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Business Of Biotech
Biotech Cash Management with Allan Shaw
Aug 7, 2023
Allan Shaw, maven of biotech finance markets and management, discusses the importance of cash management in the biotech industry, the difficulties faced by emerging biotech firms, the value of collaboration, and the need for innovation in biotech organizations.
47:38
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Quick takeaways
- Cash management is crucial for emerging biotechs during clinical trials, requiring smart spending and focus on key objectives.
- Biotech leaders should refine their focus, prioritize resources, and make data-driven decisions to avoid wasteful spending and optimize resource allocation.
Deep dives
The Importance of Cash Management in the Biotech Industry
Cash management is a common challenge for emerging biotech companies, especially during the foray into clinical trials. The cost of doing business with other people's money is high, and spending can quickly outpace development time and regulatory requirements. It is essential for biotech leaders to prioritize cash management and resource allocation. This involves refining priorities, being smart about spending, and focusing on key objectives. Companies should establish budgets, create Gantt charts, and track actual results against budgets to ensure financial discipline. Additionally, maintaining a rolling forecast can provide a forward-looking view of cash burn and help inform financing strategies.
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