Biotech Business Development – Best Practice Tips

These tips are a part of our Pharma Business Series – making recommendations on how to ensure the success of your biotechnology marketing efforts.

Tip #1: Diversify your biotechnology business development channels

Even if your company relies on a single best performing product, relying on a single channel may not deliver you the results you need and expect. If everyone else in the industry relies on say the most established industry publication, or on paid advertising at a tradeshow, it is just another reason why you should seek alternative avenues as well. Look where no one else has looked before.

Is your company using pay-per-click advertising online? Excellent! Have you considered using social media as well? Are your key stakeholders writing a blog-post every month? Good stuff. Have you thought about using video interviews for people who prefer it to reading? Do your senior VPs regularly speak at conferences? Shouldn’t you set up a webinar for them every quarter to educate the industry?

Download our Pharma Biz-Dev Info Pack Here.

Business development in biotech and pharmaceutical industry is the classic slow and steady wins the race. Sales cycles can take months. Terms sheets amount to hundreds of pages. One campaign via one channel can potentially give you hundreds of leads. A single big surge of a large number of leads could leave your team out of capacity, letting good, hot leads going cold. People moving on, losing interest… And even if your sales team can follow up on them all and close the deals, can you deliver on them in a timely fashion? Could you double your production just this one time to meet the increased demand?

Planning business development in biotech so the incoming pipeline is steady and keeps on delivering quality leads, allows you to align it nicely with the rest of the organisation, including sales, production and operations.

Download the Pharmaceutical Business Development Information Pack Now to find out how Pharma IQ could help you establish the framework for your company that work 24/7/365 across all online channels as well as using high-end industry events globally so you can give your business development teams the leads to follow up on.