You have worked for years in the development of new technology, but you don’t seem to find the right way to commercialize what you have done? You are not interested in the money, but in the benefits your technology can offer to the world? You don’t have any talent for business, but you are a great inventor, and are probably the best at solving problems? You may well consider making your technology available for other people to exploit, and dedicate your life to your passion: developing more technology.
In fact, there are many factors that lead developers like you to have other people exploit their technology. Universities, pharmaceutical consultancy firms, laboratories and individuals have all undergone the same problems, but are sharing, as well, very practical solutions. Here is a list of the most common issues and the ways to solve them:
1. Not enough money to take their technology to the market. Sometimes the final stages in the development are not complete because of lack of resources. Developers usually form an alliance with an organization so as to progress their technology through the final phases and then take it to the market. A good way to see their product as they dreamed it would be.
2. No manufacturing capability or no resources to manufacture the product. This is usually solved by entering into partnership with an organization that can provide the necessary resources or has the right capability for manufacturing.
3. No marketing or distribution channels for proper commercialization of the technology. A good way to solve this is by forming and alliance with a partner with the proper marketing capability to launch the product. Pharmaceutical consultancy firms may be the best partners in this.
4. Capability to exploit technology in only one field. Sometimes technology can be applied to different fields, but developers have the capability to deal with only one. It is possible to extend technology coverage by granting exploitation rights to another person or organization (a laboratory or pharmaceutical consultancy firm). This also provides the developers an extra income stream.
5. No commercial capability: This may sound familiar to you. If your passion is research, or you belong to let’s say, a University, forming an alliance with an institution to exploit commercially your technology may be the perfect solution.
All of these cases illustrate the problems that developers in the pharmaceutical industry have to face daily, and how they have managed to solve them. Not having the necessary resources at a certain time, or at one stage of technology development, is no excuse now to stop researching and designing new technologies that will contribute to a healthier and better world. So, if you are still in the phase where you think you can’t continue with your project, or that your new development will never see the light, just relax. There is always a way to bring your product into the market, and at the same time, make your dreams come true.