27 Sep Top Takeaways from Life Sciences Future
If you’re part of the life sciences community in this region, you’re familiar with Life Sciences PA and its mission to ensure that Pennsylvania is known as the United States hub for the industry. In an effort to promote that mission, the organization hosts a number of events throughout the year, including its annual conference, Life Sciences Future. The agenda for the event is always robust, engaging, and interactive, with scientific presentations, company presentations, and events focused on funding and investments.
At Navigate, we routinely partner with life sciences organizations who are dealing with organizational change and transformation, so we’re always interested in attending to learn more about what is going on in the industry in order to better connect with our clients.
At this year’s event, I was delighted to be asked to moderate a fireside chat with Dario C. Altieri, M.D. and President & CEO of The Wistar Institute. Based on conversations I had throughout the event following the chat, I noticed a few common themes from Dr. Altieri’s discussion that really seemed to be resonating with attendees.
1. Philadelphia has the opportunity to be the “Cellicon Valley” of life sciences.
There is no doubt that this is a talent-rich environment. We have incredible academic institutions and a vibrant biotech, medical device, and pharma community that makes us uniquely poised to drive innovation and collaboration in the industry – more so than any other region in the nation. In the coming years, Philly and the surrounding area will secure its place as a top player in life sciences, as long as we continue to do our part to maintain its growth and stability.
2. Business and academia need to come together.
On some level, there is a philosophical divide between business and academia around the “why” and “how” of innovation in the industry. If both sides agree to maintain reasonable expectations, they are more likely to find common ground. For instance, as Dr. Altieri noted, while many businesses may wish for it, there will not be a silver bullet cure for cancer – the disease is too complex. Similarly, academia needs to understand the value of funding and the significant role it plays in research. When both sides acknowledge and promote a shared vision, the potential for true collaboration that drives innovation will only grow.
3. Investors need to be open to new funding opportunities.
Typically, investors are looking for a sure thing before they part with their money. As a result, they may pass on start-up organizations and academic institutions. In this region, the opportunities for these types of investments are everywhere. If more investors considered a combination of investment types, they would likely benefit from a more diverse portfolio, as well as the chance to bring truly remarkable and innovative products and tools to the market.
Interested in discussing these trends – or were there other topics of conversation that stood out to you at the event? Let me know! Contact me at firstname.lastname@example.org or 484.383.0606.