While some rail in May against the big pharmaceutical companies and other big corporations seem to dominate the intersection of technology and health care, others look kid who is gaining ground.
Small and medium-sized life sciences are in fact an engine when it comes to new products and solutions, such as working in the field of biotechnology. While they may not have the economic capacity of large companies or the width of multinational production and distribution assemblies, who have talent and an innovative approach to success.
Patrick Balthrop, CEO of Austin-based biotechnology company Luminex, explained how his company has a global reach, although only about 400 employees. E ‘was the guest of honor at the Tandy Executive Chairman of the series, presented by the Neeley School of Business at Texas Christian University, February 16.
By licensing its technology Xmap, a system of biological testing technologies, large companies, Luminex has expanded its scope, Balthrop said. Luminex receives royalties from this scheme and the licensing of technologies or products that provide small biotechnology companies with a steady stream of income that is important for the life of the company, said Fred Patterson, a coach for business for Innovation Center in Arlington.
Money is often one of the biggest challenges for a small business, Patterson said, but there are several sources of funding. There are funds for research and development of the national government and individual states (like Texas Emerging Technology Fund) and private sponsors.
Although small, high-tech patents generates about five times more on research and development of millions of dollars that large corporations, small businesses receive only 4.3 percent of R & D federal funds, while large companies receive approximately 50 percent, according to a report in 2008 by the Small Business Technology Council. Small businesses are defined as having 500 or fewer employees in this report.
“Innovation comes from small businesses, almost universally,” said Patterson.
Luminex has become a listed company 10 years ago, and Balthrop joined the company six years ago. During the series of speakers, said it has changed the organizational structure of the company for three times since his arrival. Be quick decisions and changes is one of the advantages of being in a small biotechnology company, said Bill Burns, president and CEO of Encore Vision.
The vision is still a small pharmaceutical company that recently joined the Fort Worth Laboratories acceleration technology UNT Health Sciences Center. The company develops presbyopia pharmaceutical ointment is to go on the market. Presbyopia is a condition that makes it difficult to focus on nearby objects or text that accompanies aging.
Burns, who has worked for Alcon Laboratories for 20 years, said to be flexible and hats is the result of many small businesses. The rate of small businesses is linked to another advantage, which is the closest approach, “he said.
“Decision-making in a large company with many levels of management control, participation, and opinions,” he said. “And new ideas into big companies are competing for scarce resources, including people, money, and so on, so it is not the goal that is often a small business.”
Large companies are more carefully because they invest huge resources to the production and sale of products to enhance the financial value and meet the expectations of shareholders, “said Patterson. Most large companies have a research and development but have not received much time and effort, as a small company.
Darlene Ryan, executive director of TECH Fort Worth, said the incubator is often called for new businesses run by people like burns, experience in large enterprises. He said that there is a noticeable difference in the way businesses small and large businesses, the attention of the biotechnology industry.
“You can start with the same technology, but new companies may think,” Where can I get more good in the world, “he said.
The Metroplex Technology Business Council has about 650 companies of its members, and about 40 percent of companies with 10 employees to 100 employees, said Julie Alexander, director of communications.
“Our bread and butter are low on the media market,” he said.
Luminex is the larger scale when it comes to small biotech companies, but Balthrop said it must still be wondering if each product can reduce process costs and improve performance and quality.
“As a small company, we have the means to pay a lot of mistakes,” he said.
The history of society, including the greater contains the remains of many small businesses, however, said Mr. Burns. Companies grow by acquiring other companies, and innovations taking place in small biotech companies is not entirely new, even if it is viewed differently by different sources of funding, Patterson.
However, there is still much work to be done to improve funding opportunities to support the innovations that enable people to do something they have not been able to do so in the past or create something far beyond what is already the market, he said. Support small businesses, encouraging innovation means today, even if they become part of something bigger in the future.
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