Ever wonder how medicines and vaccines enter the marketplace? Why they are so expensive? Most people have heard about Theranos, a story of how do biotechnology start-ups actually succeed?
In Building Backwards to Biotech, author Stephanie A. Wisner demystifies the subjects of biotechnology, start-ups, and finance to answer these questions. Wisner unlocks the secrets of how to build a biotech company successfully by keeping one process always in Building Backwards.
In this book you will understand the concept of Building Backwards and how it your chances of starting a “winning” companyInform capital raisingLead to a strong clinical and scientific strategyMitigate business and scientific risk from the outsetWisner believes in the power of entrepreneurship to drive cutting-edge science to market successfully and its ability to help people suffering with diseases currently considered untreatable. She believes good science combined with innovative business practices has the power to literally save and enrich lives. Building Backwards to Biotech will make it easier for interested individuals to bring this kind of work to a waiting world.
This is an exceptional and highly readable book intended to educate early stage biotech founders on the best practices for building their venture. Stephanie Wisner, who previously worked at ARCH Ventures and is a biotech. founder herself, presents a soup to nuts thesis that nicely encapsulates the many facets of company formation - from the scientific thesis, to the patient population, intellectual property and various instruments used for fundraising. Notably, she advises to build a company in a specific way. She calls this “Building Backwards”, which is a formulaic approach in which biotech. founders build a company (or asset) with the end product and patients in mind.
The book starts with the obvious and critical task, when it comes to the science, the focus should be goal of creating a drug with a differentiated mechanism/approach that could meet the demands of the patient population. As a noteworthy example of this she points to Sunovion Pharmaceuticals, who developed a drug to treat schizophrenia by alleviating both positive and negative symptoms. Historically, medications focused on the positive symptoms somewhat effectively but failed to adequately address the negative ones, so Sunovion built their asset backwards - using a phenotypic screen to bind to targets that could recapitulate the desired profile of an end drug. The end result is a distinguished product that tailored to the clinical presentation of schizophrenia by vis-a-vis a serotonin 5-HT1A agonist while not blocking D2 receptors, whose antagonism typically leads to negative side effects. Thus, by focusing in the unmet need in their target population, Sunovion synthesized a therapeutic which could potentially become a novel, standard of care treatment for schizophrenia.
Critically, when building backwards it is also necessary to think about physicians and insurance companies who will both prescribe and cover the drug, respectively. The clarity of this chapter is a noted strength of the book, and was the most beneficial to me personally. She explains in clear and concise language how to assess the relevance of your approach in meeting market demands from day zero. Is there an unmet medical need you can actually address? Would a daily oral pill be desirable over say, a complex and injectable biologic? Is there a need a an improved therapy via a novel mechanism of action? These are the questions founders obsess over when thinking about developing their platform/therapeutics. Of course I was aware of this line of thinking (it makes little sense to invest the time otherwise), but the organized logic by which she explains how a biotech company can market its drug was invaluable.
Other components to building a company is that you should be built for the long term with core values in mind. The core components to this are obviously the team, a large enough market, a patient centric mission, proper capitalization and an intellectual property fortress with the goal of getting a drug to the clinic. Importantly, raising capital is critical, the Building Backwards does a nice job of explaining other dimensions to building a startup. For example it summarizes the most common types of instruments founders can use to raise money (SAFE notes, convertibles, SBIR/STTR etc…) and how to plan for clinical trials and design your drug label using the money that you’ll raise. The book then closes on whats perhaps the core value of any company - and that is creating an inimitable intellectual property fortress that will ensure market exclusivity. I think this chapter will be most eye-opening for scientists who might otherwise think the science is all that matters - when in fact it is the IP that will give you the best chances of success.
A final compliment I’d like to give is that Wisner consistently gives you “insider scoops” and details on what to expect of each stage of your venture. For example to keep in mind that critical de-risking experiments will raise value, and how some term sheets (i.e a convertible notes) can be injurious to your future fundraising plans if you’ve accrued too much debt.
To summarize, this is a very nice, high level overview of the basics of building a biotech company. Because this book assumes little background on behalf of the reader, and I believe that a diverse group of would-be founders from both PhD and MBA backgrounds will find value here, and I won’t be surprised if this book becomes a mainstay of the books that get recommended to new founders. Superb.
In Building Backwards to Biotech, Stephanie provides a guide to understanding what it takes to be successful in the biotechnology industry using the framework of “building backwards” from a desired outcome. Stephanie is an seasoned biotech professional and taps into her both her experience as a consultant, investor, and entrepreneur and her deep network to provide readers with valuable insights across various facets of company building in the biotechnology sector.
The book covers a wide range of topics, from the basics of how the biotech industry works to more advanced concepts around intellectual property, clinical trials, and financing. One of the strengths of Building Backwards to Biotech is its use of real-life examples and case studies. Stephanie provides an in-depth look at how various companies succeeded or struggled given the approaches they took, and she contextualizes these outcomes based on whether or not these companies adequately “built backwards”.
What sets Building Backwards to Biotech apart from other books on the biotech industry are Stephanie’s unique perspective and writing style. Stephanie approaches biotech from the standpoint of someone who has been in the field for many years and has seen it from multiple vantage points. Furthermore, Stephanie keeps readers across all levels of industry familiarity engaged by not shying away from discussing complicated concepts, while providing straightforward explanations for these concepts.
In conclusion, Building Backwards to Biotech is an excellent resource for anyone looking to better understand the biotech industry. Whether you are in academia, industry, or simply interested in the field, this book provides a comprehensive and engaging guide to the world of biotech. I highly recommend it to anyone looking to succeed in this exciting, high-impact field.
Fantastic, digestible and relevant book to the stages of a biotech. This book sheds light on the life cycle of typical biotech companies from inception to exit. It does a reasonably good job of explaining how best practice through "building backwards" can improve the chances of success of a company or asset. Definitely worth a read if you're new to/want to build an understanding of the industry at least.
As someone who works in the pharma/biotech industry, I picked up this book to see if I could learn more about the business/entrepreneurial aspect of building a biotech company to enhance my professional knowledge and out of my personal curiosity.
Stephanie Wisner came from a blend of a science/business background and through her career experiences, had a lot of exposure to those in the biotech industry who created companies and commercialized drugs and she lays out the process so clearly and brilliantly. She touches upon clinical trials, funding, intellectual property, working with the FDA, and so on and gives principles that could be applied for anyone building a company like this. Much like the name suggests, a central theme is to be strategic and forward thinking when performing an activity (eg. do this specific trial for this specific result, build a company to commercialization but expect to be acquired if it's small, etc.) to be able to optimize outcomes. An 5/5 for anyone who is interested in the inner-workings of biotech.
This entire book could have been written in one chapter. The other 300 pages are all filler about the lessons of confidential company X and things they and their founder, confidential founder G, did to learn these hard lessons. Often the lessons scenarios are a bit of a stretch to even get to the main point. Save your money, save your time.
Merged review:
This book was not worth the time it took to read it. The authors main thesis is summarized in the first couple of paragraphs and can be paraphrased into a single sentence - if you want to be successful in biotech you need to understand what success (your end goal) looks like to you early on. That’s it. The entire rest of the book is a non-sensical maze of scenarios about Company X and Founder Y (which can’t be detail because of confidentiality) and how they learned that lesson the hard way. Often, relating the scenarios back to the hypothesis is a stretch at best or revisionist history at worst.
This entire review has been hidden because of spoilers.
3 stars as it has some interesting information on building a startup, with specifics of doing so in biotech, but it misses in the structure, target audience and the storyline.
The book feels like a mix of autobiography and a handbook, often switching quickly between the level of details, that calls for more context and background or creates a desire to be pulled out of a biology deep dive.
The idea of ‘building backwards’ is nothing more than a call out to focus on the problem at every stage of your work. In my opinion has been overused throughout the book and often created redundancy and storyline disturbances to make an obvious point.
I didn't know anything about Biotech before reading this book. The author's writing style is clear, easy to read, and engaging. I learned a lot about drug companies and VC funding. Great intro to the subject. The end of the book lost me, but I think it's because it was more detailed and I was only looking for the basics.
A must read for those with an interest in business and science. Stephanie Wisner synthesizes her years of unique experience into practical structured guidance that entrepreneurs, investors, analysts, interested scientists and biopharma professionals will find incredibly helpful! Whether considering your own start-up or the path of a nascent or more mature biopharma operation from the lens of a finance professional, there is so much to take away from Stephanie’s work. The author’s massive experience shines through humbly, with numerous examples, citations and quotes provided from an endless network of seasoned colleagues providing the reader with an unparalleled depth of insight into the world and workings of the industry. Stephanie’s incredible ability to synthesize her knowledge into a disciplined framework with broad applicability and tremendous value for a range of interested professionals with varying degrees of experience (early career to veteran expert) is praiseworthy! In the author’s words, business and science are “two industries that are extraordinarily technical independently, let alone together” (biotech). Achieving expertise in one discipline is itself a life-long, never-ending pursuit. In the clinic, one patient at a time is helped. Thanks to Stephanie’s invaluable experience and wisdom shared, one can jump ahead just a bit, advancing our understanding of how these two disciplines work together to make an impact on the lives of thousands at a time if not more.
If you're curious about the pharma/biotech industry and drug development, this book is a must-read.
'Building Backwards to Biotech': - provides a comprehensive overview of the pharma/biotech industry - covers the journey from biotech startup inception to exit strategies - explores different market strategies and explains key concepts - written in accessible language for diverse backgrounds.
Drug development is a very lengthy and complex process, however, one should not forget why it is worth it. Towards the end of the book, Stephanie shares a touching story about her friend's wife, Jen, who tragically passed away from kidney cancer. She also references Gleevec, the prime example of a drug that transformed incurable leukemia into a manageable disease, highlighting the importance of pushing scientific boundaries:
This book is a gem. So, harmonious. The writing style, composition, technical aspects, and emotional parts, it is absolutely flawless. I rarely read any non-fiction book this good.
It is relatively well-researched and primarily based on the author's own experience and the knowledge derived from interviews with some of the biotech world's heavyweights. However, the author presents information about successful stories without critical evaluation. It is praiseworthy that the author reveals that she is from a "privileged" background, having access to the biotech/drug discovery world from early on and that some well-known people knew her by her first name. This all matters. This is that "secret sauce" that moves careers and businesses or investments, and which rarely one can hear publicly.
This book is a great introduction of the biotech business, with practical guidance. I think this would benefit someone outside of the industry or someone who just started their career in the biotech/pharma industry.
As someone who has been in the life sciences industry, this book still helped to fill some gap in my knowledge. 1) It provided a more systemic overview of the biotech funding/financing plan across different types of investors. 2) It clearly laid out the key steps of founding a biotech industry from the very beginning of licensing out of the university to the design of preclinical experiment, to the exit strategy, with real world examples. 3) IP strategy introduction.
Building Backwards to Biotech is required reading for our biomedical accelerator programs. It teaches our academic innovators a vitally important lesson - that it's never too early in a project to start thinking about how the product they are thinking of developing will be used in a patient. The book is informative, well-written, and compelling - if you are considering entering into the exciting world of biotech, read this book!
As a student of Molecular Medicine from Denmark, I have never been exposed to biotech and the entrepreneurship of the field. Stephanie has managed to bridge my interest in biomedical sciences and molecular biology with business, and she has piqued a new interest in learning more and even inspired me to inquire further into career-related possibilities. Let this be a warm recommendation - I will be returning to it for reference in the future.
Great read, very well written and very informative. Recommended to anyone interested into a career in biotechnology (you just need a bachelor apparently, don't waste your time with masters or PhD!!) or is just interested in reading how complex it is to actually take drugs onto the market behind the science itself.
Read this book if you are interested in biotech entrepreneurship
Read this book if you are interested in biotech entrepreneurship. The order of contents, the content itself and the practical examples provided make you think as you read and look to apply the knowledge in your own venture.
Building Backwards to Biotech was an easy yet highly educational read that provided valuable insights into the world of biotech entrepreneurship. As someone relatively new to the space, I was looking for a resource that could help me understand the key elements of building a successful biotech company, particularly in areas like clinical trials and product development.
Stephanie Wisner does an excellent job breaking down complex topics into clear, digestible concepts, making this book an excellent starting point for anyone interested in the biotech industry. Her approach to company-building—focusing on the end goal and working backwards—offered a fresh perspective on how to navigate scientific innovation, fundraising, and commercialization.
I highly recommend this book to aspiring biotech entrepreneurs, investors, and anyone looking to gain a deeper understanding of what it takes to bring a biotech product to market. It was a great read that left me feeling more informed and confident in evaluating biotech ventures
I've found it! The Biotech Business book that is everything I ever wanted 🤩 The playbook for building a successful biotech company. The roadmap for delivering therapies to patients 💫
I'm only half way through, but have gotten so much value out of it already that I thought I'd share the review now ⭐️⭐️⭐️⭐️⭐️