Leading any company in life sciences or technology is not a job for the complacent. New competitors arrive, avenues for growth shift and regulations change. Ways of marketing, raising capital and creating product can emerge, evolve and become obsolete very quickly.
Those who are succeeding in this economy are those who can adapt quickly, act decisively and make the best choices.
And given cash reserve constraints and the need to show comparative effectiveness in a crowded market, product managers have little room for error.
Strategic decisions must be made at a moment’s notice and these decisions need to be based on all available information. Having that information and knowing how to use it is a key competitive advantage.
Our guest column this month is co-written by Nach Dave and Ruzbeh Bharda of Primedsys, two people who understand how to create that competitive advantage in the biopharmaceutical marketplace, because it’s what they do every day.
In January, we asked Technology Times readers to tell us all the things they plan to do more of to gain new business in 2010. Here are the top 10 activities:
Go to more networking events
Improve company website and SEO
Send out more press releases
Speak or present at more events
Network online more using LinkedIn
Start an email newsletter or ramp up efforts
Make more phone calls
Host more events
Host more webinars
Start a blog or ramp up efforts
News and Features
Nick Spring of Topaz Pharmaceuticals
Virtual or Personal:
How companies weigh the costs and benefits of face-to-face contact
Topaz Pharmaceuticals scheduled its board meeting on a Wednesday in January. As it turned out, it was the same day a blizzard came to town. “Flying in from Boston, New York and northern New Jersey and getting into central Philadelphia was physically impossible,” says Nick Spring, President and CEO of the Horsham-based company, which is developing a pediatric cream to control head lice.
Spring and Topaz’s CFO managed to make it to the office. The other 11 participants attended virtually. “It was a very effective board meeting,” Spring says. “Broadly speaking, people were much more decisive and direct; it shows you how effective” a virtual meeting can be. The company is now entertaining the idea of alternating in-person board meetings with virtual meetings.
The business case for social media, part 2: How companies use blogs and Twitter
To be effective, keep it real, keep it honest and use caution
Within minutes — seconds even — of the iPad’s unveiling, the comments were running fast and furious. Most revolved around Apple’s choice of a name. Others wondered about the price, the features and the need. By the time reporters filed their daily newspaper stories, thousands of people had already shared the relevant information.
Behold the power of blogging, or in this case, micro-blogging on Twitter, which creates a virtual worldwide forum in which to discuss a topic and share information. A blog — short for “Web log” — started as an online diary, a way to express thoughts and opinions. In the corporate world, blogs are used to market a product or service and to promote a company culture.
In a 2009 survey by Technorati, a blog search engine, 71% of those who maintain blogs for their own business or the company they work for reported that blogging had increased company visibility within their industries. Fifty-eight percent said the blog made them better known in their industry, and 56% said their blog helped the company position itself as an industry leader.
Secrets of Success
Steve Zarrilli, Senior VP and CFO, Safeguard Scientifics
Steve Zarrilli is the Senior Vice President and Chief Financial Officer of Safeguard Scientifics, Inc. (NYSE:SFE), a growth capital provider headquartered in Wayne, Pa. Zarrilli’s career spans more than 25 years in strategic, financial and operational roles. As a CFO and CEO of public and private companies, he has demonstrated an ability to successfully grow and manage diverse enterprises.
In addition to his responsibilities at Safeguard, Zarrilli is Chairman of the Penn Valley Group, a middle-market management advisory and private equity firm he co-founded in 2004. His prior experiences include executive positions with Fiberlink Communications Corp. (2001-2004), Concellera Software, Inc. (2000-2001) and publicly traded US Interactive, Inc., where he led the company’s initial and secondary public offerings (1994-2000).
Competitive advantage increases with comprehensive and rigorous decision analysis
What does it take to give your biopharmaceutical product the best chance of succeeding in today’s marketplace? It takes a series of strategic decisions, and Primedsys has that decision-making process down to a science. They call it Decision Science: a combination of tools, data and calculated algorithms that form an integrated solution.
Primedsys takes a holistic approach to the entire development process, using a scientific methodology of selection, elimination and optimization. Strategic decisions are made in terms of defined models that point to the most dependable choices. These include models for decision making under conditions of uncertainty or multiple objectives; techniques of risk analysis and risk assessment; economic analysis of competitive and strategic decisions; and computer modeling software and expert systems for decision support.
Healthy Humans CEO Anthony Gold new Chair of Council’s CIO Institute
Anthony Gold, CEO of Healthy Humans, is the newly appointed Chair of the Eastern Technology Council’s CIO Institute, a regional support and networking group for senior IT professionals. The CIO Institute stimulates technological competencies through monthly technology forums, CIO Roundtables, peer-to-peer networking and other exclusive events and initiatives.
Ci&T is a global software leader with locations on four continents providing support in areas such as custom application, outsourcing, SAP, business intelligence and interactive services.
MODA Technology Partners
Sagefrog Marketing Group
SeventySix Capital
Shunra Software
SunGard Higher Education
University City Science Center
Volpe and Koenig
XtraGlobex, Inc.
Technology Times is published six times a year as a service to members of the Eastern Technology Council, as well as those who actively participate in the business, life sciences and technology communities in the Delaware Valley.
Publisher: Dianne Strunk, CEO, Eastern Technology Council
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