Senior Management Opportunities In Scotland

When asked if the current credit crunch is having a detrimental affect on the funding of young life science companies, John Pool, a business advisor to Scottish Enterprise, laughed.

“It’s always been hard to find money for life science companies whatever the economic climate and whereever you are based around the globe!” he explained.

John knows because, over the past 40 years, he has been involved in helping to raise money, provide management expertise and float a number of life science companies on the alternative investment market (AIM).

He is also a consultant to several US life science companies, has specific experience in negotiating successful license agreements for technology companies, and is a visiting Professor to the Department of Business Strategy at the Cass Business School in London.

Changing times, changing tactics
TalentScotland talked to John about his work in life sciences and how he believes strong management is the key to surviving the current economic situation. He thinks the current situation means that there will be little appetite for funding early drug development companies.

“The main focus of interest will be for life science companies coming into early revenue and those developing and producing medical devices,”

he said. “That is why a strong management team is a significant asset to have when seeking support for a company’s development.

“In these times many small companies are not in a position to hire experienced CEOs with good track records, but if they can attract people and convince them about the future potential of their company, then share options are another way of persuading them to join.

“High-quality management with a good track record in business brings confidence to potential financiers. These may be Individual investors who can benefit from tax breaks under the Enterprise Investment Scheme, or the City if the company goes public.”

So do this mean the demand for quality management will increase? John believes that companies will increasingly look for higher calibre management to help steer them through the economic difficulties.



He said, “I have always worked on this basis. As soon as you have a potential product, get a good board ‘on board’. They need to be the guiding force to develop a commercial strategy and ensure that everyone sticks to it.”

Who are the right people, and where are they?
John does not believe that people with life science experience are necessarily the best at running these companies, but whatever their background, a good commercial astuteness is essential.

He continued, “Scotland has a great reputation in research, but we need more focused management to ensure that ground-breaking scientific developments are translated into commercial operations, as soon as practical, with optimum finance.

“Some academics, if allowed to, will keep on improving their products and never know when to stop. That’s why you have to create strategic milestones and keep to them – get those gant charts out!”

In addition, John believes there are great opportunities for people from abroad to take a lead in the life sciences sector, particularly those with business development and product development expertise.

This approach has stood John well in the growth of Novabiotics, an Aberdeen-based company in which he has significant interest. The company has completed preclinical development for its nail fungus treatment, and will start clinical trials this year.

“We got the best management we could in place and developed a strategy to fast-track the technology to market and revenue,” he added. “Four years later we are expecting to have a deal in place this summer after our phase 2 trials.”

More Information

Jobs Focus: Senior Life Science Opportunities