Description du livre
Capital, whether it originates from venture, public equity, private, or g- ernment sources, continues to be biotech’s source of sustenance. In fact, access to financing can make or break a company, regardless of whether it has Nobel Prize winning science or a top-flight business school mana- ment team. In order to attract capital there has to be a “value proposition” that is sufficiently engaging and well constructed that will not only capture the imagination of investors but also make them want to ultimately invest. This book recognizes that there is no consent on how to apply valuation methodologies in life sciences. One of the complicating factors is that, compared to other industries, valuation of biotech innovation is much more demanding. The long 10-15-year development and clinical trials process still represents the main risks faced by any biotech company. Added to that is the fact that getting a drug across the regulatory goal line and receiving Food and Drug Administration approval (or other regulatory agency - proval in the United States or elsewhere in the world) for marketing is no longer good enough. Since the biotechnology industry is not isolated from the major influences affecting the overall healthcare industry, the reality of de facto healthcare cost controls will mean a significant reduction in “peak sales” for individual drugs. Science will no longer be the deciding factor; payor agents will play a far more activist role via reimbursement criteria, co-payment arrangements and similar rationing technologies.