While some may rail against Big Pharma or other massive multinational companies that seem to dominate the intersection of technology and health care, others are watching as the little guy gains ground.
Small- and medium-sized life science companies are actually a strong driving force when it comes to new products and solutions, say those who work in the biotech industry. While they may not have the financial clout of large companies or have the widespread reach of multinational manufacturing and distribution setups, they have innovative talent and the focus to succeed.
Patrick Balthrop, CEO of Austin-based biotech company Luminex, explained how his company has a global reach even though it only has about 400 employees. He was the guest of honor at the Tandy Executive Speaker Series, presented by the Neeley School of Business at Texas Christian University, on Feb. 16.
By licensing out its xMAP Technology, a biological testing technology system, to larger companies, Luminex has extended its reach, Balthrop said. Luminex earns royalties from this arrangement, and licensing out technology or products can give smaller biotech companies a steady revenue stream that’s important for the life of the company, said Fred Patterson, business coach for the Center for Innovation at Arlington.
To read the full, original article click on this link: Small life science firms prove agile in technology - Fort Worth Business Press
Author: ELIZABETH BASSETT
