Biotech products and services are notoriously difficult to develop. Most of them take several years to reach maturity. This means that the relationship between companies and investors using the help of other companies like LifeSci Advisors at Lifesci Advisors Mind, needs to remain strong over this long period for both sides to achieve their objectives. The company must control the things that are within its power. Much of the burden is placed on the communications team which is tasked to attract, educate, and placate investors at various stages of development. They need to harness all of the tools at their disposal in a timely manner to bridge gaps before they become unmanageable.
Transparency
The team must uphold the highest degree of transparency in all of their communications with potential and current investors. They must be upfront with the challenges that need to be faced throughout the product development. These may include governmental regulations, public perceptions, technical difficulties, funding requirements, and material sources. They have to make it clear just how much investors can expert to make in return for their financial assistance and how long they might have to wait to get this. The team must provide information about what is already scientifically proven and what they will still have to work on.
Accuracy
The information provided should always be precise and accurate. Investors deserve to know exactly how much progress is being made by the company and if they are able to stick to the timeline. If there are any problems, then they should be made of these. The reports submitted must contain the latest data from the lab and field depending on the stage of development. A complete expert analysis should be provided so that investors can understand the numbers given. Charts and graphs are extremely helpful in this regard. Unexpected results should come with satisfactory explanations and action plans for correction.
Excitement
Research and development are highly technical. Investors have a profound appreciation for scientific expertise but they also need to difficult concepts to be brought down to earth. The communications team must present them with information that is easily digestible through sensible analogies and clear illustrations. They should keep investors interested in staying on by linking the project to real life. How can the product help people? What possibilities are opening because of the research? Why would consumers want to purchase this when it’s ready to come to market? Technical terms should come with definitions. Simple words should be used whenever possible to tell engaging stories.
Appeasement
No project is ever smooth-sailing throughout. Stumbling blocks will appear along the way. The team must be able to explain what these are to the investors so that they know exactly what the company is dealing with. They should address all the concerns and answer related questions to the satisfaction of the investors. All of these will go a long way towards calming anxieties and encouraging them to stay onboard despite setbacks. After all, these might only be temporary and the long-term horizon is still very promising. Always provide realistic and grounded solutions that respect the gravity of the challenge to protect biotech investor relations.
