databases, tools and methods for primary and secondary research and to analyse information. Think critically and apply theoretical knowledge and practical experience to identification and analysis of business problems.</li><li>Analyse various business strategies and create a strategic business plan</li></ol> <ol> <li>Use technology to source information, work collaboratively, create and curate content, and for project management.</li> <li>Research, analyse, critically evaluate and utilise information from a variety of sources</li> <li>Develop, structure and communicate ideas effectively</li> <li>Develop and utilise creative problem-solving skills and decision-making processes or tools</li> <li>Generate constructive feedback for self or others</li> <li>Plan and prioritise workload to work effectively in a team and as an individual</li> <li>Use reflection to improve personal and team performance, project management, and for future employment</li> <li>Develop useful networks</li></ol> Innovation/creativity Creativity and Innovation Other Commercial awareness This is a project based unit with its emphasis on the influence of market forces in  determining what to develop and how to develop it.  Teaching and learning methods (how the course will be delivered i.e. lecture, seminar,  workshop etc):  Course delivery is through a mixture of lectures, case study work, in class discussion and  participation in a group project working with an external company. There are also a  number of online workshops for teaching the creation of financial statements and a lot of  online support material on Blackboard.   <ul><li>Facilitated learning - workshops & tutorials (semester 1 ~25 hours & semester 2) ~ 25 hours  </li><li>Project meetings with supervisors' present (semester 1 and 2, about 1 a week) ~ 30 hours  </li><li>Independent / team-based learning activities (semester 1 and 2) ~ 370 hours (including coursework, private study, project work)  </li></ul>The learning strategy will comprise:  <ul><li>Workshops in semester 1 in which students will be guided to review leading texts, papers and case studies demonstrating key concepts and best practice in Biotech business planning and innovation strategy. In semester 2 there will be a series of workshops looking at theory and practice of strategic analysis and how that leads to developing strategies that can actually be implemented with a particular focus on the key strategic issues to be found in the commercialisation of Life Sciences research outputs and Biotech start-ups.  </li><li>Tutorials where students will develop the transferable skills needed to manage a project as a team, become an independent learner and critical thinker. Students will also be shown how to maximise their employability and support their personal and team development.  </li><li>Seminars and guest lectures by practitioners and academics, who will illustrate business planning in action with an emphasis on strategic implementation and strategic change.  </li><li>Project work which allows students to put into practice the learning. This project will involve support from tutors and leading experts in the field.  </li></ul>During semester 2, students will undertake team-based project work with the objective of developing a business plan and presentation for their selected commercial opportunity.  This scenario represents a real-life open-ended problem and the underpinning learning strategy is that of enquiry-based learning (EBL). EBL involves students directing their own lines of enquiry, seeking out relevant evidence and taking responsibility for analysing and presenting it appropriately.  The EBL approach will be one that will be quite new for many students, particularly those from overseas. Therefore semester 1 will not only be used as an opportunity to begin to build up the knowledge base (through the workshops) but also to develop the so-called 'soft' skills that will allow students to function more effectively as active, self-directed learners whether independently or in a team (through the tutorials). In order to provide a solid framework to underpin the EBL approach, there are a combination of workshops, primer lectures, hands-on activities and on-line material and exercises (e.g. Blackboard).  This will allow the more active, less structured learning to be contextualized by individual students at their own pace and in their own time.  Through weekly team meetings in Semester 2 with one or both of your supervisors (MEC/FBMH), students will be strongly encouraged to refer to theory to shape their actions. Equally they will be encouraged to put that knowledge into practice and test their conclusions and findings in a real-world context. To ensure that this is the case, they will be directed to identify and contact industry/business experts, practitioners, potential customers, partners and so on, and carry out primary research.   0 Other 100% Individual Work<ul><li>Poster - own concept - A2 poster (and possibly presentation recording) - 20% weighting</li><li>Individual project performance - Ongoing evaluation by supervisor - 10% weighting</li><li>Personal development portfolio - 16 pages [10 ongoing, 6 summative] - 20% weighting</li></ul>Teamwork<ul><li>Consultancy presentation (~25 min + 25 min QA) – delivered 3-4 weeks before business plan-20% weighting</li><li>Business plan – delivered at end of the course-20% weighting</li><li>Elevator pitch (business proposal) - 10 minutes for talk + 10 minutes for questions - 10% weighting  </li></ul> In semester 1 and 2, opportunities for formative feedback will arise during class discussions in tutorials and workshops about case studies or after set tasks, and questions will be answered by the teaching staff during class, via email or Blackboard/Canvas if appropriate.  We also often use anonymised previous reports to peer review.  For the enterprise elements of the course, students will have opportunities for formative feedback for each assignment, and we provide formative milestones assignments for additional feedback and direction.Furthermore, students will be asked to produce a reflective log to explain how they will address the feedback. Summative feedback will be given electronically and sent to students by email or via Canvas within 4 weeks of the submission deadline.   MSc Biotechnology Enterprise MSc Biotechnology Enterprise PGDT Taught Component Mandatory N Main Texts<ul><li>“Enterprise for Life Scientists”, Adams, D & Sparrow, J (2007), Scion Publishing Ltd, ISBN 978-1-904842-36-1</li><li>“The Definitive Business Plan: The Fast Track to Intelligent Business Planning for Executives and Entrepreneurs”, Stutely, R. (2006), Financial Times/ Prentice Hall, ISBN-13: 978-0273710967</li><li>“Business Development: A Market oriented Perspective”, Sørensen, H. E. (2012), John Wiley & Sons, ISBN13: 9780470683668</li><li>“The Guide to Business Finance – what smart managers do with the numbers”, Stutely, R. (2007) Prentice Hall, ISBN13: 9780273710950</li></ul>Further reading<ul><li>“The Definitive Guide to Business Finance: What Smart Managers Do with the Numbers”, Stutely, R. (2006), Financial Times/ Prentice Hall, ISBN-13: 978-0273710950</li><li>“The Definitive Business Pitch: How to Make the Best Pitches, Proposals and Presentations”, Hatton, A. (2006), Financial Times/ Prentice Hall, ISBN-13: 978-0273708261</li><li>“Science Lessons: What the business of biotech taught me about management”, Binder, G & Bashe, P (2008), Harvard Business Press, ISBN-13: 978-1-59139-861-5</li><li>“Science Business”, Pisano, G. P. (2006), Harvard Business School Press, ISBN-13: 978-1591398400</li><li>“Building Biotechnology: Starting, Managing, and Understanding Biotechnology Companies”, Friedman, Y. (2006), Thinkbiotech, ISBN-13: 978-0973467635</li><li>“Drugs: From Discovery to Approval”, Ng, R. (2004), John Wiley & Sons, ISBN-13: 978-0471601500</li><li>“The Business of Healthcare Innovation”, Burns, L.R. (2005), Cambridge University Press, ISBN-13: 978-0521547680</li><li>“Developing New Business Ideas”, Bragg, A. & Bragg, M (2005), Prentice Hall, ISBN13: 9780273663256</li><li>“The Strategic Planning Workbook”, Lake, N (2006), Kogan Page, ISBN13: 9780749445096</li><li>“Small Business Management and Entrepreneurship”, Stokes, D & Wilson, N (2010), Cengage Learning Business Press, ISBN13: 9781408017999</li></ul>Students will be encouraged and expected to use online resources, the library facilities (general and business sections) as well identifying and utilising their own primary sources. Additional material will be made available on the Blackboard (Canvas) site for this unit. Students will be encouraged to use online resources, the library facilities (general and business sections) as well identifying and utilising their own primary sources. 0 0 450