On 21 May, Scott Dax, PhD in Chemistry (USA), presented his biotechnology commercialisation experience at the Organic Synthesis Institute (OSI). He is an expert in the discovery and development of new drugs with more than 25 years of experience in drug development and commercialisation of ideas.
The lecture took place at a time when BioPhoT participants are preparing to present their ideas to a panel of experts who will assess both the market potential of the scientists' ideas and the ability of the author to present a convincing solution.
Sharing his professional experience in drug development, Scott Dax went through each step of this complex process and gave practical advice on what data sets are needed at each stage of development and how scientists can present their idea to attract the interest of investors and big pharma companies.
Scott Dax imaginatively compared a scientist who wants to sell his drug to the big players to an astronaut seeking funding for three expeditions to the Moon, not knowing for sure whether any of them will be successful. With this analogy, he drew attention to the cost of developing a single drug and the likelihood of it reaching the shelves of pharmacies. The cost of developing a single medicine through each phase of testing ranges from several hundred million to several billion euros. The process can take up to 20 years. The stakes are therefore very high for chemists and biologists to get market players interested.
Scott Dax stressed that one of the cornerstones for the success of any research project is the development of a team - a broad, interdisciplinary team, including financiers, lawyers and other specialists where appropriate. He also stressed the importance of anticipating mistakes early and having a plan in place to deal with them. Another universal recommendation is that scientists should have frequent and extensive dialogue with the potential end-user of the product when developing their project. In the case of Scott Dax, he spoke frequently with the patients for whom his team was developing drugs. "Be open to uncomfortable questions - being able to take them on board and deal with them will be the key to your strength," says Scott Dax.
The speaker pointed out that when preparing to pitch your scientific idea to investors, it is important to think about the way and the language in which to talk to business players. For this audience, it is crucial to hear that a scientist's idea not only solves a pressing problem, but that the solution will be profitable. Scott Dax summed up his talk by saying, "Remember, investors' desire to make money is always greater than their fear of losing money!"
Dr Scott Dax Areas of activity include organic chemistry, drug discovery, pharmacology, manufacturing technology and intellectual property protection. He currently heads DRx Pharma Consulting & Services. Clients include pharmaceutical companies, accelerators and incubators, venture capitalists, non-profit organisations, contract research companies, start-ups and legal service providers. Scott Dax has secured over USD 100 million in investments to date.
