New Business Intelligence Service for Bioscience Companies Announced
MichBio, the statewide non-profit, bioscience industry trade association, announced today the launch of MichBio Intel, a new advanced service to help emerging bioscience companies with their product development planning and commercialization efforts. MichBio Intel will enable Michigan’s bioscience entrepreneurs and start-up companies to more readily obtain critical, industry-relevant business intelligence on a free or subsidized basis.
The MichBio Intel service is the first in a series of business resources to be offered as part of MichBio Emerging Biz Solutions, a pilot entrepreneurial support services program funded by the Michigan Economic Development Corporation (MEDC).
“MichBio Emerging Biz Solutions is yet another program in Michigan’s portfolio of services to support entrepreneurial ventures,” said Martin Dober, Senior Vice President of Entrepreneurship & Innovation. “Michigan bioscience companies should benefit greatly from the specialized services that will accelerate their product development and business growth.”
The path to market for bioscience companies is a very long one and fraught with numerous business, regulatory and investment funding challenges. Access to supportive resources during the early stages of a company’s life cycle can make a huge difference in their likelihood for success.
“Emerging bioscience company entrepreneurs usually focus on the technology aspects of their business, often giving less attention to product development planning, and they don’t or can’t seek sufficient and relevant professional help to bolster their efforts,” said Stephen Rapundalo, PhD, president and CEO of MichBio. “Our new services aim to support companies in these critical areas.”
To begin, MichBio Intel will offer access to the following industry databases, and others are likely to be added in the future based on utility and need:
Life Science Intelligence and MedTech Insight – high-quality global market research across all therapeutic and technology areas, including trends, opportunities, drivers, competitive landscape/market shares, volumes/forecasts, among other information;
BioPharm Insight and BioPharm Devices – one-stop resources for proprietary forward-looking intelligence, market analytics and decision-making contacts and a comprehensive guide to the medtech industry, including detailed profiles on devices, companies, trials and contacts;
Innovaro PharmaLicensing – the leading global resource for direct online business development within the life science and biopharmaceutical industries including out- and in-licensing opportunities, tracking and securing technologies, access to the largest business development community, partner searching and contacts, portfolio broadcasting, and other related resources.
MichBio Intel will be available to any emerging bioscience company in Michigan through a qualification process. The program will subsidize costs of information and report delivery based on a company’s funding level. In many cases, simple queries will be provided at no cost, while more complex requests will be billed on a fixed rate basis.
Rapundalo added, “Direct access to relevant business intelligence is cost-prohibitive for small companies. They typically don’t need full reports at a cost of thousands of dollars but rather selective information. Our MichBio Intel service will be a valuable resource and provide them with the specificity and utility they need.”
David McGuire, Director of Membership & Operations at MichBio, will serve as the Project Manager for MichBio Emerging Biz Solutions. All inquiries for services and other information should be directed to firstname.lastname@example.org or (734) 527-9150.
Additional services as part of MichBio Emerging Biz Solutions will be rolled out over the near term. In addition, an independent needs assessment effort is underway to better validate entrepreneurial resource requirements for emerging bioscience companies in Michigan.
MichBio is the trade association committed to driving growth in Michigan’s biosciences industry and its many sectors; including AgBio Chemical & Industrial Biotech, Information Technology, Medical Devices Equipment & Supplies, Pharmaceuticals & Therapeutics, Research & Development, and Testing & Medical Laboratories. MichBio members include biosciences companies, academic and research institutions, biosciences service providers, and related organizations. The MichBio Institute is the association’s affiliated 501(c)(3) educational foundation. For more information, visit www.michbio.org.