Biotechnology or biotech concerns itself with the area of biology that uses living organisms, processes, or systems to manufacture products or technology intended to improve the quality of human lives. Considering the unfortunate times of COVID, biotechnology proves to be the saving grace. It is churning out vaccines that would prevent COVID infection by up to 98%.
With Pfizer vaccines almost ready to start their mass-immunization project, biotechnology has become one of the most valuable commodities, with great statistics to show for it. According to the numbers, the biotech industry’s revenue was about $108.2 billion in 2020, with its global market size to reach around $727.1 billion by the year 2025. With the rise of biotechnology and many other fields of life sciences, the job market also started to flourish, with as many as 273,280 people employed in the Biotech industry in the U.S. alone this year.
Safe to say that biotechnology is becoming the most critical economic driver, one that is propelling humanity, living organisms, and the planet as a whole in the right direction. With the market growing exponentially, there are more and more opportunities becoming available for the workforce. Still, there is a lack of experts that can guide the workforce and the companies in the right direction.
This is why biotech consulting firms and companies comprise knowledgeable and experienced individuals that assist the biotech firms in making informed and best decisions. Their primary focus is on product quality and efficiency, regulatory, compliance, and value for money.
What is Biotech Consulting?
Biotech consulting or biotechnology consulting is the process of assisting businesses and organizations involved in the research and commercialization of biotechnology and every product developed. Biotech consulting is dedicated to improving the methods and efficiency of production, along with the optimization of approaches to R&D.
These consultants are responsible for providing advice, solution-oriented actions, and effective diagnosis to any issues or concerns they may have – ultimately optimizing the integral parts of the R&D pharmaceutical companies, as stated above.
With that being defined, the biotech firms are under immense pressure to develop and produce products that resolve the issues being faced today, and that too, on a limited time scale. The demand to production ratio is quite imbalanced, and the R&D pharma struggles to meet the growing market. Take world hunger, the pandemic, deadly diseases, and climate change as some of the significant issues biotechnology is tackling.
However, today with AI (Artificial Intelligence), ML (Machine Learning), Data Science, and Blockchain, many redundant processes concerning research have been automated. This has enabled saving millions of dollars that once were spent on traditional paper-based researches.
Moreover, such technology has revolutionized the entire industry. More on that later.
What Do Biotech Consultants Do?
We discussed biotech consulting in bits and pieces, how it assists, and under what capacity. If we were to examine the biotech consultants’ role alone, it would highlight their value within the biotechnology industry.
Every consultant adds their knowledge, hands-on experience, and insights to assist the organizations concerned with biotechnology at a high level. They provide their best opinions/suggestions on the potential actions that should prove to be the organization’s best course.
Let’s take an example. The pharmaceutical companies launch new drugs every year. However, with complicated federal and international regulations, the companies find it a hassle to find the right internal resources. The kind that would ensure that the products under development, along with their advertising, meets the full regulatory compliance. Moreover, the consultants are also skilled at determining the value for money along with the literal effectiveness it is adding for the consumers.
These are important aspects of any biotech or pharma company that require expert individuals’ keen eye and experience to handle them with care. Their need transcends the generic tasks. They can provide analysis over a diverse area concerning the product in question that includes the drug’s design, its evaluation of the advertising and marketing materials, the tests and other protocols surrounding the drug, and eventual deployment.
Biotech consulting and the consultants are not just involved in drug launches and biotech/pharmaceutical companies. Biotch consulting is connected to the following areas of concern:
- Researching legal frameworks and regulations.
- Providing expert analysis of large datasets that are common in the biosciences industry.
- Assisting organizations in solving unique problems and issues related to biotechnology.
- Coordinating and communicating between the executives and organizational teams.
- Translating complex industry terms and concepts in layman terms to the stakeholders.
Hopefully, this must-have given you the insight you require to understand the integral role biotech consulting firms play within the realm of biotechnology.
So, what are the advantages an organization receives after hiring a biotech consulting firm?
Advantages of Biotech Consultancy Firms
If we could narrow down the benefits of biotech consulting and consultants, it would be the following:
- Biotechnology consulting improves decision making within the organization.
- It keeps the company on track with compliance costs and its optimization.
- Consultants help reduce operational costs.
- Ensuring that the product provides maximum benefit to the consumers.
- It also increases the rapid development as well as allowing these med-tech firms to allocate their resources adequately.
With that being said, if you are now fully aware of your need to hire a biotech consultancy firm for your organization, then contact Nieuw Amsterdam Advisors today. At Nieuw Amsterdam Advisors, along with William Patrick Slattery, we house experts with years of experience behind them, making them, their knowledge, skills, and expertise to be your best bet.