Commercialisation in the Life Sciences
Unit code | BIOL60760 |
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Credit rating | 45 |
Unit level | FHEQ level 7 – master's degree or fourth year of an integrated master's degree |
Teaching period(s) | Full year |
Available as a free choice unit? | No |
Overview
Biotechnologies can help solve many challenges. Some concern the healthcare arena whether at the front-line in terms of diagnosis and treatment, or earlier in the process, in terms of developing drugs, diagnostics and medical devices. Others are concerned with improving the agriculture/food industries, producing alternative energy sources, or simply with developing new technologies to improve research in the lab.
This is a project-based unit with an emphasis on understanding the influence of market forces in determining what to develop and how to develop it in the fast moving Biotechnology industry. Through a combination of workshop-based activities, enquiry-based learning (EBL) and independent research, teams of students will develop a business plan and presentation for a realistic product/service utilising research/knowledge outputs from the Life Sciences discipline.
Initially students will be put into teams and tasked to carry out two literature reviews, one focussing on the science and their given Biotechnology theme (e.g. stem cells or miRNA) and the other on the business literature in order to identify possible commercial opportunities. Their collective aims will be to identify in that field what advantages and benefits their research outputs could provide them with as well as commercially valuable problems in which those outputs might provide the required solutions.
Working as individuals, each student will then explore a specific avenue to address one of those needs (e.g. using embryonic stem cells, or miRNA to diagnose breast cancer), and to then identify a business context in which to exploit that area of research.
This is followed by a feasibility study looking at both the business case and the technical feasibility study in order to better establish the commercial potential of this idea. The key points of their business case will be communicated in a poster presented to a panel of staff including enterprise professionals.
Following the poster presentation and based on team derived selection criteria, the team will select the business proposal with the strongest potential for successful commercialisation and present that back to a panel. This proposal will form the basis of the team-based project work in semester 2.
The objective of the team work in Semester 2 will be to develop a business analysis report, a written business plan and a business pitch. The business analysis report will provide essential background data and the strategic analysis behind the decisions made for the development of the business plan which will in turn outline the opportunity and the resources needed to implement it. The presentation will be in the form of a pitch for investment, partnership, licensing or similar.
All year, the project work will be supported by classes and workshops to develop the business knowledge and understanding and soft skills and tools required for the project. Students will also have weekly meeting with their SBS supervisor, opportunities for feedback with both SBS and MEC supervisor, and regular points for reflection to support personal and team development
Aims
The programme unit aims to allow students to:
- Examine the processes involved in recognising the potential of university-based research in the Life Sciences to solve commercially valuable problems in the marketplace
- Gain a deeper understanding of one research area of the Life Sciences
- Gain awareness of the current industrial landscape in the area of the project worldwide.
- Develop the competencies needed to recognise, develop and exploit a business opportunity
- Use a framework to map out and develop a strategic plan to implement and transfer to market an innovative product/service.
- Research, produce and present a business case for exploiting a scientific idea within a commercial setting at several stages and in different forms: feasibility study, concept presentation, strategic business analysis, business plan and business pitch.
- Develop a broad range of transferable skills required to effectively carry out, as a team working online or F2F, a real life project with many deliverables using a Problem Based Learning approach (e.g. team working, project management, digital literacy, research, analysis, creative problem solving, critical thinking and review, decision making, negotiation, networking, communication [oral and written]).
- Reflect on the processes of team working, managing a project and other skills development to support self-development and team development.
- Articulate and evidence skills development to support employability.
Learning outcomes
Syllabus
This is a project based unit with its emphasis on the influence of market forces in determining what to develop and how to develop it.
Teaching and learning methods (how the course will be delivered i.e. lecture, seminar, workshop etc):
Course delivery is through a mixture of lectures, case study work, in class discussion and participation in a group project working with an external company. There are also a number of online workshops for teaching the creation of financial statements and a lot of online support material on Blackboard.
Teaching and learning methods
- Facilitated learning – workshops & tutorials (semester 1 ~25 hours & semester 2) ~ 25 hours
- Project meetings with supervisors present (semester 1 and 2, about 1 a week) ~ 30 hours
- Independent / team-based learning activities (semester 1 and 2) ~ 370 hours
- (including coursework, private study, project work)
The learning strategy will comprise:
- Workshops in semester 1 in which students will be guided to review leading texts, papers and case studies demonstrating key concepts and best practice in Biotech business planning and innovation strategy. In semester 2 there will be a series of workshops looking at theory and practice of strategic analysis and how that leads to developing strategies that can actually be implemented with a particular focus on the key strategic issues to be found in the commercialisation of Life Sciences research outputs and Biotech start-ups.
- Tutorials where students will develop the transferable skills needed to manage a project as a team, become an independent learner and critical thinker. Students will also be shown how to maximise their employability and support their personal and team development.
- Seminars and guest lectures by practitioners and academics, who will illustrate business planning in action with an emphasis on strategic implementation and strategic change.
- Project work which allows students to put into practice the learning. This project will involve support from tutors and leading experts in the field.
During semester 2, students will undertake the team-based project work with the objective of developing a business plan and presentation for their selected commercial opportunity. This scenario represents a real life open-ended problem and the underpinning learning strategy is that of enquiry based learning (EBL). EBL involves students directing their own lines of enquiry, seeking out relevant evidence and taking responsibility for analysing and presenting it appropriately.
The EBL approach will be one that will be quite new for many students, particularly those from overseas. Therefore semester 1 will not only be used as an opportunity to begin to build up the knowledge base (through the workshops) but also to develop the so-called ‘soft’ skills that will allow students to function more effectively as active, self-directed learners whether independently or in a team (through the tutorials). In order to provide a solid framework to underpin the EBL approach, there are a combination of workshops, primer lectures, hands-on activities and on-line material and exercises (e.g. Blackboard). This will allow the more active, less structured learning to be contextualised by individual students at their own pace and in their own time.
Through weekly team meetings in Semester 2 with the one or both of your supervisors (MEC/FBMH), students will be strongly encouraged to refer to theory to shape their actions. Equally they will be encouraged to put that knowledge into practice and test their conclusions and findings in a real-world context. To ensure that this is the case, they will be directed to identify and contact industry/business experts, practitioners, potential customers, partners and so on, and carry out primary research.
Knowledge and understanding
- Draw on the principal concepts and ideas of strategic business planning
- Recognise the internal and external factors affecting an organisation including ethical, social, legal and environmental responsibilities and act on as appropriate,
- Draw on a range of managerial decision-making tools recognising the utility and limitations of each when applied to strategic business planning
- Recognise the interrelatedness of key functional areas within organisations in order to develop an effective action plan
Intellectual skills
- Generate, evaluate and shape ideas
- Critically evaluate information to improve decision making, formulate objectives, determine strategies and plan actions
- Identify steps and resources to establish and sustain a successful business venture
- Critically evaluate a business opportunity to assess its commercial potential ,identify the barriers to commercialisation , and develop an appropriate risk mitigation plan
- Devise and select appropriate strategies for creating, delivering and capturing value based on an evaluation of stakeholder needs and objectives; available resources and capabilities; and the demands of the external environment.
- Propose and justify a fully resourced plan to operationalise a given range of strategies that will meet agreed performance indicators, milestones and objectives
- Critically evaluate the commercial value of a given business opportunity from a range of stakeholder / investor perspectives and make realistic judgements on risks, returns and exit routes
Practical skills
- Present a feasible business proposal in a variety of formats including a poster, a presentation and a business plan
- Utilise business databases, tools and methods for primary and secondary research and to analyse information Think critically and apply theoretical knowledge and practical experience to identification and analysis of business problems.
- Analyse various business strategies and create a strategic business plan
Transferable skills and personal qualities
- Use technology to source information, work collaboratively, create and curate content, and for project management.
- Research, analyse, critically evaluate and utilise information from a variety of sources
- Develop, structure and communicate ideas effectively
- Develop and utilise creative problem-solving skills and decision-making processes or tools
- Generate constructive feedback for self or others
- Plan and prioritise workload to work effectively in a team and as an individual
- Use reflection to improve personal and team performance, project management, and for future employment
- Develop useful networks
Employability skills
- Innovation/creativity
- Creativity and Innovation
- Other
- Commercial awareness
Assessment methods
Individual Work
- Poster – own concept – A2 poster (and possibly presentation recording) – 20% weighting
- Individual project performance – Ongoing evaluation by supervisor – 10% weighting
- Personal development portfolio – 16 pages [10 ongoing, 6 summative] – 20% weighting
Team work
- Business Consultancy report, including a Business Plan – Typically 60-70 pages (not including appendices) – 40% weighting
- Elevator pitch (business proposal) – 10 minutes for talk + 10 minutes for questions – 10% weighting
Feedback methods
In semester 1 and 2, opportunities for formative feedback will arise during class discussions in tutorials and workshops about case studies or after set tasks, and questions will be answered by the teaching staff during class, via email or Blackboard if appropriate. We often use anonymised previous reports to peer review.
For the enterprise elements of the course, students will have many more opportunities for formative feedback
For the poster: Students will produce a draft and receive feedback from both their supervisors (MEC and FBMH). They will also produce peer reviews of other students’ draft, receive peer reviews and plan how to address the feedback. During poster session, students will peer review more posters and reflect on what they have learnt from this activity, deriving insights for future practice. Peer reviews and reflection will be produced using proformas as part of the ongoing and feedback portfolio.
- For the consultancy report and business pitch, feedback will be provided at 3 milestones.In week 3, students will deliver a formative concept presentation in front of the whole class
- In week 8, students will produce a presentation of the consultancy report in front of one or more team.
- In week 10, they will be able to submit a draft sample.
For the two presentation, students will produce peer reviews and receive feedback from staff and peers via proformas, along with other resources (e.g. sample reports or annotated reports from previous year). They will be asked to produce a reflective log to explain how they will address the feedback. For the draft sample, staff will produce broad feedback on content and look at the writing of one chapter.
Summative feedback will be given electronically and sent to students by email or via Blackboard within 4 weeks of the submission deadline.
Recommended reading
Main Texts
- “Enterprise for Life Scientists”, Adams, D & Sparrow, J (2007), Scion Publishing Ltd, ISBN 978-1-904842-36-1
- “The Definitive Business Plan: The Fast Track to Intelligent Business Planning for Executives and Entrepreneurs”, Stutely, R. (2006), Financial Times/ Prentice Hall, ISBN-13: 978-0273710967
- “Business Development: A Market oriented Perspective”, Sørensen, H. E. (2012), John Wiley & Sons, ISBN13: 9780470683668
- “The Guide to Business Finance – what smart managers do with the numbers”, Stutely, R. (2007) Prentice Hall, ISBN13: 9780273710950
Further reading
- “The Definitive Guide to Business Finance: What Smart Managers Do with the Numbers”, Stutely, R. (2006), Financial Times/ Prentice Hall, ISBN-13: 978-0273710950
- “The Definitive Business Pitch: How to Make the Best Pitches, Proposals and Presentations”, Hatton, A. (2006), Financial Times/ Prentice Hall, ISBN-13: 978-0273708261
- “Science Lessons: What the business of biotech taught me about management”, Binder, G & Bashe, P (2008), Harvard Business Press, ISBN-13: 978-1-59139-861-5
- “Science Business”, Pisano, G. P. (2006), Harvard Business School Press, ISBN-13: 978-1591398400
- “Building Biotechnology: Starting, Managing, and Understanding Biotechnology Companies”, Friedman, Y. (2006), Thinkbiotech, ISBN-13: 978-0973467635
- “Drugs: From Discovery to Approval”, Ng, R. (2004), John Wiley & Sons, ISBN-13: 978-0471601500
- “The Business of Healthcare Innovation”, Burns, L.R. (2005), Cambridge University Press, ISBN-13: 978-0521547680
- “Developing New Business Ideas”, Bragg, A. & Bragg, M (2005), Prentice Hall, ISBN13: 9780273663256
- “The Strategic Planning Workbook”, Lake, N (2006), Kogan Page, ISBN13: 9780749445096
- “Small Business Management and Entrepreneurship”, Stokes, D & Wilson, N (2010), Cengage Learning Business Press, ISBN13: 9781408017999
Students will be encouraged and expected to use online resources, the library facilities (general and business sections) as well identifying and utilising their own primary sources.
Additional material will be made available on the Blackboard site for this unit. Students will be encouraged to use online resources, the library facilities (general and business sections) as well identifying and utilising their own primary sources.
Study hours
Independent study hours | |
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Independent study | 450 |
Teaching staff
Staff member | Role |
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Martin Henery | Unit coordinator |
Maggy Fostier | Unit coordinator |