A fictional company that I would choose is a biotech business. I know several people who work for an international pharma group and have experience protecting medical inventions through intellectual property patents. I asked them about their knowledge, and they told me that a biotech business could be profitable. The name of the fictional company can be “Genesium,” which is meaningful.
However, it should be first checked on the name availability for the organization. The relevant business structure that can be recommended would be a Limited Liability Company (LLC). To start a business, the company needs an operating and shareholders agreement to regulate other aspects. An LLC combines the benefits of partnership and corporation. The story of the company conveys the inventions of a ground-breaking test that can help detect neurological diseases before current tests do, improving their treatment and increasing patients’ life expectancy. Thus, the main product of Genesium will be this unique test.
The pharmaceutical business has always demonstrated high profitability regardless of the economic situation in the country. People usually monitor their health, and if they do not, they require treatment. Companies such as 23andMe and Quest Diagnostics, are successfully got funding in similar fields of inventions (“CNBC Disruptor 50”). Thus, venture capitalists were willing to fund such projects and companies.
The competitive advantage of the product presented an innovative approach to disease treatment that could help doctors to identify neurological illnesses faster. On the other side, some patients wanted the disease to be cured according to the plan of treatment based on illnesses’ specific features and were eager to spend money on the test.
Genesis gave a pharmaceutical market a unique breakthrough test that could serve thousands of clients. Potentially, the company and its product that could also be expanded to a product range, including various disease detection tests, might be quite profitable. At the same time, it required prompt investment in clinical trials, regulatory approvals, and so on, which were very expensive.
However, it is indicated that investors were ready to give financial resources to the organizations; therefore, the strategic plan presented a mix of long-term investment and initial kickstart with an opportunity to sell the organization to a more massive player. It was stated that the emergence of an active company that got funding and the attention of various audiences might encourage big players to consider buying Genesium and its innovations. If several large companies would offer bids for Genesium, there should be an opportunity to sell it and get resources for new projects.
The pharmaceutical business requires enormous investments, but it can also bring huge revenues. However, to ensure success in the long run, it is essential to take the right steps to establish the organization at the very beginning. The main feature that should provide successful accomplishments of Genesium is its innovative test that presents the most exceptional value and knowhow. It should be patented to avoid competition coming from other companies to get the most revenues for around 20 years. The second thing that must help to sustain the long-term operations of the company is people who will be in charge of bringing a product to the market.
It is crucial to create a sales and marketing system that will help managers to get to customers and promote the product based on its unique selling proposition. Both people and knowhow should work together to provide stable growth for a biotech startup.
Works Cited
“CNBC Disruptor 50.” CNBC, 2019. Web.