Why Does a Biotech Company With No Products on the Market Need a Corporate Brand?
The key to establishing trust and credibility before you even have a proven product.
Just check the last ten drugs approved by the FDA: most are the result of partnerships between small biotech companies and much larger pharmaceutical companies. The Wall Street Journal recently covered the partnership between Bristol-Myers Squibb Co. and a small biotech firm, Medarex, that created a successful melanoma drug. This collaboration is only one of an increasing number of partnerships between large pharmaceuticals and small biotechs in finding health solutions.
Yet to attract these types of R&D partners, you need a corporate brand: without a proven product, you must establish your core promise to these larger companies. They need to trust and have faith in you, your people, and your methodology or technology. A well thought-out and compelling brand platform can sell a product you haven’t yet finished.
A brand can help answer:
Why should a young PhD from MIT go to work for you, a company with no revenue and no products, when he or she could go work for Big Pharma?
How can you engage CROs and recruit patients and clinicians for clinical trials?
Why should investors back your company?
A strong corporate brand with powerful messaging can appeal to all of these audiences.
Very few biotech companies can go it alone these days. Fortunately, they don’t have to. We’ve worked with a number of early and late-stage biotech companies that didn’t have a marketed product (yet!) and we have consistently found that when these companies developed a compelling corporate brand, they have been able that to attract the partnership money they needed and engage the audiences critical to achieving their targeted growth.
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