Summer Entrepreneurial Experiences

EncepHeal Therapeutic’s Business Meeting Example: Critical Decisions

Saturday, August 12, 2017 10:21 am

As I mentioned in my previous post, one of the factors that contributes to the efficiency of the Chorus Model is the teams ability to decide early on the likelihood of success for a particular drug compound. They use what’s called a critical success factor (CSF), which basically is criteria for determining whether a compound reaches the threshold for certain qualities, or whether the compound should be modified/discontinued. In this way, the company doesn’t waste resources, such as time and money, on compounds that are more than likely to be unsuccessful at the later, more costly stages of drug development.

Our recent business meeting was also centered around developing a critical decisions plan, but with a slightly different approach. We do already have a model to determine what qualifies for a compound to move forward, so the next step was to assess various realistic scenarios and what decisions should be made, in the likelihood of a scenario taking place.

We split up the scenarios into categories of research & development, funding, personnel, government & policy, and license & patent. They were then categorized based on whether it was a best, average, or worst scenario. So for example, our lead compound, under the best scenario in research & development, would take a minimum amount of time (<2 years) using the current development plan, and we would be able to screen for not only cocaine but also for methamphetamine and other indications. An average case scenario for personnel, for example, would be that the company has to be run under multiple operational locations. Potential tasks to be taken in result of this situation may include doing board meetings in person, determining the function of each location, and meeting guidelines for certain venture funds that are location-specific.

By anticipating and addressing possible scenarios across a range of factors that play a role in drug development, we will be prepared to respond with utmost diligence. If there is imminent change to a certain policy issue, we will be able to modify our research & development plan to accommodate this scenario. This critical decisions task has given me insight into what the experts in both the science and business sectors of the company are thinking, when it comes to the success of the company. Based on my own background in drug development and from what I’ve learned so far in this internship, I have been able to contribute to this decisions meeting with the proposition of additional likely scenarios.

Stay tuned for an example of what goes on in our science meetings!

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