Corporate Communications In The Biotech Industry
It is not enough to do well, especially in business. You need to speak well to achieve success in any industry. That is certainly true when it comes to the biotech industry where the stakes are high and the challenges comes from every direction. There are lots of stakeholders to talk to at every stage of development and commercial roll out. The business has to consider the private investors, the government regulators, the hospitals, the suppliers, the partners, and the public. Each message must be carefully crafted to suit the particular audience. Many hire specialists, like lifesci advisors, in corporate communications in the biotech industry to reduce costly errors. Below are some of the things to look for in a communications team:
Biotechnology is a highly technical field. It is crucial to get every word right as choosing the wrong terms can have devastating results. It is also filled concepts which are difficult to grasp so you need people who can translate the ideas into simple terms that anyone can understand. For certain audiences, this type of skill is extremely valuable. The communications team must be able to wear different hats depending on who they are speaking to at the time and what is needed of the. Many have received training in the life sciences at university and earned their PhDs, MBAs, and other degrees to help this in this crucial line of work.
Of course, nothing can teach better than experience. That is why you need to check what the backgrounds of these corporate communications specialists are. Have they applied their expertise well in the kinds of niches that you are entering? What do they specialize in and who were the companies that they used to work for? How close is the nature of those companies to your biotech business? Are you coming to the market from the sell side or the buy side? Is your team well-versed in both of these? Are their experiences helpful in your current issues?
Whenever possible, you should check their results in their previous companies. What sorts of positions did they hold and how long were they in that business? What types of gains were they able to see during their time with their previous employers? Did they oversee successful projects? Did they help increase the investment pledges? Were they able to convince unfriendly government regulators to work well with their company? Did their stocks go up in price by a substantial sum? Why did they leave their previous positions in favor of the current one?
The last but equally important thing to consider is the rapport between the team and the biotech company. You must be able to see eye-to-eye with the people who will represent you in the media. They have to understand your positions clearly. It must be clear that the job is as important to them as it is to you. This is a long-term job that requires close cooperation so rapport is vital. Take the time to observe your candidates.