Untangling CRO Contracts Leads to Supplier Management Best Practices
It doesn’t matter how brilliant the researchers are or how many lives their potential new drug will save. Scientists can’t develop a new pharmaceutical on…
A renewable fuels start-up company had made significant advances in their research on the production of a renewable raw hydrocarbon material. They also had made headway on developing a process to convert the raw material into higher value petrochemical products and needed to move quickly in order to generate a revenue stream and enhance market visibility. The start-up had initiated several critical activities including defining customer product specifications, continuing with product R&D, preparing for regulatory requirements, considering legal intellectual property implications, and initiating discussions with contract manufacturers. It was imperative that the company meet their tight goals and timelines and effectively communicate progress to investors and potential joint venture partners. The company engaged IPM to work with the team to develop and transition their products from R&D to market in a rapid timeframe.
IPM’s Approach & Actions
Strategic
Structure & Governance
Tactical
RESULTS
The high-visibility product development project met all key objectives on-time. IPM and the team finalized customer requirements, developed an industrial scale process, and prepared for manufacturing production. Because the renewable raw material cost did not decrease enough to make the products immediately profitable, the company decided to delay production to work on reducing the raw material cost. The startup’s organization and launch readiness enabled them to create a joint venture with a major energy conglomerate to manufacture, fund, and market the value-added petrochemicals.
Service: Business Process Management
Industry: Industrial